Wema Eyes Commercial Bank Acquisition After Shareholders’ Approval

Shareholders of Wema Bank Plc have approved plans by the bank’s board to pursue the acquisition of a commercial bank or enter into other strategic business combinations as part of efforts to accelerate growth and attain Systemically Important Bank (SIB) status in Nigeria’s banking industry.

The approval was granted at the bank’s Annual General Meeting (AGM), on Wednesday where shareholders also authorised the directors to appoint professional advisers and take all necessary regulatory and corporate steps required to execute the proposed acquisition strategy, subject to approvals from relevant authorities.

The development comes as the bank intensifies execution of its “Top Tier in Three” (TTT) strategic plan aimed at transforming the institution into one of Nigeria’s leading financial services groups.

At the meeting, shareholders equally approved a final dividend of N1.25 per ordinary share for the 2025 financial year, translating to a total payout of approximately N50.15bn.

The dividend represents a 25 per cent increase from the N1.00 final dividend declared for the 2024 financial year, underscoring the bank’s improved profitability and commitment to enhancing shareholder value.

According to the bank, shareholders whose names appeared in the register as of April 29, 2026, are expected to receive payment electronically on May 20, 2026, subject to completion of e-dividend registration requirements.

Speaking at the AGM, Chairman of the bank, Dr. Oluwayemisi Olorunshola, said the lender recorded a strong financial performance in the 2025 financial year, driven by growth across major business segments.

She disclosed that Profit Before Tax (PBT) rose by 116.42 per cent to N221.85bn from N102.51bn recorded in 2024, while Profit After Tax (PAT) increased by 125.36 per cent to N194.46bn from N86.29bn in the preceding year.

The bank also reported significant balance sheet expansion, with total deposits rising by 30.34 per cent to N3.29tn in 2025 from N2.52tn in 2024, reflecting sustained growth in its retail banking operations.

Total assets increased by 41.48 per cent to N5.07tn, while loans to customers rose by 44.68 per cent to N1.74tn compared to N1.20tn
in the previous year.
Olorunshola noted that the bank’s digital banking platforms, including ALAT, continued to gain strong market acceptance, contributing to earnings growth and improved operational efficiency.

She added that earnings per share closed at 712.80 kobo, while asset quality improved, with the Non-Performing Loan (NPL) ratio moderating to 4.90 per cent.

According to her, the bank’s strategic focus remains centred on sustaining strong capital adequacy following the successful completion of its recapitalisation programme, strengthening core financial performance, deepening digital banking leadership, and expanding its corporate and commercial banking franchise across key sectors and selected international corridors.

She stated that 2026 marks the third year of implementation of the bank’s TTT strategy, which is designed to support its long-term ambition of becoming a Systemically Important Bank.

Managing Director and Chief Executive Officer, Moruf Oseni, said the bank would leverage its stronger capital base to scale growth across corporate, commercial, retail, SME, and digital banking segments.

He said the lender would also focus on sustaining innovation through its digital platforms, including ALAT 2.0, ALAT Xplore, and ALAT Pay, while improving operational efficiency and governance structures.

Oseni added that the bank plans to deepen its regional and sectoral presence in order to support trade, investment, and economic development.
“As we enter 2026, Wema Bank stands stronger, better capitalised, and strategically positioned for sustainable growth. With our recapitalisation behind us and our transformation agenda in full motion, we are poised to unlock new opportunities and deliver superior value to all stakeholders,” he said.

He reaffirmed the bank’s commitment to delivering strong returns to shareholders, exceptional customer experience, sound corporate governance, and innovation-driven financial solutions.