Wema Bank has kicked off its 80th-anniversary celebration with the launch of its “80 Years of Spreading Love” Valentine campaign, running from February 1st to 28th, 2025. This campaign is the first in a series of exciting activities leading up to the bank’s grand 80th anniversary on May 2, 2025, and is designed to reward customer loyalty, strengthen connections, and create unforgettable experiences through 80 Acts of Love.

With rewards tailored for every customer segment, Wema Bank is rolling out ₦11,000,000 in cash prizes, gift cards, movie tickets, spa treatments, fitness access, and Uber vouchers for young professionals and students.

Women and families will enjoy free SARA health consultations, business promotions, and networking opportunities, while Diaspora and Prestige customers can access discounted loans, cashback rewards, and priority banking services.

SMEs and entrepreneurs aren’t left out, as they’ll benefit from free delivery services, business training sessions, Meta advert credits, and promotional support, alongside up to 15% off CIG Motors products and 5% off Green Asset products with free StarTimes decoders and a six-month subscription.

The “80 Years of Spreading Love” campaign is just the beginning of a year-long celebration honoring the customers who have journeyed with Wema Bank over the past eight decades. To take part in the rewards, customers simply need to download ALAT and follow Wema Bank on social media for updates on exclusive benefits throughout the season of love.

In preparation for its 80th anniversary, Wema Bank, Nigeria’s foremost innovative bank and pioneer of Africa’s first fully digital bank, ALAT, has unveiled the identity for its 80th anniversary celebration.

Set for Friday, May 2nd, 2025, this grand anniversary would serve as the hallmark of Wema Bank’s 80-year journey of unmatched resilience, profound impact and notable transformation from being Nigeria’s oldest indigenous bank to becoming Nigeria’s foremost and leading innovative bank.

Wema Bank’s impressive 80-year legacy has been one exemplified by immense growth, with the Bank evolving intelligently through the decades, embracing innovation to break new grounds and raising the standards of banking and financial services to provide an unparalleled experience for its customers and stakeholders, both internally and externally. Now on the cusp of its milestone celebration of 80 years, Wema Bank stands at its all-time strongest, proving to be a formidable force in the African financial services industry.

All eyes are peeled in anticipation of what Wema Bank will bring on in the coming weeks, as its 80th anniversary celebrations begin to unfold.

New facts have emerged on how Access Bank clandestinely granted N1 billion loan to a going concern, DDSS International Company limited, using a property belonging to another company, MOB Integrated Services, run by Gbolahan Obanikoro, as collateral without the owner’s consent or knowledge.

Details of the loan provided by insiders, revealed that the property, owned by MOB Integrated Services, was first used to guarantee a loan of N193,139,200 to Balmoral International Limited on May 21, 2013, from the now acquired Diamond Bank.

The credit facilities, referenced AOB/BB/VO/AD/031/05/2013, also included N120 million term loan and N20 million import duty facility.

The term of the loan was 180 days from the date of disbursement at 20 per cent per annum, while a third-party legal mortgage on the property located at 40B Bourdillion Road, Ikoyi, Lagos, was used as security.

However, long after Balmoral had repaid and serviced the loan, the bank, without recourse to the property owner, used the same collateral for another loan, completely unknown to the property owner.

The loan of N1 billion was granted to DDSS International Company Limited via an offer letter of May 16, 2019, using the same property as security.

The letter was signed by Bukola Shoyombo, a Relationship Officer in Access Bank Business Banking Division, and Oreoluwa Roy-Egbokhan, a Relationship Manager.

The purpose was to enable DDSS International finance the purchase of different brands of cars and luxury vehicles for sale to individuals and corporate organisations.

The tenor of the loan was for 60 months at 15 per cent interest per annum, subject to review based on prevailing market conditions.

The bank claimed that the collateral was a “comprehensive third-party legal mortgage on property located at 40B Bourdillion Road, Ikoyi. The property is currently with the bank and perfection has been concluded,” the bank claimed in the offer letter.

The implication, the insider, explained, was that the bank granted DDSS International the loan without collateral, because the property was not theirs and the owner had no relationship whatsoever with the company.

A complaint of stealing was later filed against the bank and others, following which the Lagos State Government filed charges against the Managing Director, Bolaji Agbede, and three others.

In the four-count charge pending before Justice Ibironke Harrison of the Lagos State High Court, sitting in Tafa Balewa Square, the Director, Directorate of Public Prosecutions, Mrs A. O. Oluwafemi, accused the bank and others of conspiracy, stealing, and attempted theft.

The defendants were the Managing Director of Balmoral International Limited, Adejare Adegbenro; Balmoral International Limited, Access Bank, Bolaji Agbede and DDSS International Company Limited.

The charge read: “Count 1: Conspiracy to Commit a felony to wit: stealing contrary to Section 411 of the Criminal Law, Ch. C17, Vol.3, Laws of Lagos State, 2015.

“Particulars of Offence: Adejare Adgbenro (m), Balmoral International Limited, Access Bank and Bolaji Agbede (m) on or about the 24th Day of September 2013 at Plot 1261, Adeota Hopewell Street, Victoria Island, Lagos State in the Lagos Judicial Division, conspired to commit a felony to wit: Stealing.”

The charge stated that they conspired and “stole the property of MOB Integrated Services at Plot 40b, Bourdillion Road, Ikoyi, Lagos, by using it as a security for a loan without his consent and subsequently entering into a consent judgment.”

The defendants were also charged with attempted stealing, contrary to Section 21 of the Criminal Law of Lagos State, 2015.

The prosecution said the defendants, on or about May 26, 2019, at Plot 1262, Adeola Hopewell Street, Victoria Island, Lagos State, in the Lagos Judicial Division, “attempted to steal the property of MOB Integrated Services at Plot 40B, Bourdillion Road, Ikoyi, Lagos by offering and granting DDSS International Company Limited a credit facility of N1billion only.”

However, following the defendants’ failure to appear for their arraignment, Justice Harrison ordered their arrest.

The judge issued the arrest warrant after prosecution counsel, Uthman Rilwan, informed the court that despite being served with a notice, the defendants failed to appear.

After issuing the warrant, the judge directed that it be executed against the principal officers of the defendant companies.

She adjourned until February 24, 2025, for arraignment.

-Culled from Thisday.