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Wema Bank Records 135 Per Cent Profit Growth

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Wema Bank Records

Wema Bank Records 135 Per Cent Profit Growth

Wema Bank records 135 per cent profit growth. Wema Bank has recorded a profit before tax of N102.51 billion. This marks an increase of 135 per cent compared to the N43.59 billion recorded in 2023.

Wema Bank has recorded a profit before tax of N102.51 billion. This marks an increase of 135 per cent compared to the N43.59 billion recorded in 2023.

The bank has proposed a dividend of N1.00 per share following its strong financial performance in 2024.

In a statement by the bank on Sunday, its balance sheet remains structured, diversified, and resilient, with total assets growing by 60 per cent to N3.585 billion in 2024.

Total assets had stood at N2.240 billion in 2023. The bank also grew its deposit base year-on-year by 36 per cent to N2.523 billion from N1.860 billion.

Loans and advances increased by 50 per cent, reaching N1.201 billion in 2024 from N801.10 billion in 2023. Non-performing loans stood at 3.86 per cent at year-end.

The bank recorded improved year-on-year performance, with gross earnings growing by 92 per cent to N432.34 billion, compared to N225.75 billion in 2023.

Interest income rose by 92 per cent year-on-year to N353.54 billion from N184.48 billion, while non-interest income increased by 91 per cent to N78.80 billion.

The bank reported a return on equity of 43.60 per cent, a return on assets of 2.96 per cent, and a capital adequacy ratio of 19.67 per cent.

Its cost-to-income ratio stood at 56.23 per cent, highlighting the commercial bank’s resilience and financial strength.

Managing Director Moruf Oseni attributed the strong 2024 performance to strategic execution in risk management, customer relationships, and digital banking.

“Our people remain committed to supporting Nigerian businesses and individuals with innovative banking products and services,” he said.

He highlighted ALAT, the bank’s flagship digital platform, as a leader in digital banking adoption among Nigeria’s young population.

“One example is ALAT XPlore, Nigeria’s first licensed banking app for teenagers aged 13 to 17, designed to build financial skills and responsibility,” Mr Oseni said.

Wema Bank Records

Wema Bank Records

Despite a challenging operating environment, the bank continues to grow across all financial indices, demonstrating the workforce’s resilience and expertise.

“The standout performance is Profit Before Tax, which surged by 135 per cent,” he added.

Mr Oseni noted that the 92 per cent rise in gross earnings, 60 per cent growth in total assets, and 483.20 kobo earnings per share strengthened the balance sheet.

“Our cost-to-income ratio of 56.23 per cent has significantly improved from the previous period,” he stated.

He also announced that the bank’s capital raise programme would begin in April 2025 with a N150 billion rights issue.

Economy

Lagos: Goverment Re-Opens Independence Bridge After Wednesday’s Chaotic Traffic

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Independence Bridge

Lagos: Goverment Re-Opens Independence Bridge After Wednesday’s Chaotic Traffic

Lagos: Goverment re-opens Independence Bridge after Wednesday’s chaotic traffic. Mr Umahi regretted the inconveniences caused to the public by the closure and appealed for understanding and cooperation.

The federal government has announced the immediate re-opening of the Independence Bridge (Ahmadu Bello Way-Marina bound) to vehicular traffic.

Works minister David Umahi announced this in a statement by the federal controller of works in Lagos, Olukorede Kesha, on Wednesday.

Independence Bridge

Independence Bridge

The government announced the bridge’s closure starting on April 1 for essential maintenance and rehabilitation works. It was to remain closed until May. However,  in the statement, Mr Umahi said that necessary repairs to the bridge would be carried out later.

He said palliative works were underway to ensure the bridge would be motorable. Mr Umahi regretted the inconveniences caused to the public by the closure and appealed for understanding and cooperation.

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Economy

Government To Crack Down On Traditional Rulers Shielding Criminals In Abia

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Alex Otti

Government To Crack Down On Traditional Rulers Shielding Criminals In Abia

Government to crack down on traditional rulers shielding criminals in Abia. Mr Kanu reaffirmed the government’s commitment to ensuring the safety and security of all residents.

The Abia state government says it will intensify efforts against criminal activities by scrutinising traditional rulers suspected of harbouring criminals in the state.

The commissioner for information, Okey Kanu, made the disclosure at a news briefing on the outcome of the state executive council meeting on Wednesday in Umuahia.

