Economy
Shareholders Applauds Wema’s 2024 Financial Performance, Gross Earnings Hit ₦432.34bn
Shareholders Applauds Wema’s 2024 Financial Performance, Gross Earnings Hit ₦432.34bn
Shareholders applauds Wema’s 2024 financial performance, gross earnings hit ₦432.34bn. Shareholders of Wema Bank have praised its financial performance for the 2024 financial year.
Shareholders of Wema Bank have praised its financial performance for the 2024 financial year.
They gave the commendation during the 2024 AGM, held virtually in Lagos on Thursday.
Wema Bank reported record performance, with gross earnings increasing by 91.51 per cent from ₦225.75 billion in 2023 to ₦432.34 billion in 2024.
Profit before tax rose by 135.16 per cent to ₦102.51 billion from ₦43.59 billion, while profit after tax climbed 140.13 per cent to ₦86.29 billion.
The bank’s total deposits increased by 35.65 per cent to ₦2.52 trillion in 2024, up from ₦1.86 trillion the previous year.
Total assets rose to ₦3.59 trillion in 2024, marking a 60.04 per cent growth from ₦2.24 trillion in 2023.
This performance places the bank well above the ₦1 trillion mark, which it first surpassed in the third quarter of 2021.
Wema Bank also expanded loans to customers by 49.94 per cent, reaching ₦1.20 trillion from ₦801.10 billion in 2023.
Year-on-year earnings per share stood at 483.2 kobo, reflecting a 91.51 per cent increase.
The bank’s non-performing loan rate dropped to 3.86 per cent, an improvement from the 2023 figure.
A shareholder, Matthew Akinlade, commended the bank’s management, calling its performance “very outstanding”. Olatunde Okelana described the 2024 results as “historical” and praised the bank’s focus on employee welfare.
Bisi Bakare, national coordinator of Pragmatic Shareholders Association, also hailed Wema Bank’s resilience and achievements. She applauded the gender diversity on the bank’s board, with five of the 11 directors being female—a 38 per cent representation.
Ms Bakare also commended the bank’s succession planning and 100 per cent board meeting attendance.
Oluwayemisi Olorunshola, chairman of the bank, thanked the shareholders, customers, staff, regulators, partners, and stakeholders. She reaffirmed the bank’s dedication to maintaining its upward performance trajectory in future decades.

Shareholders Applauds Wema’s 2024 Financial Performance
Wema’s managing director, Moruf Oseni, promised continued innovation, technological investment, and stakeholder-focused service excellence.
He announced the conclusion of a ₦150 billion Rights Issue on May 21, 2025, and proposed raising an additional ₦50 billion via private placement in June.
According to Oseni, this will increase qualifying capital to over ₦267 billion, strengthening the bank’s robust franchise.
During the AGM, shareholders approved board re-elections, audit and board remuneration, and dividend payments of ₦1 per share.
Abuja
Strike: Normalcy Returns At FCT Secretariat As Workers Resume
Strike: Normalcy Returns At FCT Secretariat As Workers Resume
Strike: Normalcy returns at FCT secretariat as workers resume. The FCTA secretariat is bustling with activities as normalcy returns after the suspension of the planned solidarity protest by labour unions on Tuesday.
The secretariat of the Federal Capital Territory Administration is bustling with activities as normalcy returns after the suspension of the planned solidarity protest by labour unions on Tuesday.
The protest was suspended after a truce was reached between FCT minister Nyesom Wike and the labour unions in the early hours of Tuesday.
The workers, who resumed work on Monday, were seen carrying out their activities and providing various services.
A visit to some offices in the Minister’s Block, the Treasury Department, the Federal Capital Development Authority, the Abuja Geographical System, and others on Wednesday showed that workers were at work, carrying out their duties.
The FCTA workers under the Joint Union Action Committee had on January 19 embarked on industrial action over unresolved welfare concerns.
The strike, however, was halted by a ruling of the National Industrial Court on January 27, which ordered the workers to resume work, a decision that didn’t sit well with the union leaders, who insisted that the strike must continue.
A truce was reached after several hours of meeting, from late night Monday to the early hours of Tuesday, between the union leaders, officials of the FCTA, Mr Wike, and the chairman of the Senate Committee on FCT, Mohammed Bomoi.
Reacting to the truce, the minister told journalists after inspecting some ongoing projects in Abuja on Tuesday that there were no winners or losers.
He expressed delight that the union leaders have seen the realities on the ground, which have helped to clear misconceptions.
“I’m happy that the trade union and labour congress came to see things for themselves. Sometimes it’s good. What they were told is not really what’s on the ground.

