Wema Bank targets on tier-one status with expansion drive

Wema Bank has signaled its bold ambition to join the ranks of Nigeria’s elite tier-one lenders, marking a significant milestone in its remarkable turnaround journey.

Speaking at the bank’s Annual General Meeting (AGM) held in Lagos, Managing Director and Chief Executive Officer, Moruf Oseni, declared that the institution is deliberately positioning itself for entry into the top tier of the Nigerian banking industry. He attributed this confidence to consistent strong performance, robust capital reserves, and a clear strategic roadmap.

Oseni highlighted the bank’s impressive profit trajectory as evidence of its transformation. In just three years, Wema Bank’s profit has nearly quintupled — rising from ₦42 billion to ₦102.5 billion, and further surging to ₦221.9 billion in the 2025 financial year.

“If you observe that trend, it’s on an increase, and it’s a testament to all the work we’ve done since we took over,” Oseni told shareholders.

The CEO noted that the recently concluded capital raise will provide the financial muscle needed for a more aggressive growth phase. While reassuring shareholders of the bank’s commitment to dividends, he explained the conservative approach to capital preservation.

“We’re keeping our gunpowder dry… we felt that at this point in time the dividend paid was appropriate, taking into cognisance that there may be opportunities in the future that we will want to take advantage of,” he said.

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This statement has sparked speculation about potential acquisitions or major strategic moves as the bank eyes tier-one status. Oseni, however, noted that further details would be disclosed “in the fullness of time.”

The new capital will be strategically deployed across three key pillars: creating quality risk assets to drive loan growth, deepening digital banking through enhanced customer platforms, and significantly strengthening cybersecurity infrastructure to counter rising threats.

Oseni also hinted at a commercially focused national expansion, targeting economically viable locations rather than blanket geographic spread. He praised the bank’s staff, referred to as the “Knights of Wema Bank,” for their dedication, while thanking shareholders, customers, and the board for their support.