Wema Bank MD Announces Tier‑One Goal at AGM, Suggests Upcoming Acquisitions

Kayode Tokede

The Managing Director of Wema Bank Plc, Mr. Moruf Oseni, reiterated the bank’s goal of entering Nigeria’s tier‑one banking sector “in the not‑too‑distant future.”

Speaking to shareholders at the lender’s annual general meeting in Lagos, Oseni said his management team and staff are working deliberately to position Wema among Nigeria’s top‑tier banks, with profitability expected to triple over the next three years.

He cited the bank’s sharp profitability trajectory and recently raised capital as the basis for an accelerated growth push.

Oseni disclosed that the bank’s profit rose from N42 billion to N102.51 billion and further to N221.9 billion in the 2025 financial year, a nearly five‑fold increase over the three‑year period.

What the MD is saying:

Presenting the figures to shareholders, the MD framed the profit trajectory as evidence of deliberate institutional building: “If you observe that trend, it’s on an increase, and it’s a testament to all the work we’ve done since we took over, and even in the years when we were building the blocks.”

On dividends, he struck a cautious but reassuring tone, noting that while the bank remains committed to consistent dividend payments—a sharp turnaround from years of no dividend distribution—management is deliberately conserving capital for future opportunities: “We’re keeping our gunpowder dry… we felt that at this point in time the dividend paid was appropriate, taking into cognisance that there may be opportunities in the future that we will want to take advantage of.”

The reference to future “opportunities” and the need for “enough firepower” strongly suggests the bank is eyeing acquisitions or strategic transactions, though no specifics were disclosed.

He added that details would be revealed “in the fullness of time.”

Oseni credited the bank’s performance to his subordinates and staff, describing them as the “Knights of Wema Bank” who “toil 24‑7” to deliver results. He also acknowledged shareholders, board members, and customers as central to the bank’s recovery story.

Earlier in her address, the Board Chairman, Mrs. Oluwayemisi Olorunshola, reminded shareholders that 2025 marked the bank’s 80th anniversary as Nigeria’s oldest surviving indigenous bank.

According to her, the milestone provided an opportunity to reaffirm their commitment to building a future‑ready institution that continues to deliver value to shareholders, customers, employees, and the entire Nigerian economy.

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