Wema Bank set to celebrate 80 years of indigenous innovation in Lagos
Nigeria’s oldest indigenous bank and pioneer of ALAT, Wema Bank, will celebrate its 80th anniversary on May 2nd, 2025, with a grand event in Lagos, where its remarkable journey began.
Nigeria’s oldest indigenous bank and pioneer of ALAT, Wema Bank, will celebrate its 80th anniversary on May 2nd, 2025, with a grand event in Lagos, where its remarkable journey began
All eyes are set on Lagos as Wema Bank, Nigeria’s longest-standing indigenous bank, a leader in innovation, and the pioneering force behind Africa’s first fully digital bank.
ALAT prepares to commemorate its 80th anniversary in spectacular fashion on May 2nd, 2025. The grand celebration will take place in Lagos, the very city where the bank’s remarkable journey commenced.
Founded on May 2nd, 1945, as Agbonmagbe Bank Limited, Wema Bank was established by the visionary Late Chief Matthew Adekoya Okupe, alongside his wife, Regina Adekoya Okupe, and a close family friend, Reverend Alade.
In an era where the banking sector primarily served the colonial government and expatriates, Wema Bank emerged as a crucial vanguard of indigenous banking.
It played a pivotal role in bridging the accessibility gap in financial services by providing high-quality, tailored financial solutions to indigenous Nigerians and their businesses.
The enduring narrative of Wema Bank is a powerful testament to remarkable resilience. It encapsulates the inspiring journey of an indigenous Nigerian bank that bravely rose during the height of the colonial era, successfully navigating numerous challenges and consistently reinventing itself to serve Nigerians steadfastly for eight remarkable decades and counting.
What began as the visionary dream of an illustrious philanthropist in a modest room at Agbonmagbe Lodge, Yaba, Lagos, has flourished into not only Nigeria’s oldest indigenous and most resilient bank but also the nation’s most innovative financial institution.
Wema Bank’s story is one of vision, resilience, and reinvention — proof that Nigerian institutions can transcend time and impact lives for generations,” said Mr. Moruf Oseni, Managing Director/CEO of Wema Bank.
Wema Bank’s formidable legacy stands as compelling proof of the enduring capacity of Nigerian businesses to not only survive but also to transcend time, adapt, and innovate to remain invaluable to their customers, stakeholders, shareholders, industries, and the nation as a whole.
From empowering Nigerians with top-tier financial services to creating tailored opportunities for underserved segments of the population, spearheading the future of banking, and serving as a vital backbone for Nigeria’s burgeoning FinTech industry by pioneering ALAT and enabling FinTechs to leverage its secure network, Wema Bank has built a profound legacy of impact since its inception in 1945.
As Wema Bank counts down to its milestone 80th anniversary on May 2nd, 2025, the world eagerly anticipates the future possibilities that lie ahead for this phenomenal institution.
While specific details of the grand “Wema at 80” event are yet to be fully disclosed, it is anticipated to be the most star-studded and exclusive corporate celebration of the year.
The event promises to convene generations of Nigerians in Lagos for a night of momentous reflection, joyous merriment, and unparalleled grandeur, with a dress code of timeless elegance.
For more information and updates on the Wema Bank 80th Anniversary celebration, please visit [www.wemabank.com/Wemaat80](https://www.google.com/search?q=https://www.wemabank.com/Wemaat80) and follow Wema Bank’s social media channels @wemabank.
Fresh concerns have emerged over compliance with a court order issued by the High Court of Kano State on April 8, 2026, restraining key parties—including the Honourable Minister of Education, the Kano State Ministry of Land and Physical Planning, the Kano State Urban Development Authority, and Pluck Global Company Limited—from further actions pending the determination of the matter before the court.
Findings indicate that while all parties—except the concessionaire, Pluck Global Company Limited—were duly served within two days of the order, significant challenges were encountered in effecting service on the company, raising troubling questions about its corporate traceability and regulatory vetting.
A review of the company’s records filed with the Corporate Affairs Commission (CAC) revealed addresses that could not be verified as functional business locations. Notably, documentation submitted to Federal Government College (FGC), Kano, dated June 20, 2024, listed two addresses: 8B, Lalupon Street, off Keffi Street, off Awolowo Road, Ikoyi, Lagos, as its head office, and 3 Bargery Road, Bompai, Kano, as its branch office.
However, a physical visit to the Ikoyi address revealed that the entire property is occupied by a company identified as Golden Alchemy, whose staff категорically denied any knowledge of, or shared occupancy with, Pluck Global Company Limited.
Efforts to trace the Kano address yielded even more unsettling findings. The location—a locked duplex—showed no visible signs of commercial activity. Neighbours, while reluctant to speak on record, alluded to irregular movements at odd hours, casting further doubt on the legitimacy of the premises as a corporate office.
In a twist, after multiple attempts to establish contact, an individual purportedly representing the company surfaced in Kano and agreed to receive and acknowledge the court order on April 11, 2026, at approximately 6:00 pm. Curiously, the Ikoyi address—already discredited—was again listed as the company’s official address in the acknowledgment.
These developments raise critical questions regarding due diligence and Know Your Customer (KYC) protocols on the part of the Federal Ministry of Education. They also cast a spotlight on the Infrastructure Concession Regulatory Commission (ICRC), should a concession agreement indeed have been executed with the company. Stakeholders say it would be instructive to review the addresses contained in all official correspondences and contractual documents linked to the transaction.
Meanwhile, a visit to the premises of Federal Government College, Kano, revealed ongoing construction activity, with workers observed excavating foundations. When approached, the workers declined to disclose the authority under which they were operating—despite the subsistence of a court order restraining further action.
Notably, a previously installed project billboard bearing the insignia of the school authorities and the Federal Ministry of Education had been removed. Sources within the institution suggest that the directive for its removal may have emanated from the Ministry following receipt of the court order.
The unfolding situation presents a complex mix of legal, regulatory, and accountability issues—raising the spectre of possible non-compliance with judicial directives, as well as deeper concerns about transparency in public-private concession arrangements.
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