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Shareholders Applauds Wema’s 2024 Financial Performance, Gross Earnings Hit ₦432.34bn

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Wema Bank Celebrates Historic Feats At 80

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

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.

Economy

Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition

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Lagos Assembly

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

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.

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Crime

EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video

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EFCC Probes Man

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 Probes Man

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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Economy

Access Bank Gets New Board Chair Ifeyinwa Osime

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National Bank Of Kenya

Access Bank Gets New Board Chair Ifeyinwa Osime

Access Bank gets new board chair Ifeyinwa Osime. Access Bank Plc has appointed Ifeyinwa Osime as chair of the board of directors, following the retirement of Paul Usoro, on January 29.

Access Bank Plc has appointed Ifeyinwa Osime as chair of the board of directors, following the retirement of Paul Usoro, on January 29, according to a statement to the Nigerian Exchange Ltd. on Monday.

Ms Osime, a legal practitioner, joined Access Bank’s board in November 2019 as an independent non-executive director and had chaired its Human Resources and Sustainability Committee and the Governance, Nomination, and Remuneration Committee. This role made her contribute significantly to the bank’s corporate governance, leadership development, and sustainability initiatives.

Additionally, Ms Osime is a director at Ebudo Trust Ltd. and a partner at McPherson Legal Practitioners, where she advises on corporate and commercial matters and contributes to strategic leadership.

She is also a member of the Nigerian Bar Association, the Women Corporate Directors, Nigeria Chapter, and the Chartered Institute of Directors, Nigeria, where she serves on the Executive Committee of the Women Sectoral Group.

National Bank Of Kenya

Access Bank Gets New Board Chair Ifeyinwa Osime

Beyond her professional responsibilities, Ms Osime is committed to mentoring youths and is actively involved in the Autism and Developmental Delays Support Community, reflecting her dedication to inclusion and social impact.
Speaking on her appointment, the group chairman, Aigboje Aig-lmoukhuede, said, “Mrs Osime is a principled and experienced leader with a deep understanding of the Bank’s strategy and values.

“She has demonstrated strong commitment to the bank’s vision and mission, and I am confident that, under her leadership, the bank will continue to advance its strategic objectives of delivering sustainable value to shareholders and other stakeholders in the pursuit of its vision to become the world’s most respected African bank.”

Mr Aig-lmoukhuede also congratulated Mr Usoro on the completion of his tenure and on his exemplary leadership, dedication, and significant contributions to the group, saying he remains a valued member of the Access family.

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