Wema records 196 percent profit before tax in 2023 financial report


Wema Bank has announced its full Year 2023 Audited financial statement, recording profit before tax growth of 196 per cent from ₦14.75bn to N43.59 billion.

The bank also proposed a dividend per share of 50kobo; up from 30 kobo in 2022 and deposit growth of 60 per cent to ₦1,860.57bn from ₦1,165.93bn reported in FY 2022.

“Return on Equity (ROAE) of 39.28%, NPL of 4.31% and N40billion 1st tranche of Capital raise awaiting final regulatory approvals,” a statement from the bank said.

Commenting on the results, the MD/CEO, Mr. Moruf Oseni said, “2023 showcased a revitalised Wema Bank as evidenced by the considerable improvements in our numbers. The performance is headlined by impressive improvements in Profit before Tax which grew strongly by 196%.”

He noted that the growth of Gross Earnings by 72%, Total Assets by 56% and earnings per share at 279.5 kobo shows the core improvements to the bank’s balance sheet.

“In addition, our cost to income ratio at 64.37% has witnessed significant improvement from the previous period.

“We also completed our N40bn Capital raise exercise (results awaiting final verification by regulators). This exercise actively positioned us for the new capital licensing requirements of the Central Bank of Nigeria. Wema Bank will accelerate its capital management plans and ensure we embark on the journey to raise the required capital as quickly as possible.

“The Bank will be proposing a dividend per share of 50 kobo to its shareholders at the next Annual General Meeting; this is in line with the Bank’s capital conservation strategy and to ensure that it continues to provide returns to its shareholders in anticipation of additional capital raises scheduled for later this year.

“We are satisfied with the bank's performance in the first year of the new leadership team, as we move in a strong growth trajectory. Our target remains clear, we want to become a Top-Tier Bank in the industry powered by Digital excellence, we have carved a niche for ourselves with ALAT as a Retail platform, but we are now positioning the enterprise as the Intelligent platform for all financial services.

“We have partnered with the Federal Government on upskilling Two Million MSMEs, provided engagement platforms for all NYSC members and are now implementing partnerships in Health, Education, Women empowerment and in the green economy.

“In the months ahead, we would be developing platforms and supporting initiatives that prioritize the needs of our customers, leveraging technology in solving problems across all sectors.”

nairajotter:
Basking in Glitz and Glamour: Inside Wema Bank's Enchanting IWD 2024 Event


The Oriental Hotel in Lagos was aglow with elegance and radiance as Wema Bank hosted its remarkable International Women's Day 2024 celebration. The hall exuded sophistication, enveloped in a warm and inviting ambiance created by the soft pink tones that filled the air with a sense of femininity and empowerment. Stepping into the venue, attendees were serenaded with music that helped ease them into the already comfortable and welcoming atmosphere.

As they ventured further, their eyes were drawn to the breathtaking sight of the center stage, a grand display adorned with bold letters spelling out "SARA" and "WEMA" on the sides. But the stage transcended its role as a mere platform for speakers and performers; it became a symbol of hope and possibility with every speech and activity witnessed on it, igniting dreams of future success and achievement in the hearts of all who beheld it.

As the event unfolded, attendees were treated to thrilling live performances. Veteran vocal powerhouse Yinka Davies rose to the occasion with patriotism as she sang the national anthem with such vigor and purity. But the show was just about getting started, as Ara Nigeria's foremost female drummer raised the tempo in the room with a riveting, exciting, and energetic performance, accompanied by her dance crew, all dressed in native attire from the land of Ife.

As guests ventured through the venue, they were drawn into the enchanting SARA wonderland. From photo booths to interactive displays, Sara Wonderland offered an array of delights, each meticulously designed to evoke joy and wonder.

Among the highlights of Sara Wonderland was the 360-spin camera, a cutting-edge technology that captured stunning images of guests in motion. It proved to be a crowd favorite, with attendees eagerly lining up to strike a pose and capture the perfect shot. Other engaging setups included a pink-themed photo booth, a Barbie-inspired stand, SARA props for pictures, and Polaroid cameras for instant photos, allowing guests to unleash their creativity and express themselves freely.

As the day unfolded, the hall buzzed with infectious energy, laughter, and conversation as women from all walks of life came together to celebrate their achievements, uplift one another, and have a blast, leaving with hearts brimming with inspiration and gratitude and carrying memories that would linger for a lifetime.

