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Wema Bank Releases Audited Results for FY 2024, Profit Before Tax Soars 135% to ₦102.5bn Billion; Proposes N1.00 final dividend per share; commences N150bn Rights issue in April 2025

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Lagos, Nigeria – Wema Bank Nigeria (“Wema” or “the Bank”)) has released its audited Consolidated Financial Statements for the period ended December 31st, 2024, to the Nigerian Exchange Group (NGX).

Wema Bank reported profit before tax of ₦102.51bn, representing an increase of 135% over the ₦43.59bn recorded in the corresponding period in 2023. The Bank also proposed a dividend of N1.00 per share on the back of the impressive result.

The Bank’s Balance sheet remained well structured, diversified and resilient with Total Assets growing by 60% to ₦3,585.05bn in FY 2024 from ₦2,240.06bn in FY 2023. The bank also grew its deposit base year on year by 36% to ₦2,523.82bn from ₦1,860.57bn reported in FY 2023. Loans and Advances grew by 50% to ₦1,201.21bn in FY 2024 from ₦801.10bn in FY, 2023. NPL stood at 3.86% as at end of FY 2024.

The bank recorded improved year on year performance as Gross Earnings grew by 92% to ₦432.34bn (FY 2023: ₦225.75bn). Interest Income was up 92% y/y to ₦353.54bn (FY 2023: ₦184.48bn). Also, Non-Interest Income was up 91% y/y to ₦78.80bn (FY 2023: ₦41.27bn).

Return on Equity (ROAE) of 43.60%, Return on Assets (ROAA) of 2.96%, Capital Adequacy Ratio (CAR) of 19.67% and Cost to Income ratio of 56.23% underscore the commercial bank’s resilience and financial strength.

The Managing Director/CEO of the Bank, Mr. Moruf Oseni stated that the strong 2024 FY performance stems from the commercial bank’s focus on strong strategy execution in the key areas of risk management, customer relationship management and digital banking. Our people are committed to the institution’s founding ethos of supporting Nigerian businesses and individuals with the most innovative banking products and services. ALAT our flagship digital platform continues to lead in the adoption of digital banking services across the increasingly young Nigerian populace. An example of this innovation is ALAT XPlore, the first licensed banking App for teenagers designed to help teenagers ages 13-17 build their money management skills, achieve their financial goals and become financially responsible.

Despite the constrained operating environment, the bank continues to experience strong growth across all its financial indices reflecting the quality and resilience of the workforce. The performance is headlined by impressive improvements in Profit before Tax which grew strongly by 135%. The growth of Gross Earnings by 92%, Total Assets by 60% and earnings per share at 483.20kobo shows the core improvements to our balance sheet. In addition, our cost-to-income ratio of 56.23% has witnessed significant improvement from the previous period. Finally, it is important to mention that the Bank’s Capital Raise Program will also commence in April 2025 with a N150bn Rights Issue.

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Rivers state of emergency: Is Nigeria’s democracy safe with its courts?

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Tinubu emergency powers face renewed legal scrutiny as Nigerian courts again avoid ruling on the scope of presidential authority

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Heartbreak as Allwell Ademola dies in Lagos home

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Allwell Ademola

Nollywood actress Allwell Ademola dies at 43 after reportedly suffering a heart attack at her Lagos home, prompting widespread grief in the film industry

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Conference Supervising Prophet Calls for renewed holiness and discipline as we celebrate Christmas, prepares for new year

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The Cherubim and Seraphim Church, Ayo Ni O Conference, has extended warm seasonal greetings to members of the church and the wider Christian community as it joins believers across the world to celebrate Christmas and usher in the New Year, using the occasion to call for sober reflection, renewed consecration and deeper commitment to Christian values.

In a Christmas and New Year message issued from the Office of the Conference Supervising Prophet, Snr. Sp. Apos. Pro. Dr. Joel Olayinka Adeniran, the church described the season as a sacred period that goes beyond festivity, reminding Christians of the humility, obedience and sacrificial love embodied in the birth of Jesus Christ. According to the leadership, Christmas remains a defining spiritual milestone that calls believers back to the core essence of their faith and walk with God.

