Economy
Wema Bank Records 135 Per Cent Profit Growth
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
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
Okpebholo Threatening Me With Violence, I’ll Fight Back Says Obaseki
Okpebholo Threatening Me With Violence, I’ll Fight Back Says Obaseki
Okpebholo threatening me with violence, I’ll fight back says Obaseki. Godwin Obaseki, the immediate past governor of Edo, has accused Monday Okpebholo, his successor, of threatening him with violence. Obaseki spoke during the weekend at an event in London, the United Kingdom.
BACKGROUND
Since assuming office in November 2024, Okpebholo has initiated a series of actions aimed at scrutinising Obaseki’s tenure.
He first constituted a 14-member committee to investigate the assets, liabilities, contracts, and financial decisions made under Obaseki.
Okpebholo then expanded the scrutiny to the state civil service, ordering a probe into all recruitments conducted between May and November 2024, alleging a violation of due process.
Last week, Okpebholo asked the federal government to repatriate Obaseki to answer questions over public funds linked to the controversial Museum of West African Art (MOWAA) project.
‘OKPEBHOLO THREATENING ME’
Obaseki said the governor is threatening him with violence and allegedly sent thugs to attack him in the UK.
“Those who live by the sword will die by the sword,” Obaseki said. “And to tell the governor, Okpebholo, I don’t know him; I have never met him. When you start with violence, you will reap violence.
“For one year since I left office, I didn’t say one word. I decided to respect myself and allow them to try [in governance] as well. Go and find out, you won’t see one thing I said about his government.”
He accused Okpebholo’s government of being behind the attack on diplomats during the exhibition in MOWAA.
“As if that was not enough, the government paid people to come to Manchester to attack me,” he said.
“Who has started this violence? Is it me? Last week, this governor held a disgraceful press conference in which he threatened me not to come to Benin.

Obaseki
“They have been threatening violence. So if I respond, nobody should hold me responsible. “I can’t leave myself empty to be hurt and attacked by deranged people.
“So I am going to fight back. I will fight back. I didn’t start the fight. They are afraid. They know they did not win the election.”
Economy
Jigawa: 9,600 Teachers Register For Special Training
Jigawa: 9,600 Teachers Register For Special Training
Jigawa: 9,600 teachers register for special training. No fewer than 9,600 teachers under the Jigawa State Universal Basic Education Board (SUBEB) registered for a competency test to determine the specific training required to improve their skills and enhance teaching outcomes in the state.
The Executive Chairman of the Board, Professor Haruna Musa, revealed this while briefing journalists on the purpose of the examination, adding that 12,000 teachers were expected to register for the exam.
He explained that the state government, under the leadership of Governor Malam Umar Namadi, was committed to repositioning the state education sector as a key foundation for sustainable development, in line with its “12-Point Agenda.”
Prof. Haruna noted that while the government has been spending significant resources to improve educational infrastructure, meaningful learning improvements cannot be achieved without also enhancing the capabilities of teachers.
“Based on that, the State Executive Council approved for the board to organise a competency test for all teachers. This will enable us to understand the kind of training each teacher requires to improve his or her skills”.
“Out of the 9,600 teachers registered for the exam, over 70% have never attended any capacity-building training since they were employed, including some with over 15 years of service,” the Chairman added.

Teachers Register For Special Training
He stated that after the exam, the teachers will be categorised into three groups: Group A, those with both knowledge and teaching skills; Group B, those with knowledge but lacking teaching skills; and Group C, those lacking both knowledge and teaching skills.
“Each group will be offered specialised training. Those in Group C will undergo intensive training and subsequent examinations for a period to ensure they are equipped with the required knowledge and skills”.
“For those with slower learning uptake, we will attach them to competent teachers within their schools for ongoing guidance and mentorship,” Prof Haruna said.
He further stated that the project is not about retrenchment, but his primary goal is to enhance teachers’ capacity for better learning outcomes within the state’s basic education sector.
Economy
PFA: Leadway Pensure Leverages Innovations For Quality Service Delivery
PFA: Leadway Pensure Leverages Innovations For Quality Service Delivery
PFA: Leadway pensure leverages innovations for quality service delivery. A Pension Fund Administrator (PFA), Leadway Pensure said, it is leveraging innovation to escalate quality
service delivery to its retirement savings account (RSA) holders. This milestone marks 20 years of trust, exceptional service delivery, and value creation as it celebrates its anniversary. It highlights two decades of dedication to protecting the financial wellness of Nigerian workers.
Over the last 20 years, the PFA has served thousands of customers across Nigeria and beyond, standing as a clear testament to its commitment to providing financial stability at various stages of workers’ career journeys.
Speaking on this remarkable achievement, MD/CEO, Leadway Pensure PFA, Olusakin Labeodan, stated that: “As we celebrate 20 years of Leadway Pensure PFA, this milestone is more than a celebration of longevity, it is a tribute to trust, service and innovation.
From the very beginning, our mission has been very clear, to deliver a pension system without barriersOver two decades, we have transformed this vision into reality by simplifying pension access, embracing cutting-edge technology, and ensuring our services are always within reach. With a nationwide presence, a robust mobile platform, and the AI-powered assistant LISA, we have made pension services accessible to eligible Nigerians.
“We have supported countless customers in achieving life goals, from retirement to home ownership, by ensuring access, clarity and care at every step. This is a testament to the strong relationships and legacy we have built with every customer. Trust is at the heart of our service, propelling us to uphold world-class standards and earning us global certifications such as ISO/IEC 27001:2022 for information security, a mark of our unwavering commitment to safeguarding our customers’ funds. ”

Leadway Pensure
Looking ahead, the company said, it is committed to promoting youth-focused financial literacy, growing personal pension plans and strengthening customer engagement across every stage of the pension journey.
“The next years and beyond will be shaped by the same dedication that brought us this far, a future-forward mindset, a culture of excellence, and an unyielding promise to stand by our customers every step of the way,” Olusakin concluded.
As it commemorates 20 years of service, Leadway Pensure reaffirms its commitment to simplifying retirement planning, delivering consistent value, and driving financial inclusion across Nigeria.
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