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Wema Bank shareholders laud outstanding 2024 financial performance at AGM

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Wema Bank 2024 performance

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.

Also read: Wema bank rewards customers with over ₦14 million cash prizes during 80th anniversary gala

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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.

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WEMA BANK SETS NOVEMBER 6 FOR HACKAHOLICS 7.0 GRAND FINALE, UNVEILS “FESTIVAL OF THE FUTURE” AS THEME

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Wema Bank, Nigeria’s oldest indigenous bank, most innovative and pioneer of Africa’s first fully digital bank, ALAT, has announced November 6, 2026, as the date for the grand finale of Hackaholics 7.0, its flagship innovation platform.

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Themed “Festival of the Future.” The grand finale will bring together innovators, technology leaders, startup founders, investors and other key players in Nigeria’s innovation ecosystem for an immersive celebration of ideas, technology and the possibilities shaping the future.

Beyond the much anticipated announcement of this year’s Hackaholics Finalists, the event will feature innovation showcases, interactive experiences and conversations exploring how emerging technologies are transforming the way people live, work, build and create.

Designed to go beyond the traditional innovation competition, the Festival of the Future will provide a platform for participants and attendees to experience emerging technologies, discover innovative solutions, connect with industry players and engage in conversations about the opportunities and challenges of a rapidly evolving world. The event will also recognise and celebrate outstanding innovators whose ideas have demonstrated the potential to address real-world challenges and create meaningful impact.

Speaking on the significance of the grand finale and the inspiration behind the Festival of the Future, Wema Bank’s MD/CEO, Moruf Oseni, explained that the concept builds on the Bank’s commitment to creating a future of possibilities while encouraging Nigerians to take a more active role in shaping that future.

“The world is changing at an unprecedented pace. Artificial intelligence and emerging technologies are transforming industries, businesses and everyday life, creating opportunities that would have been difficult to imagine just a few years ago. The question is no longer simply what the future holds, but how prepared we are to shape it.

“This thinking inspired the Festival of the Future. We want to create an experience that brings innovation closer to people, encourages meaningful conversations and challenges us to think differently about how we will live, work, build and create in the years ahead,” he said.

Reaffirming Wema Bank’s commitment to supporting innovation and empowering young Nigerians, Oseni noted that Hackaholics has continued to evolve beyond a competition into a platform for discovering talent, nurturing ideas and connecting innovators with opportunities.

“Since we launched Hackaholics, our goal has remained consistent; to provide young Nigerians with the platform, resources, opportunities and support they need to transform their ideas into practical solutions. We believe that the future of innovation in Nigeria must be driven by the talent, creativity and potential of our people.

“With Hackaholics 7.0, we are taking that commitment further. Beyond recognising outstanding ideas, we want to bring together the people, conversations and experiences that can inspire the next generation of solutions. Our ambition is to continue building an ecosystem where innovation thrives, possibilities are unlocked and Nigeria is better positioned for the future,” he added.

Launched on July 1, 2026, under the theme “Powering Possibilities,”Hackaholics 7.0 commenced with a nationwide pitch centre tour designed to discover and support innovative ideas from young Nigerians across different regions of the country.

The four-month tour attracted 5,329 participants and 1,632 innovative ideas and solutions, with pitch centres hosted across seven locations: Uyo, Kano, Yabatech, Benin, Ibadan, Enugu and Lagos.

Through three distinct tracks; the Ideathon, Hackathon and Social Impact, the initiative provided opportunities for students, graduates, technology enthusiasts, developers and social innovators to present solutions addressing challenges across different sectors. The Ideathon focused on promising ideas, the Hackathon provided a platform for technology developers and builders, while the Social Impact track recognised solutions designed to deliver measurable value to society.

At the conclusion of the nationwide tour, 59 participants emerged from the various pitch centres, reflecting the diversity of ideas, talent and innovation discovered throughout the programme.

As Hackaholics 7.0 progresses towards its final stage, the 59 finalists will be further shortlisted to 20, who will present refined versions of their solutions at the Pre-Pitch scheduled for November 4, 2026.

On November 5, the participants will embark on an Ecosystem Tour powered by Wema Bank, providing an opportunity to visit other top institutions within the technology and innovation ecosystem, interact with industry professionals and gain practical insights ahead of the grand finale.

The journey will culminate on November 6 at the Festival of the Future, where the top innovators will be recognised and celebrated.

Through Hackaholics, Wema Bank continues to demonstrate its commitment to driving innovation, supporting entrepreneurship and creating opportunities for young Nigerians to contribute meaningfully to economic development.

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