Wema Bank has declared its intention to expand aggressively as it eyes a place among Nigeria’s tier-one lenders in the near future.
The Managing Director and Chief Executive Officer of Wema Bank, Moruf Oseni, revealed the expansion ambition during the bank’s Annual General Meeting (AGM) held in Lagos.
Addressing shareholders at the AGM, Oseni said the bank’s management team and staff are deliberately positioning Wema Bank for entry into Nigeria’s top banking league, citing rapid profitability growth, stronger capital reserves, and strategic expansion plans as key drivers of the transition.
Describing Wema Bank as Nigeria’s oldest surviving indigenous bank with a growing digital and retail banking footprint, the MD said the lender has experienced a remarkable transformation in recent years, with profit nearly quintupling within a three-year period.
According to him, the bank’s profit rose from N42 billion to N102.5 billion, then climbed further to N221.9 billion in the 2025 financial year, reflecting what he described as intentional institutional growth and long-term strategic execution.
“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 told shareholders.
The MD noted that the bank’s recently raised capital would support a more aggressive growth phase, reinforcing Wema Bank’s ambition to compete at the highest level of Nigeria’s banking industry.
While reassuring shareholders of the bank’s commitment to dividend payments, Oseni explained that management remains cautious about preserving capital for future strategic 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.
His comments further fuelled speculation that the bank may be considering acquisitions or other strategic transactions as part of its tier-one expansion strategy, although no formal details were disclosed. Oseni stated that more information would emerge “in the fullness of time.”
The Wema Bank boss credited the institution’s performance to its staff, whom he described as the “Knights of Wema Bank,” working tirelessly to deliver strong results. He also acknowledged shareholders, customers, and board members for supporting the bank’s recovery and growth journey.
Oseni outlined three key areas where the newly raised capital would be deployed. According to him, the bank plans to strengthen loan growth through the creation of quality risk assets, deepen digital expansion through improved customer engagement platforms, and increase investment in cybersecurity infrastructure to combat rising cybercrime threats.
He also hinted at plans to deepen Wema Bank’s national presence through a commercially driven expansion strategy focused on economically viable locations rather than broad geographic coverage.
Earlier in her remarks, Board Chairman, Oluwayemisi Olorunshola, reminded shareholders that 2025 marked the lender’s 80th anniversary, describing the milestone as an opportunity to reaffirm the bank’s commitment to building a future-ready financial institution capable of delivering long-term value.
In its audited financial results for the year ended December 31, 2025, Wema Bank reported a profit before tax of N221.8 billion, representing a 116.44 per cent increase from N102.5 billion recorded in 2024.
The performance was largely driven by strong growth in interest income, which rose to N576 billion from N354.6 billion. Loans and advances accounted for the largest share of interest income, followed by investment securities and earnings from cash and cash equivalents.
The bank’s earnings per share also improved significantly to N7.12 from N4.83, supported by higher non-interest income from fees, commissions, and trading activities.
Operating income climbed to N420.6 billion from N234.2 billion in the previous year, while total assets expanded sharply to N5.07 trillion from N3.5 trillion. Loans and advances to customers stood at N1.7 trillion, remaining the largest component of the bank’s asset base.
