Wema Bank Eyes Acquisitions Amid Tier 1 Banking Category Positioning

The Wema Bank boss  told shareholders at it’s virtual Annual General Meeting (AGM) that his management team and staff were working hard to “deliberately and intentionally position” Wema Bank among Nigeria’s top-tier banks, with profitability tripling over three years.

He said the bank would leverage on its rising profitability trajectory and the fresh capital recently raised as the foundation for an accelerated growth push.

Oseni said the bank’s profit surged from N42 billion to N102.51 billion and further to N221.9 billion in the 2025 financial year, representing a near fivefold increase over the three-year period.

While presenting the numbers to the shareholders, Oseni  showed the profit trajectory as evidence of deliberate institutional building:

He said : “If you observe that trend, it’s on an increase, and it’s a testament to all the work we have  done since we took over, and even in the years when we were building the blocks.”

On the dividends, the MD struck a cautious but reassuring tone, noting that while the bank remains committed to consistent dividend payments, a sharp turnaround from years of no dividend distribution,  management was deliberately conserving capital for future 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.

“The reference to future ‘opportunities’ and the need for ‘enough firepower’ strongly suggests the bank is eyeing acquisitions or strategic transactions, though no specifics were disclosed. The details would be revealed in the fullness of time.”

The bank boss gave the credit for the bank’s performance to his subordinates and staff, describing them as the “Knights of Wema Bank” who “toil 24-7” to deliver results.

He also acknowledged shareholders, board members, and customers as central to the bank’s recovery story.

He outlined a clear capital allocation strategy for the fresh funds raised, covering three priority areas, including Loan growth: The raised capital will be channelled into creating quality risk assets, such as  digital expansion: Investment in what he described as “platforms of engagement” — customer-facing digital infrastructure

He said Cybersecurity, “Spending on platforms of defence to protect the bank and customer deposits amid rising cybercrime threats”.