Month: May 2024

Toyin Abraham Playfully Confesses to Seyi Tinubu “I Love You Too Much”

May 31, 2024 Christabel NwaamakaLeave a Comment

IDOAMEBO – A hilarious video featuring Toyin Abraham and Seyi Tinubu has taken the internet by storm! The clip shows Seyi praising Toyin as the “BaddeRead More…

Dangote Refinery plans to establish a terminal in the Caribbean to export petroleum products.

Dangote Refinery Mulls Lagos, London Stock Exchange Listings

May 30, 2024 Christabel NwaamakaLeave a Comment

Dangote Refinery Mulls Lagos, London Stock Exchange Listings The Dangote refinery is aiming for a dual listing on the London and Lagos bourses, a sRead More…

Shareholders commend Wema Bank’s extraordinary performance and profitability at Wema Bank AGM 2023 L-R: Company Secretary, Wema Bank, Johnson Lebile; Deputy Managing Director, Wema Bank, Wole Akinleye; Chairman, Board of Directors, Wema Bank, Dr (Mrs.) Oluwayemisi Olorunshola; MD/CEO, Wema Bank, Moruf Oseni and Chairman of the Statutory Audit Committee, Joe Anosike, at the Wema Bank 2023 Annual General Meeting held in Lagos, today. Wema Bank, Nigeria’s foremost innovative bank and pioneer of Africa’s first fully digital bank, ALAT, has placed its shareholders in celebration mode, receiving commendation for a profitable 2023 financial performance, at its just concluded 2023 Annual General Meeting, which held on Tuesday, May 28, 2024. The Wema Bank AGM is a yearly gathering convening shareholders and other stakeholders of Wema Bank to assess the Bank’s financial performance over the previous year, its strategies, as well as to determine resolutions on relevant aspects of the Bank’s operations to promote accountability, democratic utilisation of investors’ funds and strategic allocation of the Bank’s resources towards the sustainable success of the business. According to shareholder testimonials, not only was the 2023 Wema Bank AGM allegedly the best AGM in the Bank’s history, the financial performance as captured in Wema Bank’s FY 2023 Annual Report, is also allegedly the Bank’s best so far. Exercising their voting rights, the Bank’s shareholders unanimously approved a N0.50 dividend for the year ended December 31st, 2023, as well as the appointment of two new Non-Executive Directors of the Bank—Yewande Zaccheaus and Yusuf Kazaure, and the new Executive Director, Segun Opeke, as new additions to the Wema Bank Board of Directors. Shareholders further commended the Bank on an exceptional 2023 financial performance as its financial report revealed a 196% increase in Profit Before Tax (PBT) from N14.75bn to N43.59bn, 220.4% increase in Profit After Tax (PAT) from N11.21bn to N33.66bn, 70.63% increase in Gross Earnings from N132.30bn to N225.75, 53.64% increase in Loans disbursed from N521.43bn to N801.10bn and a remarkable 220.53% increase in Earnings per share from N87.2 to N279.5, among other successful upturns. Expressing gratitude to the Bank’s stakeholders for their contributions to the tremendous results achieved, Moruf Oseni, Wema Bank’s MD/CEO, disclosed the Bank’s progress towards realising the recapitalisation minimum target of N200bn, set by the Central Bank of Nigeria (CBN). “As a Bank, we feel privileged and lucky to have enjoyed the support of our Shareholders and Stakeholders, especially in the past year. The Bank’s performance has been stellar throughout the year and the figures testify to that. None of it could have been possible without the support of the Board, my colleagues in Executive Management, and our customers who are extremely loyal and committed to helping us improve, but I think the most important ingredient of all is the followership of the 5000+ employees that I lead as the MD/CEO of Wema Bank. We have given them a purpose which has resonated with them, and they are working day and night to ensure that your Bank gets to the top. That is the reason you see the results you have seen”. IMG_ORG_1716922769742 “To the owners of the Bank, our Shareholders, we are grateful. You have been relentless in your support of this administration and have constantly challenged to achieve greater and supported us. As always, we will continue to rise to the occasion. The apex Bank has done its due diligence and approved our N40bn Rights Issue, which is currently undergoing SEC approval to be listed on the Nigerian Exchange. Our Capital Base now stands not at the current N15bn but with the Rights Issue, at N55bn—significant headway towards N200bn. Following the shareholders’ and Board’s approval, we are set to raise the N200bn within the 24-month timeline through public placements and a public offer, which we are confident that we will achieve before the timeline expires. We have shared our plans with the CBN, and we will work assiduously to meet balance our Capital Base in the nearest future. At a minimum, Wema Bank will remain a National Bank, we will keep working tenaciously to become a Systematically Important Bank, reattain Tier-1 status, and continue providing optimum value for every shareholder and stakeholder of Wema Bank”, Oseni concluded. Commending the exceptional results, Mr. Badmus Tunde, a Shareholder of the Bank added, “I welcome the new Chairman on board and our MD/CEO as well, it is evident that they are very capable of steering the ship. I want to congratulate the Bank for coming this far, 79 years is not child’s play and I pray God grants us long life. Since 1945, Wema Bank has seen the good, the bad, the beautiful and the ugly, and through thick and thin, it has gotten to where it is today. The results are overwhelming, and profitability has been maintained. Kudos to the Board and Management”. Upon Shareholder approvals, Wema Bank is set to disburse the N0.50 dividend for FY 2023 to its shareholders by May 29, 2024. In view of the Bank’s financial progress over the past 5 years, it is predicted that Wema Bank’s 2024 financial performance will outdo its past accomplishments, including that of the year ended December 31, 2023. Following SEC approval, the Bank’s N40bn Rights Issue is set to be listed on the Nigerian Exchange in the nearest future.