Mr Kanu said security operatives acting on credible intelligence would conduct raids in areas where unlawful elements are believed to be sheltered.

The commissioner stressed that traditional rulers found culpable of providing refuge or protection to criminals would be made to face the full weight of the law as the government aims to rid the state of insecurity.

Mr Kanu, therefore, urged town unions and traditional rulers to fulfill their duties of maintaining security and vigilance within their communities.

“Few weeks back, there was a kidnapping incident in Ukwa involving a prominent business mogul and son of this state.

Alex Otti

Alex Otti

“The security authorities have confirmed his release, and he is in good health as verified by medical professionals,” he said. Mr Kanu, however, reaffirmed the government’s commitment to ensuring the safety and security of all residents.

He also called on all residents to remain vigilant and promptly report any suspicious movements or activities to the appropriate security agencies.

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Femi Falana Urges Nigerians To Demand Accountability From Leaders

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Femi Falana Urges Nigerians

Femi Falana Urges Nigerians To Demand Accountability From Leaders

Femi Falana urges Nigerians to demand accountability from leaders. He called on Nigerians to support one another, stressing that “injustice to one is injustice to all.”

Human rights lawyer, Femi Falana (SAN), has urged Nigerians to demand accountability from their leaders. He decried the prevailing “rule of rulers” instead of the rule of law.

Mr Falana stated this at the 4th Anniversary of the late Yinka Odumakin Lecture, organised by the Oluyinka Odumakin Foundation on Wednesday in Lagos.

The lecture’s theme was ‘Selflessness in Leadership: The Yinka Odumakin Example.’ Mr Falana stressed that leaders must be held accountable for their actions.

Nigerians, he said , should start asking questions and demanding transparency.
He also encouraged Nigerians to request a copy of their local government’s budget.

Mr Falana said the people should ensure senators and House of Representatives members are held accountable for their constituency budgets. He reiterated the importance of questioning leaders and demanding accountability.

“They must ensure the implementation of their budgets. We must begin with the appropriation of state budgets. Let us demand a copy of the budget and seek accountability. “Find out how your local government spends its money. They must implement the budget.

“We must hold them accountable to serve the people. Nigerians need to ask questions,” he said. Mr Falana also criticised what he called the  “rule of rulers” rather than the “rule of law.” According to him, the rule of law means everyone is bound by the law and treated equally.

Mr Falana also condemned the Lagos State government for allegedly demolishing homes of the poor without approval, while allowing the rich to bypass similar laws.

“The government is demolishing houses occupied by the poor. But when the rich, including those in Banana Island, do the same, the government ratifies the law,” he claimed.
He called on Nigerians to support one another, stressing that “injustice to one is injustice to all.”

Mr Falana urged Nigerians to hold the government accountable, which he believes is the true way to honour Yinka Odumakin. He described Mr Odumakin as a consistent and courageous advocate for democracy.

“The philosophy of Afenifere, which Yinka upheld, includes education for all, access to healthcare, and full employment.

“For the foundation to remain relevant, this philosophy must be sustained,” he said. Earlier, in his goodwill message, Gani Adams, factional leader of the outlawed Oodua People’s Congress (OPC) , urged the human rights community to continue fighting for democracy.

Mr Adams advised them not to compromise in the interest of the people.
“We must continue what Yinka Odumakin fought for and believed in. “There is a need for pro-democracy activists to focus on reshaping and sustaining democracy in the country,” he added.

Omowole Sowore, the African Action Congress (AAC) 2023 presidential candidate, described Mr Odumakin as a fearless and courageous activist.
“Yinka always spoke the truth, regardless of whose ox was gored,” he said.

Femi Falana Urges Nigerians

Femi Falana Urges Nigerians

Dr Joe Odumakin, president of Women Arise for Change Initiative, highlighted the importance of equality and justice for all. “The rule of law must be respected by everyone,” she said.

“Nigeria is our country. We must insist on doing things right and ensuring that injustice to one is injustice to all,” she added.

The widow, who is also President of the Foundation, pledged to rededicate herself to the ideals her late husband stood for.
Mr Odumakin passed away on April 2, 2021, during a brief illness.

Dignitaries at the event included Jimi Agbaje, former governorship candidate in Lagos State, and activist, Olamide Fusika (SAN).
Other attendees included veteran journalist,  Richard Akinnola, and Edmond Obilo.

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