SHAREHOLDERS APPROVE WEMA BANK’S SHARE INCREASE

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Lagos, 25Dec2012: Shareholders of Wema Bank plc, at their Annual General Meeting, approved the plans of the bank to raise its capital base to N35billion and also ratified the appointment of four new Non-Executive Directors, namely Mr. Adeyinka Asekun, Mrs. Tina Vukor’Quarshie, Mr. Samuel Durojaye and Chief Ayodele Awodeyi who were all appointed to the board during the year.

In a statement after the AGM, the bank also confirmed the appointment of Mr. Adeyinka Asekun, a seasoned professional in the financial services industry as the new Chairman of the bank. Mr. Asekun takes over from Chief Samuel Bolarinde, who resigned from the board at the AGM. Mr. Asekun, whose distinguished career in the financial services industry spans a period of over 2 decades after a 5 year stint in FCMG marketing in a blue-chip multinational, stated his commitment to providing necessary support to the Management of the Bank in steering it through the next phase of its transformation programme. Mr. Asekun praised the contributions of Chief Bolarinde during his tenure as Chairman which saw the Bank revived from a grave financial position to one that is now poised to compete favorably with major players in the banking sector.

Speaking on the bank’s capital raise, Managing Director and CEO of the Bank, Segun Oloketuyi, said the bank intends to expand its operations and grow organically into areas that present strong business opportunities. He also commended the Board's choice of Mr. Asekun as Chairman and declared his management's commitment to ensure there is robust synergy between the Board and the management for the benefit of all stakeholders in the bank.

Established in 1945, Wema Bank is reputably Nigeria's most resilient bank and longest surviving indigenous financial institution. The Bank offers a range of corporate banking, retail banking and e-banking solutions and services in addition to top-notch financial advisory services to its discerning clientele.

www.wemabank.com

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January 17, 2017
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