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Economy

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 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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