“Christmas reminds us of the humility, obedience, and sacrificial love of Christ, ‘who, being in very nature of God… humbled Himself and became obedient unto death,’” the message stated, noting that the season should inspire thanksgiving to God for life, calling and service.

Rooted within the historic Cherubim and Seraphim movement, one of Africa’s oldest indigenous Christian denominations, C&S Ayo Ni O has continued to uphold a strong tradition of holiness, prayer, prophetic ministry and spiritual discipline. The church leadership noted that the transition into a new year presents an opportunity for all believers to reassess their spiritual posture and recommit themselves to upright living, faithfulness and obedience to God’s will.

As part of the broader seasonal reflection, the church encouraged members to approach the New Year with renewed resolve, clearer vision and deeper spiritual consciousness, stressing that growth in grace must be matched with growth in character. The message affirmed that Christian service, regardless of office or calling, must be rooted in integrity and reverence for God.

However, the message became more pointed as it narrowed its focus to prophets and prophetesses within the C&S Ayo Ni O Conference, underscoring what the leadership described as the unique weight, dignity and responsibility of the prophetic office. Dr. Adeniran reminded prophetic officers that their calling places them in visible positions of spiritual representation, both within the church and before the wider society.

“As Prophets and Prophetesses, we are ambassadors of Christ and stewards of divine mysteries,” the Conference Supervising Prophet declared, adding that “the Cross we bear in this prophetic vocation is not ornamental; it is sacrificial.” He stressed that the prophetic calling demands “integrity, dignity, holiness, and uncompromising obedience to God,” warning that character must always validate prophecy.

Emphasising the need for exemplary conduct, the church charged prophets and prophetesses to maintain the highest standards of discipline in their personal lives, relationships, doctrine and public engagements. The leadership cautioned against behaviours capable of bringing reproach to the prophetic office, including internal strife, bitterness, jealousy and moral compromise.

“I therefore charge you, in this season and beyond, to maintain the highest level of discipline in conduct, speech, doctrine, and lifestyle,” the message read, warning that immorality and discord undermine the sanctity of prophetic ministry and weaken the church’s moral authority.

The address also reflected growing concern within the church about the misuse of social media by religious leaders, a trend that has sparked controversy across Nigeria’s faith space. The C&S Ayo Ni O leadership admonished prophets and prophetesses to exercise restraint and wisdom in their digital presence, noting that online conduct is an extension of spiritual responsibility.

“Furthermore, I admonish all Prophets and Prophetesses to desist from all undignified and unwholesome use of social media,” Dr. Adeniran stated. “Every utterance, post, or engagement must reflect the gravity of our calling.” He warned that careless digital behaviour risks trivialising and commercialising the prophetic mantle.

Beyond individual accountability, the message also placed responsibility on leadership structures within the church, particularly officers of the Prophetic Council at district and conference levels. The leadership charged them to enforce discipline consistently and without compromise, describing accountability as essential to preserving the integrity of the prophetic institution.

“To all Officers of the Prophetic Council, both at the District and Conference levels, I give a solemn charge: do not cover, excuse, or tolerate behaviours that are inimical to the right disposition of a Prophet,” the statement warned, noting that discipline administered in love safeguards the collective witness of the church.

As the New Year approaches, the church called on prophets and prophetesses to renew their covenant of holiness, faithfulness and accountability, urging them to function as watchmen with clean hands and pure hearts. The leadership stressed that prophetic authority is sustained not by visibility or popularity but by upright living and obedience to God’s word.

The message concluded with prayers and goodwill for the season, expressing confidence that those who remain faithful to their calling will experience deeper grace and spiritual authority in the coming year. Dr. Adeniran assured members that divine calling is accompanied by divine enablement, declaring that “faithful is He that calleth you, who also will do it.”

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