Wema Bank MD Unveils Tier-one Ambition at AGM, Hints Future Acquisitions

The Managing Director of Wema Bank Plc, Mr. Moruf Oseni, has reiterated the bank’s ambition to break into Nigeria’s tier-one banking league “in the not-too-distant future.”

Moruf, who disclosed that while addressing shareholders during the lender’s annual general meeting (AGM) in Lagos, said his management team and staff are working hard to “deliberately and intentionally position” Wema among Nigeria’s top-tier banks, with profitability tripling over three years.

The bank MD cited the sharp profitability trajectory and fresh capital recently raised as the foundation for an accelerated growth push.

He disclosed that the bank’s profit surged from N42 billion to N102.51 billion and further to N221.9 billion in the 2025 financial year, representing a near fivefold increase over the three-year period.

Moruf , while presenting the numbers to shareholders, framed the profit trajectory as evidence of deliberate institutional building, adding “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.”

Speaking on dividends, he reassured 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 stated that details would be revealed “in the fullness of time.”

Oseni gave the credit for 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 the year 2025 marked the bank’s 80th anniversary as Nigeria’s oldest surviving indigenous bank.

Olorunshola, highlighted that  the milestone provided 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.