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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

Cross River APC Rules Out Automatic 2027 Tickets For NASS Members, Others

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APC

Cross River APC Rules Out Automatic 2027 Tickets For NASS Members, Others

Cross River APC rules out automatic 2027 tickets for NASS members, others. The party, however, granted automatic tickets to Governor Bassey Otu and his deputy, Peter Odey.

The Cross River chapter of the All Progressives Congress (APC) has ruled out automatic tickets for serving members of the National Assembly and state lawmakers for the 2027 general elections.

The party, however, granted automatic tickets to Governor Bassey Otu and his deputy, Peter Odey.
This formed part of the decision reached at the party’s State Executive Council (SEC) meeting in Calabar on Tuesday.

In the meeting, presided over by the state chairman, Alphonsus Ogar, the party commended the governor’s development strides.

It also lauded members of the National Assembly for their bold and courageous support for  President Bola Tinubu on the declaration of a state of emergency in Rivers.

Mr Ogar expressed the party’s readiness for the 2027 general elections in Cross River.

Cross River

Cross River

He enjoined all its elected representatives, from councillors to the Senate, including aspirants of subsequent elections, to return to their constituents to seek their blessings and support.

“This is because there is no automatic ticket for anyone except for the governor and his deputy,” Mr Ogar said.

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Economy

Osun APC Chieftain Begs Tinubu To Intervene In Contributory Pensioners’ Plights

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APC

Osun APC Chieftain Begs Tinubu To Intervene In Contributory Pensioners’ Plights

Osun APC chieftain begs Tinubu to intervene in contributory pensioners’ plights. The politician said that many pensioners were paid 50 per cent and 25 per cent lump sum.

Achieftain of the All Progressives Congress (APC) in Osun State, Olatunbosun Oyintiloye has appealed to President Bola Tinubu to look into the plights of contributory pensioners in the country.

Mr Oyintiloye, a member of the defunct APC Presidential Campaign Council, made the appeal while speaking with journalists on Tuesday in Osogbo.

The APC chieftain said that delayed, non-payment of pensions, inadequate funding and corruption within the pension scheme led to hardship and financial stress for pensioners.

Mr Oyintiloye, a former lawmaker, said that since 2004, when the Pensions Reform Act(PRA 2004) on the contributory pension scheme was introduced by the Federal Government, the pensioner had not been treated fairly.

According to him, many pensioners, after two to three years are unable to access their pension while some are paid 50 per cent and 25 per cent lump sum.

The APC said that it was sad that many civil servants who had served the government for 35 years were being subjected to untold hardship after retirement due to delay and poor payment.

Mr Oyintiloye, who commended Mr Tinubu for approving N758 billion bond in February to clear 16 years pension liabilities, said that more needed to be done to save pensioners from untold hardships after retirement.

He urged the President to work with the National Assembly to review the 2004 Pensions Reform Act to enable pensioners to withdraw their retirement savings immediately after exiting the public service.

Mr Oyintiloye said that such a step would enable them to cater for themselves, venture into any business of their choice rather than living on 25 per cent lump sum of their savings and the monthly peanut.

He said that the life pensioners were living after retirement due to poor pay and delay could destroy the morale of those still in service and the coming generations.

APC

APC

He stated, “I want to appeal to the President to look into the plights of pensioners under the contributory scheme. The 2004 Pension Act needs reviewing to enable pensioners to lead a decent life after retirement.

Due to poverty and delay in payment, many retirees cannot afford a decent meal, good health care, good housing, among others after retirement. The intervention of the President will go a long way in bringing relief to retirees and hope for those who are still in active service. That is why I am pleading to the President to intervene.

He has shown that he is a leader with the capacity to solve problems. His intervention will go a long way in bringing relief to these people and hope for those who are still in active service.’’

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Economy

Governor Makinde Visits Burnt Aleshinloye Market, Halts Planned Demolition Of Affected Section

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Oyo Gov. Makinde Urges Muslims

Governor Makinde Visits Burnt Aleshinloye Market, Halts Planned Demolition Of Affected Section

Governor Makinde visits burnt Aleshinloye market, halts planned demolition of affected section. Mr Makinde said that his administration would restructure the market and ensure proper architecture to avert recurrence.

Oyo State Governor, Seyi Makinde, on Tuesday visited the Aleshinloye market, Ibadan, where a section got burnt on March 12.

Mr Makinde, while on-the-spot assessment of the incident, ordered suspension of the planned demolition of the burnt section until a proper alternative had been provided for the affected traders.

Recall that the fire outbreak occurred in the early hours of March 12, at the plastic and rubber section of the market, which destroyed goods worth millions of naira.

The governor made it known that his administration had provided some sort of palliatives to serve as immediate cushion for victims of the incident.

Oyo Gov. Makinde Urges Muslims

Oyo Gov. Makinde

He added that the state government, the Ibadan South-West Local Government Area and the Ibadan South Local Council Development Area would work on cushioning effect of the incident on traders in the next few days.

He, however, said that his administration would restructure the market, put in place a proper architecture that could avert future fire outbreaks.

“We have to enlighten the people. It is better to avoid anything that can lead to fire incident than to curtail it. So, the advocacy should be that people should store things, especially things with potential to get burnt with utmost caution,” he added.

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