Wema Bank Plc has unveiled plans to attain tier-one banking status in Nigeria, backed by strong earnings growth, fresh capital inflows and an aggressive expansion strategy.
The move follows the bank’s audited financial results for the year ended 31 December 2025, which showed profit before tax rising by 116.44 per cent to N221.9 billion, compared with N102.5 billion recorded in 2024.
Speaking at the bank’s Annual General Meeting in Lagos, the Managing Director and Chief Executive Officer, Mr Moruf Oseni, said Wema Bank had sustained a deliberate and consistent rise in profitability over the last three years.
Oseni noted that the management and staff were intentionally positioning the bank for top-tier status, adding that the significant earnings growth reflected the successful execution of its long-term strategy.
According to him, the bank’s profit growth moved from N42 billion to N102.5 billion and further to N221.9 billion in the 2025 financial year, representing almost a fivefold increase within three years.
He attributed the performance to disciplined execution, structural reforms and long-term investments implemented during the bank’s transformation period.
“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, and even in the years when we were building the blocks,” Oseni said.
On dividend policy, the Wema Bank chief said the lender remained committed to rewarding shareholders while balancing payouts with the need to retain capital for future growth opportunities.
“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.
Oseni also hinted at potential strategic opportunities the bank may pursue, although he did not provide further details.
He praised employees, whom he described as the “Knights of Wema Bank”, for their contribution to the institution’s performance, while also acknowledging shareholders, board members and customers for their continued support.
The bank disclosed that proceeds from its recent capital raise would be channelled into three major areas: expanding its loan portfolio, strengthening digital banking platforms and improving cybersecurity infrastructure.
Oseni further revealed plans to deepen Wema Bank’s national footprint through a “follow-the-money” strategy, with branch expansion focused on commercially viable locations across the country.
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