Wema Bank's International Women's Day 2024 celebration was an unequivocal success, a testament to the power of unity, solidarity, and feminine grace. Looking ahead, let us continue to champion inclusivity and empowerment, forging a world where every woman can shine brightly and realize her dreams.

In a spectacular celebration of empowerment and achievement, Wema Bank proudly announced the winners of its inaugural She Empowers Her Award By SARA, presented during a captivating International Women's Day event held at the prestigious Oriental Hotel in Victoria Island, Lagos.


Among a crowd filled with anticipation, five extraordinary women were honored for their remarkable contributions to society, exemplifying the essence of empowerment, inclusion, and positive change. These outstanding women have not only shattered glass ceilings but have also paved the way for future generations through their relentless dedication and impactful endeavors.


Adesunmbo Adeoye, Debola Agunbiade, Debola Deji-Kurunmi, Funke Felix Adejumo, and Pastor Mrs. Mary Kristilere stood out among a pool of exceptional nominees, showcasing their extraordinary achievements and commitment to uplifting others. From entrepreneurship and finance to philanthropy and leadership, each awardee has left an indelible mark on their respective fields, inspiring countless women to strive for greatness.

Moruf Oseni, MD/CEO of Wema Bank, reiterated the bank's dedication to women's success, stating. According to him, Wema Bank is committed to ensuring that women and their businesses thrive and have a positive societal impact.

In response to winning the award, one of the recipients, Pastor Mrs. Mary Kristilere expressed her gratitude. "This happened only by God's grace and the votes of all my beloved friends and family. Your votes did indeed count. I dedicate this win to the Lord Almighty and pledge more service to humanity. Thank you all for the massive support and encouragement. Thank you, Wema Bank. Words indeed fail me to express how grateful I am."

Another receipient, Debola Agunbiade said, "It’s with gratitude to God that I wish to inform you of my emergence as one of the winners of the Wema Bank She Empowers Her Award By SARA. This is the maiden award ceremony to recognize and celebrate the exemplary achievements of women inspiring inclusion in Africa. I appreciate the entire Wema Bank Plc staff and especially the MD, Mr. Moruf Oseni, for his exemplary leadership in supporting women."

The journey of the She Empowers Her Award By SARA began in 2024 to recognize and celebrate the exemplary achievements of women driving positive change and inspiring inclusion in Africa. On February 23, 2024, the award was announced to the public, marking a significant milestone in the recognition of women's empowerment efforts. The award received an overwhelming response, with up to 100 entries received across the continent. After a meticulous selection process overseen by an independent auditor, 20 nominees were shortlisted, and the top 5 winners were determined through transparent public voting.

Imagine sailing on a calm sea, charts meticulously plotted, course set for prosperity. Suddenly, a colossal wave looms on the horizon, threatening to engulf your vessel and everything you hold dear.

This is the chilling reality facing Nigerian businesses, investors, manufacturers and citizens alike, thanks to the Central Bank of Nigeria's (CBN) recent invalidation of $2.4 billion worth of forward contracts. The governor of the Central Bank of Nigeria, Dr Olayemi Cardoso, during an interview on Arise TV, on the February, 5th 2024 addressed concerns about the recent volatility in the currency market and said that about $2.4bn of the $7bn foreign exchange backlog he met when he got into office were from non-existing entities, requests without import documents among other infractions.

As a financial enthusiast with a keen eye on Nigeria's economic well-being, the recent invalidation of $2.4 billion worth of forward contracts by the Central Bank of Nigeria (CBN) sends chills down my spine. This policy, shrouded in a fog of technicalities and accusations, reeks of inconsistency and recklessness. The CBN claims to have uncovered a "forex trading fraud," but according to Social Integrity Network, (SINET), a non-governmental organisation, representing legitimate businesses unfairly caught in the crossfire, vehemently disputes this narrative. They paint a picture of meticulous planning, with companies securing forward contracts 18 months ago at N450/dollar, only to have the rug pulled from under them today. Now, they face a staggering 333% increase in costs, a financial tsunami that could drown them entirely.

But this isn't just a corporate tragedy; it's a national emergency. Businesses, large and small, are gasping for air. Those who swallowed the bitter pill of borrowing funds at exorbitant rates (some exceeding 30%) to secure these contracts are now drowning in interest payments and potential defaults. Banks, caught between a rock and a hard place, struggle to fulfill their offshore obligations, jeopardizing their own creditworthiness and the nation's financial standing.

