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WEMA BANK CELEBRATES 78TH ANNIVERSARY, AIMS FOR TIER-1 STATUS

Wema Bank on Tuesday marked 78 years in the banking industry, saying that its next objective is to attain tier-1 bank status.

The bank also celebrated the 6th anniversary of Alat, a digital bank application which enables customers to perform banking activities.

Speaking at the event in Lagos, Managing Director/Chief Executive Director, Wema Bank, Mr. Moruf Oseni, noted that the biggest milestone was that the institution was brought back to the height of banking.

“For us as an institution that lasted for 78 years where many of its peers have disappeared, it’s a great feat. This is our 8th decade and as we push to our 9th decade, I think obviously there will be much bigger celebration when we hit 80. And hopefully in another 80 years, we pray that Wema is alive.

“The biggest milestone so far is that we brought the bank back to the very height of banking in Nigeria. Six years ago, we launched a grand breaking product called Alat and over the past six years it’s testament both locally and internationally as a world class product. So as far as we are concerned it brought us back to the heart of banking in Nigeria.

“Our best is yet to come. We set N30 billion and it is a fantastic number. But honestly we did N30 billion this year, first N30 billion this year and we will do much more next year. This bank is a confluence of two great banks, Wema and National and at the time, those two banks were in the top five banks in Nigeria.

The aim is to take this bank to that height. This bank must go back to tier one.” Oseni appreciated the past and present executives and staff of the bank as well as customers of the bank for their unrelenting support towards seeing the institution thrive.

Speaking on the first quarter report of the company, the bank MD said that it was a testament to the promise he and his executives had made to staff members when they took over the administration.

Wema Bank in its unaudited financial statement for the first quarter of 2023, which was filed with the Nigerian Exchange Limited, had reported a profit of N5.38bn from the N2.86bn recorded in the same period in 2022.

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