Wema

Worried by the exodus of banks from many areas in the state, the Ekiti State government has disclosed that it is taking financial services to all 177 wards in the state through agency banking. It would be recalled that as a result of incessant bank robberies, many financial institutions have relocated from many local government areas in the state, leaving residents to travel to the state capital for banking transactions. According to the government, the intending banks for the proposed programme include Wema,…

Wema Bank will execute a share placement to raise N40 billion before the year ends in a move to scale shareholders’ funds to N160 billion. According to Reuters, Chief Finance Officer Tunde Mabawonku made this known in an interview on Monday. The share sale is planned to close on 29 December and could help beef up its shareholders’ funds, which stood at N118.6 billion at the end of September, by one-third, and lift retained earnings from N90 billion. “The plan is to get this in … then depending on the quantum of…

Nigerian lender, Wema Bank, has lifted its suspension of international transactions on naira cards. The bank in a letter addressed to its customers announced the end of the suspension on international transactions conducted through naira cards. This means customers using the bank mastercard can now use their naira debit cards to pay for transactions done in foreign currency. In March 2022, the bank had joined other Nigerian banks to limit their monthly international spending limit on naira cards from $100 to…

The Board of Directors of Wema Bank Plc. (the Bank) has announced the appointment of Oluwayemisi Olorunshola as its new board chairman. The appointment is further to the retirement of the current board chairman, Babatunde Kasali, who proceeds on retirement having attained the retirement age in line with the Bank’s Articles of Association. Mrs Olorunshola joined the bank as a non-executive director in 2022 and, until her new appointment, was the chairman of the board’s Nomination and Governance Committee. Before…

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Moruf Oseni, the immediate past deputy managing director of Wema Bank, has assumed the position of substantive managing director and chief executive officer of the lender effective 1 April, 2023. The appointment was first announced in December following the retirement of Ademola Adebise, allowing Mr Oseni to serve in an acting capacity in the three months to March before his appointment was confirmed. The Central Bank of Nigeria has endorsed the decision to appoint Mr Oseni, Wema Bank said in a statement…

Wema Bank is looking to investors to raise a N25 billion debt needed to scale its Small and Medium Enterprise (SME) business, which as of 2021 made up less than 2 per cent of its capital. “The Bonds are being issued privately to targeted investors and will not be listed on any Security Exchange,” the bank said in a Tuesday regulatory filing, seen by PREMIUM TIMES. The fund will similarly help spur growth in the lender’s loan book for its retail and commercial banking operations and strengthen its digitalisation…

Wema Bank’s board has appointed Moruf Oseni, the bank’s deputy managing director, as its new chief executive. The development followed the imminent retirement of the current CEO Ademola Adebise, who exits the bank at the end of the first quarter of 2023. Wole Akinleye, an executive director, will fill the void Mr Oseni will be leaving by taking up the deputy managing editor’s role. On 2 January, 2023, Mr Adebise will commence a terminal leave, the culmination of his 13-year service to the bank. Under his…

The Nigeria Data Protection Bureau (NDPB) says it is investigating Wema Bank PLC and KC Gaming Networks(Bet Naija), for alleged breach of customers’ data privacy. The bank is accused of opening accounts for customers without their request or authorisation, while KC Gaming is probed over external attacks on its data. “At this stage, the objectives of these investigations as directed by the National Commissioner of the Bureau, Vincent Olatunji, are to determine the impact of the breaches on…

The Nigeria Data Protection Bureau (NDPB) says it is investigating Wema Bank PLC and KC Gaming Networks(Bet Naija), for alleged breach of customers’ data privacy. The bank is accused of opening accounts for customers without their request or authorisation, while KC Gaming is probed over external attacks on its data. “At this stage, the objectives of these investigations as directed by the National Commissioner of the Bureau, Vincent Olatunji, are to determine the impact of the breaches on…