At the Wema Bank AGM 2023, shareholders praised the bank’s outstanding performance and profitability.

May 29, 2024May 29, 2024 Christabel NwaamakaLeave a Comment

At the Wema Bank AGM 2023, shareholders praised the bank’s outstanding performance and profitability. Wema Bank, Nigeria’s foremostRead More…

Wema Bank completes first tranche of capital raising program.

Wema Bank to remain national bank, to open branches in South East

May 29, 2024 Christabel NwaamakaLeave a Comment

Wema Bank to remain national bank, to open branches in South East The Managing Director/CEO of Wema Bank Plc, Moruf Oseni has declared that the banRead More…

Lady’s & Man’s Revealing Outfit Spark Reactions at Lekki Event

May 28, 2024 Christabel NwaamakaLeave a Comment

IDOAMEBO – A recent video from the Naija Shimadun welcome-back party in Lagos has taken social media by storm, showcasing a lady’s daring outfit and aRead More…

Actress, Uche Jombo Celebrates Son @ 9

May 28, 2024 Christabel NwaamakaLeave a Comment

IDOAMEBO – Nigerian actress Uche Jombo celebrates her son, Mathew Rodriguez, on his 9th birthday, May 28th. Uche Jombo shared selfie photos on InstRead More…

Access Holdings Calls for Responsible Use of AI at Smart Banking Summit

May 28, 2024 Christabel NwaamakaLeave a Comment

Access Holdings Calls for Responsible Use of AI at Smart Banking Summit “Artificial Intelligence has the power to revolutionise our societies. OvRead More…

FIRSTBANK SPONSORS “THE NOBLE WARRIOR” PLAY, A 90TH BIRTHDAY TRIBUTE TO WOLE SOYINKA

FBN Holdings posts 325% profit growth in first quarter of 2024

May 28, 2024 Christabel NwaamakaLeave a Comment

FBN Holdings posts 325% profit growth in first quarter of 2024 FBN Holdings Plc has released its unaudited financial results for the first quarter Read More…

The United Bank for Africa (UBA) Plc marked this year’s Africa Day, with fanfare.

May 28, 2024 Christabel NwaamakaLeave a Comment

The United Bank for Africa (UBA) Plc marked this year’s Africa Day, with fanfare. The event which was celebrated across the bank’s 20 African sRead More…