Wema Bank, Nigeria’s oldest indigenous bank, received overwhelming shareholder commendation at its 2024 Annual General Meeting, following a record-breaking financial performance including a 135.16% surge in Profit Before Tax and significant growth in deposits and assets
Wema Bank, Nigeria’s oldest indigenous bank and pioneer of Africa’s first fully digital bank, ALAT, garnered a unanimous vote of confidence from its shareholders during its virtual 2024 Annual General Meeting (AGM) held on Thursday, May 22, 2025.
This strong endorsement follows the disclosure of the bank’s “record-breaking” financial performance for the year ended 2024.
According to the bank’s 2024 Annual Report, Wema Bank achieved an all-time-high performance, with Gross Earnings soaring by 91.51% from N225.75 billion in FY 2023 to N432.34 billion in FY 2024.
Profit before Tax (PBT) impressively surged by 135.16% to N102.51 billion in FY 2024 from N43.59 billion in FY 2023, while Profit After Tax (PAT) climbed by 140.13% to N86.29 billion from N35.93 billion reported in FY 2023.
The bank’s financial stability was further highlighted by a 35.65% increase in Total Deposits to N2,523.82 billion in FY 2024 from N1,860.57 billion in FY 2023.
Total Assets reached N3,585.05 billion in FY 2024, representing a substantial 60.04% increase over the N2,240.06 billion recorded in the corresponding year of 2023, solidifying the bank’s position well above the One Trillion Naira mark it surpassed in Q3 2021.
Wema Bank also reported a 49.94% growth in loans to customers, closing FY 2024 at N1,201.21 billion from N801.10 billion in 2023.
The bank’s Non-Performing Loan (NPL) rate also saw a reduction, closing at 3.86%.
I want to start by commending Wema Bank’s outstanding performance despite the challenging macroeconomic performance.
Shareholders expressed widespread satisfaction with the bank’s performance. Mr. Matthew Akinlade lauded the management for a “very outstanding” performance, while Ambassador Doctor Olatunde Okelana described the results as “historical,” commending the bank’s proactive approach to employee well-being.
Mrs. Bisi Bakare, National Coordinator of the Pragmatic Shareholders Association of Nigeria, particularly praised the bank’s “outstanding performance despite the challenging macroeconomic performance” and highlighted its “impressive gender diversity on the board with 5 out of 11 directors being female, representing a remarkable 38% ratio.”
She also commended the bank’s “succession plan” and the board’s “100% attendance in meetings.”
Dr. Oluwayemisi Olorunshola, Chairman of Wema Bank, expressed the bank’s gratitude to all stakeholders for their support, reiterating the commitment to sustained growth.
Moruf Oseni, the bank’s MD/CEO, outlined plans for continued growth, stating, “We will continue to deliver best-in-class financial solutions, invest in second-to-none technology, reinforce our internal framework for maximum efficiency and remain fully committed to innovation and service excellence, as we continue to provide optimum returns for every stakeholder of Wema Bank.”
He also informed shareholders that while the N150 billion Rights Issue window ended yesterday, May 21, 2025, a motion has been raised to seek approval for an additional N50 billion through private placement in June 2025.
This move aims to achieve a “qualifying capital slightly north of N267 billion,” ensuring the bank’s continued resilience and robust presence in the industry.
The 2024 AGM saw shareholders authorise key decisions, including the re-election of board members, approval of remuneration for Audit and Board members, and the payment of a dividend of N1 per share.
Bank of Industry (BOI), Nigeria’s foremost Development finance institution and a globally recognised organisation specialising in international development cooperation with countries, the German Agency for International Cooperation (GIZ), on Wednesday April 15, 2026, signs a Partnership Framework Agreement to drive sustainable innovation and economic development for large enterprise, and Micro, Small and Medium Enterprises (MSMEs) sector in Nigeria.
The partnership is hinged on delivering coordinated interventions across key strategic pillars including access to finance, entrepreneurship development, capacity building, and market access; and integrates focused support for climate finance and renewable energy investments; and a robust alignment with global sustainability priorities that enables MSMEs to be engines of economic development.
With this landmark agreement, BOI and GIZ are positioned to mutually ensure that capacity building efforts for businesses focuses on strengthening the technical and institutional capabilities of BOI’s Business Development Service Providers (BDSPs), equipping them to deliver higher-impact advisory services to the Bank’s customers; as well as enshrine a structured vocational training provided under the ICSS (Inspire, Create, Start and Scale) entrepreneurship programme to enhance productivity, workforce quality and overall business competitiveness to MSMEs.
The central pillar of this year’s partnership framework is its women’s economic empowerment through targeted financing initiatives; agribusiness development and rural enterprise growth; and climate-focused investment imperative to scale its renewable energy and energy efficiency financing portfolio.
BOI will strategically deepen its efforts to secure endorsement with the Green Climate Fund (GCF) with support from GIZ, a German-led development agency.
Speaking at the announcement ceremony, MD/CEO, Bank of Industry (BOI), Dr. Olasupo Olusi, said “This partnership is about closing the gap between enterprise potential and enterprise reality. Too many Nigerian businesses, particularly MSMEs, have the ideas, the drive, and the market opportunity, but lack the financing, technical capacity, or market access needed to scale. This partnership reflects our unwavering commitment to constantly form new partnerships to strengthen the entrepreneurial ecosystem in Nigeria. By combining our financing expertise with our partner’s international development experience, we are building a comprehensive framework that will directly translate into jobs, innovation, affordable, long-term financing and sustainable growth for MSMEs in Nigeria.”
In his remarks, Country Director, GIZ Nigeria and ECOWAS, Dr. Magnus Wagner, said, “This partnership demonstrates our joint commitments to strengthening Nigeria’s private sector and to advancing sustainable and inclusive economic growth.
“Through this partnership, we aim to support small and medium enterprises. We are trying more to look at SME, formalized business, which is the resilient backbone of Nigeria’s economy. So, we would like to work, we have decided in areas such as climate and sustainable finance, renewable energy and energy efficiency, entrepreneurship and innovation, women’s economic empowerment, agribusiness and rural transformation, and digital trade and market access.
“We look forward to a close and successful collaboration with the Bank of Industry, one that delivers tangible results for business, communities, and the country and the population as a whole”.
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