The ripple effects are as devastating as they are widespread. The manufacturing sector, already grappling with inflation and a volatile exchange rate, now faces imminent collapse. Nearly 60% of companies have already shut their doors, and this policy threatens to wipe out the remaining 40%. This translates to millions of lost jobs, plummeting production, and a drastic decline in GDP, pushing countless Nigerians deeper into poverty. According to the latest figures from the National Bureau of Statistics, unemployment climbed to a staggering 5.0 per cent in the third quarter of 2023 from 4.2 per cent in the previous quarter and Nigeria’s annual inflation rate rose to 29.90 per cent in January from 28.92 per cent in December 2023. The manufacturing sector, once a pillar of the economy, has witnessed a decline of 15% in production output year-on-year. These alarming statistics paint a grim picture of an economy on the brink.

The industry is currently burdened with the effect of fuel subsidy removal and devaluation of the naira that has led to hyper increase in the cost of production. With the cancellation of forward contracts that has already been utilized for LC establishments, shipment and costing of products already sold by these companies, it would be practically impossible to recover this cost on current production.
This policy will gradually collapse the manufacturing sector, the projected GDP growth rate for the country will collapse and the attendant impact on the microeconomic variables of the Federal Government will be adverse.

This policy isn't just a financial burden on manufacturers; it's a ticking time bomb for everyday Nigerians. Already grappling with rising costs, businesses will be forced into desperate measures to survive, pushing production costs even higher. Imagine the ripple effect: essential goods become out of reach for the average citizen, their basic needs unmet. This simmering frustration could easily boil over into widespread social unrest, destabilizing the very fabric of our nation
But the damage doesn't stop at the water's edge. Failure to honor these contracts could shatter Nigeria's international reputation, branding it as an unreliable and risky investment destination. This, at a time when the government desperately seeks foreign investors, is an act of self-sabotage, undermining years of progress and jeopardizing the nation's future prosperity.

Thankfully, we haven't reached the point where rescue efforts are futile. There's still time to navigate this treacherous storm, but it requires immediate action and a complete course correction. Open communication and transparency are the lifeline we desperately need. The government and CBN must engage with stakeholders to understand the true impact of this policy and explore solutions. A thorough review with clear criteria for identifying genuine transactions, coupled with exploring compensation options for unfairly impacted businesses, is crucial to restoring trust and preventing further economic calamity.

The CBN’s proactive measures to stabilize the foreign exchange market and stimulate economic activities is commendable, I urge the authorities to prioritize long-term economic growth and a fair playing field for legitimate businesses. This isn't just about numbers; it's about the lives and livelihoods of millions of Nigerians. We must act with transparency, fairness, and a commitment to sustainable development. This is not the time for knee-jerk reactions and opaque pronouncements. This is the time for clear communication, collaboration, and decisive action to steer our nation away from the impending economic tsunami. Together, we can build a stronger, more resilient Nigeria, but only if we choose the path of transparency and act with urgency.

In conclusion it is important for the CBN to re-evaluate this policy direction and ensure that customers with valid export documentations are exempted from the list of invalid forward contract obligations. This can be ascertained by requesting documents to prove funds was utilized for importation such as:

1.Valid Form M approved by the CBN

2. Evidence of establishment and transmission of LC

3. Bill of Lading Documentation

4. Evidence of Custom Duty payments for imported products

This will help the CBN separate genuine customers that have utilized the forex allocation for legitimate business from those who may have diverted the forex for other uses. The current approach of the CBN is punitive and has far reaching adverse effect on the economy. The CBN must also note that all the forex allocation was legitimately awarded by the apex banks and cannot seek to declare invalid same based on technicalities. The invalidation of $2.4 billion forward contracts by the CBN represents a significant setback for Nigerian manufacturers, further exacerbating the economic crisis gripping the nation. Urgent measures must be taken to address this issue and provide much-needed relief to businesses struggling to survive amidst unprecedented challenges.

Falola Shuaib is a Finance expert writing from Abuja, Nigeria.

ibinaboonline:
I have an update for this post.

So, Wema Bank finally got back to me this Saturday evening. They says they'd fixed the issue with my card and apologized for the inconveniences. Although it took almost five days to get a response from them, I'm glad they actually replied with a solution instead of the usual gaslighting you typically get from Nigerian banks. Yes, it's working now!! The monthly limit is $500, but I don't mind. Who even get thousands of dollars to spend these days😄? So, yes, Wema Bank's naira Mastercard works!