Wike
“But by and large, we have had a good meeting, and they’ve directed the workers to go back to work, which you can see has been done. So, we’re happy that at the end of the day, there is no winner, no loser. It’s in the interest of Abuja to progress,” he said.
The organised labour had on Tuesday resolved the dispute between JUAC and Mr Wike, leading to the immediate resumption of work by affected employees.
A circular, jointly signed by the secretary-general of the TUC, Nuhu Toro, and the acting general secretary of the NLC, Benson Upah, stated that the minister assured labour of mutual respect and sustained engagement on labour-related matters in the FCT.
It said the parties also agreed that no worker would be victimised for participating in the strike action and that all outstanding cases at the National Industrial Court would be withdrawn immediately.
Following the agreement, the NLC and TUC directed all affected workers to resume duty without delay.
Economy
Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition
Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition
Lagos assembly strongly seeks suspension of Makoko demolition. The Lagos state house of assembly has called for the suspension of demolition activities in Makoko, Oko-Agbon and Shogunro waterfront communities following protests by displaced residents and growing public concern over the exercise.
The call was announced on Tuesday by Noheem Adams, chairman of an ad hoc committee set up by Mudashiru Obasa, speaker of the house, during a stakeholders’ meeting held at the Lateef Jakande auditorium.
Adams called on all state ministries to cease demolition work and promised compensation to the affected residents.
“On behalf of the speaker and all 40 members of the house, we are directing that all demolitions in Makoko, Oko-Agbon, and Shogunro communities should stop from today until further notice,” New Telegraph quoted Adams as saying.
He called for transparency by demanding the full list of taskforce members and the criteria used for engagement, insisting that residents must be actively involved in the process.
“That the taskforce that was constituted, we want to see the list of the taskforce because we want the residents to be duly involved and to be carried along. So we want to have the schedule of those task forces and the criteria for those that we are inviting,” Adams added.

Lagos Assembly
“To the residents of Makoko, Oko-Agbon and Shogunro communities, as your representatives, we are giving you all assurances that they will stop demolitions henceforth and there will be compensations for all those whose properties have been demolished.”
Stephen Ogundipe, member of the ad-hoc, said there is need for clear communication, adding that residents targeted for relocation or redevelopment must be informed of the government’s plans in advance.
Babatunde Olajide, special adviser to governor of Lagos on E-GIS and urban renewal, confirmed that $2 million had been earmarked since 2021 to transform Makoko into a modern, internationally compliant water city.
He said enumeration of affected properties is underway and reiterated the administration’s commitment to handling the situation with a human face, prioritizing resident safety and fair compensation.
Yusuf Sagra, baale of Makoko, described the assembly’s decision as a “word of peace,” while Orioye Ogungbure, another leader of the community, praised the “democratic responsiveness” of the government.
Crime
EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video
EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video
EFCC arrests Kannywood Star, Samha Inuwa for alleged naira mutilation in viral video. The Kano Zonal Directorate of the Economic and Financial Crimes Commission, EFCC, on Tuesday, February 3, 2026 arrested a Kannywood Star, Samha Inuwa over alleged Naira mutilation.
Inuwa was arrested following a viral video circulated on social media platforms where she was seen conspicuously cleaning mucus from her nose using Naira notes.

EFCC
Following the release of the viral video, the Commission swung into action by tracing and subsequently arrested her to answer questions.
She is currently being held at the Commission’s detention facility while investigation is ongoing.
The suspect will be charged to court upon conclusion of investigations.
Dele Oyewale
Head, Media & Publicity
February 3, 2026
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