So, the news broke about three weeks ago that Wema Bank has brought back the naira Visa and Mastercard. It was the best news I've heard in a year as I look forward to a hassle-free transactions, especially to pay for my website's SEO support.

So, I waited a week to see if other banks will follow suit. I was pretty sure Wema is just the first, and that offer banks like First Bank and Zenith (where I already have accounts) will make their own announcements in the following week. Wrong.

Other banks will probably join Wema in this aspect, but I couldn't wait anymore. So, I headed into a Wema Bank branch last week Wednesday and opened a savings account. I asked about the Mastercard availability before even filling the account opening form. They assured me the thing is real. Me equals very happy.

I returned to the bank on Tuesday this week to get the card. Me equals happiness again the moment I was handed the purple card with Mastercard's logo at the bottom right and my name on the left. Will it work for online transactions? Wilco, they assured me.

Back home, it was time to experience something I've missed since Buhari's administration. I waited till the next day, though. My first attempt with my shiny newly acquired Mastercard was to pay for a diib subscription to support my website. My heart skipped a beat when the otp landed in my phone. Sadly, the transaction ended with: "your card has been declined."

Note: I have more than enough balance in my account. My heart sank. It just reminded me that most of these naira MasterCards were just in name and not function even before the ban. For example, I had FCMB and Ecobank Mastercards that never worked. Only my First Bank Mastercard worked like a charm back then.

Well, I've emailed Wema Bank requesting an explanation. That was yesterday; still awaiting their reply.

ibinaboonline:
So, the news broke about three weeks ago that Wema Bank has brought back the naira Visa and Mastercard. It was the best news I've heard in a year as I look forward to a hassle-free transactions, especially to pay for my website's SEO support.

So, I waited a week to see if other banks will follow suit. I was pretty sure Wema is just the first, and that offer banks like First Bank and Zenith (where I already have accounts) will make their own announcements in the following week. Wrong.

Other banks will probably join Wema in this aspect, but I couldn't wait anymore. So, I headed into a Wema Bank branch last week Wednesday and opened a savings account. I asked about the Mastercard availability before even filling the account opening form. They assured me the thing is real. Me equals very happy.

I returned to the bank on Tuesday this week to get the card. Me equals happiness again the moment I was handed the purple card with Mastercard's logo at the bottom right and my name on the left. Will it work for online transactions? Wilco, they assured me.

Back home, it was time to experience something I've missed since Buhari's administration. I waited till the next day, though. My first attempt with my shiny newly acquired Mastercard was to pay for a diib subscription to support my website. My heart skipped a beat when the otp landed in my phone. Sadly, the transaction ended with: "your card has been declined."

Note: I have more than enough balance in my account. My heart sank. It just reminded me that most of these naira MasterCards were just in name and not function even before the ban. For example, I had FCMB and Ecobank Mastercards that never worked. Only my First Bank Mastercard worked like a charm back then.

Well, I've emailed Wema Bank requesting an explanation. That was yesterday; still awaiting their reply.

glammagazine:
Exclusive: LAPO MFB staff reject 25% salary increase after 7 years of alleged stagnant pay, more

Members of staff of popular financial institution, LAPO Micro Finance Bank (MFB) have kicked against the bank management’s move to increase staff salaries by only 25% and 12.5% after 7 years of alleged stagnant pay.

Exclusive reports obtained by Kemi Filani reveals that the last time LAPO MFB’s staff‘s salaries were reviewed was in 2016, and their staff don’t allegedly get the annual (step) increment other organisations/institutions enjoy. “Our salaries have been stagnant since 2016″ after they reviewed it upwards by 15%. The management only reviews staff salaries as at will. It can take 10 or 7 years which is not supposed to be so.” A staff who pleaded anonymity told Kemi Filani.

Kemi Filani gathered that as at 2016, before the 15% review, graduate (BSC/HND) staff (CSOs) earned a net salary of seventy five thousand, seven hundred and fifty naira, eighty six kobo (N75,750.86K), and after the review, their net pay became ninety eight thousand, three hundred and fifty six naira, forty one kobo (N98,356.41K). While Branch Managers (BM) get same salary, but an extra eight thousand naira (N8,000) as duty allowances.




It was gathered that after seven years of stagnant pay, the bank management decided to increase staff salaries by 25% for Junior staff (Graduate CSO, BM, Auditors and AM) and 12.5% for senior staff (Zonal managers – ZM).

“We have had stagnant salaries for years with no one being able to complain. If you do, they will threaten to transfer you to another state, far away from your family. After we were able to complain, they decided to increase it by 25% for Junior staff and 12.5% for senior staff” another staff whispered to Kemi FIlani.

The staff continued, “We have told them that due to the current economic situation in the country, a 25% increase after 7 years wouldn’t make sense. A graduate working for over 10 years and up till now, my net pay is not up to 100K. I can not complain or renegotiate my pay, they only decide on when to review it, which isn’t a standard practice anywhere.”


Source>>> https://www.kemifilani.ng/news/exclusive-lapo-mfb-staff-reject-25-salary-increase-after-7-years-of-alleged-stagnant-pay-more

Zakarara:
Believe this pple at ur own peril. Indomie top management go don do their homework...

Estello:



https://tribuneonlineng.com/nigerian-indomie-noodles-safe-to-consume-%e2%80%95-nafdac/

Aijeez:
This is fake news. NAFDAC never said so

Oluwaseunbandur:



What's so special about nairaland front page

obiekunie01:
na so emefiele take escape with his loots!

him with his oga come discuss and agree say make him japa before february so the new government cant catch him.

he will not com back to this country for the next 10 years.

oya aishah na ya turn to loot your own!

SocialJustice:
Rubbish, is this a time for anybody at CBN to be proud of their career?

kenbee:
She and her team failed Nigerians woefully!

Karlovych:
I see them implementing Sharia in their new policies

This I have seen

Freshfish4:
If you people are still confused, you should turn the banking buildings to tombo and bushmeat spots, una go sell scatter. Always changing name and always changing owners, one thing is for sure, My money ain't entering there

Sixfiguresmart:
They are thieves in there. Never you trust any Nigerian bank. They are all criminals

amerengues:
This is quite a good read! I, however, have some doubts about it not being a political move. Anyways, if it's for the better, no problem.

Pdalds:
Enugu is a PDP state according to political calculation

Ahead of the 2023 general elections, a frontline governorship aspirant in Enugu State under the platform of the All Progressives Grand Alliance, APGA, Dr. Jeff Nnamani obtained the expression of interest and Nomination forms from the national Secretariat of the party in Abuja on 4th April 2022.

Dr. Nnamani charged Ndi Enugu to embrace OBEGO Movement as he is ready to end the PDP misrule in the state.

Addressing reporters shortly after receiving the form in Abuja, Dr. Nnamani thanked the media for the strategic and supportive role in sustaining the nation’s democracy and encouraged journalists to remain committed to fair media coverage for everyone seeking elective offices.

He assured them that the Enugu people will experience better leadership if given the opportunity , as he will ensure that peace and development reigns supreme in the state.

Nnamani appreciated the leadership of the All Progressives Grand Alliance for their unwavering support.

‘I want to assure you that I would not disappoint Ndi Enugu" He Said

nairajotter:

The leadership of the organised Labour in Kogi State has applauded the state governor, Alhaji Yahaya Bello for paying full salary to state civil servants for the month March despite the general shortfall in the Federal Allocation to states.

They marveled that while majority of other states are slashing salaries of their workers, Bello stood tall by ensuring that Kogi workforce get 100 percent of their salaries.

A joint statement by the state chapter of the Nigeria Labour Congress and its Trade Union Congress counterpart noted that the state government has lived up to the promise made to workers in February.by paying full salaries to state civil servants.

The statement, signed by the NLC chairman, Comrade Onuh Edoka and his TUC counterpart, Comrade Mathew Ranti Ojo, on Friday, said workers are motivated to deliver their mandates in their various duty posts since they got their full pay.

According to them, “Workers and pensioners on the payroll of the state government have been paid their March salaries hundred percent and we are happy for that.

“Civil servants at that level are now well motivated to deliver on their mandates in their various offices."

Meanwhile, they called on the governor to look into the plight of Local Government workers with a view to improving the salaries of workers at that level.

They appealed to Bello to direct the payment of arrears of February salaries and other outstanding arrears to the workers

silverlinen:
Damn...na so them dey talk, but after them reach there, na different story go dey filter comot.

Opinionguy:
POLITICAL OBSERVERS ARE ASKING ONE QUESTION "IS APGA AS A POLITICAL PARTY READY FOR THE ELECTIONS IN ENUGU COME 2023