In a report titled “The Best Performing Stocks in Nigeria in 2022,” Nairametrics compiled and analyzed the best-performing stocks in 2022, comparing their share prices as of December 31st, 2021, and December 30th, 2022. The analysis considered all 159 publicly listed companies during the period.

According to the report, Wema Bank’s share price appreciated by a whopping 441.7 percent. This helped it to close the 2022 year at N3.9, down from the 72 kobo recorded at the end of 2022. The bank recorded a healthy 51% increase in gross earnings in the first nine months of 2022 and a 31% increase in post-tax profit. Investors rallied around the bank’s stocks despite a general downturn in most banking stocks during the year.

Similarly, Wema Bank declared a final dividend of 24 kobo per ordinary share to its shareholders in 2021.

This fuels speculation that increased profitability in 2022 could suggest a better dividend payout to shareholders. The Nigerian equity market rallied by 19.98% in 2022, higher than the 6.07% recorded in the previous year.

After many years of dividend freezes, the bank has resumed dividend payments to shareholders in the last three years. Wema has modernized its processes and has increasingly leveraged digital technologies to serve its customers, boosting efficiency and productivity in the process.

Additionally, the bank enjoyed a profitable year in terms of its financial performance and equity performance. Nairametrics ranked the bank as the best-performing commercial bank in the first half of 2022 based on metrics from its financial statements. Wema Bank also won the “Highest Dividend Yield” award at the Pearl Awards in 2022.

Multiverse Mining Company was another of last year’s best-performing stocks. Meyer Plc, Thomas Wyatt Plc, and Academy Press Plc, among others.

December 2022 – Wema Bank PLC announces retirement of its Managing Director/CEO.

Managing Director/CEO Ademola Adebise to retire from Wema Bank Plc; with effect from
March 31, 2023.

Moruf Oseni, current Deputy Managing Director appointed as Managing Director/CEO

Wole Akinleye, Executive Director appointed as Deputy Managing Director and Tunde
Mabawonku appointed as Executive Director.

Click here to download the full release.

Wema Bank Plc, Nigeria’s most innovative bank, has called for more support for Fintech companies so Nigeria, like her peers, could optimally benefit from the possibilities that the Fintech industry offers. The bank made this call at The Fintech Summit (TFS) 2022 by Techpoint, which recently held in Lagos.

Speaking at the summit, Olamide Jolaoso, the bank’s Head of Data and Analytics, said that the country needs many Fintech companies to come on board to meet the wide spectrum of Nigerians’ Fintech needs.

“Some people are of the view that there are already too many Fintech companies, especially start-ups in Nigeria, but I do not agree with them. We have a population of over 200 million people with varying financial needs and appetites that are yet to be satisfied by the existing Fintech service providers. We need more Fintech companies that solve many specific problems and not just a group of Fintech companies who are doing the same few things as we currently have.”

He mentioned that Wema Bank has established itself as a dominant player in the Fintech space through the creation of ALAT, which has provided a platform for other Fintech companies to operate.

“Wema Bank created ALAT, the first fully digital bank in Nigeria, and on whose platform many Fintech companies run their operations. As an important player in that ecosystem, we see the need to grow the industry and create more opportunities for the upcoming players.”

He informed that ALAT By Wema, a branchless and paperless bank, was created to drive transformation and redefine experiential banking in Nigeria’s banking sector. 

“The platform has eliminated the stress of having to walk into a branch that prospective customers face anytime they want to open an account. ALAT by Wema offers them a seamless sign-up process using a mobile phone, PC or tablet. Since the release of this award-winning app, the bank’s customers, who have come on board the app, have been full of excitement as it helps them save more.”

Jolaoso noted that Fintech companies are already the core fabric of our daily lives, creating apps that help millions of Nigerians to save, transact, invest and do an insurance. He also made a case for more measured investments in the Fintech industry for the growth and sustainability of the sector.

“One of the many ills plaguing the Fintech industry in Nigeria is the paucity of investment in the sector. This results from the fears that industry start-ups may lack the focus and discipline that drive sustainability and profitability. For us, however, we believe that while there a need for considerable investment to strengthen Fintech companies, there is also the need to establish adequate measurement indices to validate if these firms are meeting their goals and objectives or not,” Jolaoso concluded.

The Fintech Summit by Techpoint, with the theme, ‘Fintech is Everything; Exploring how new strains in financial technology touch society in ways you never imagined,’ brought together key players in the industry for a day of insightful conversations, panel discussions, product exhibitions, and many more activities that border around the Fintech industry.

Wema Bank, Nigeria’s most innovative bank, has thrown its weight behind the Duke of Shomolu (DOS) Production, one of the fastest growing theatre franchises in Nigeria, in its four-stage plays slated for December 2022.  

According to Morolake Philip-Ladipo, the bank’s Acting Head of Marketing Communications and Investor Relations, “more than giving theatre lovers a special experience for the yuletide, the sponsorship shows the bank’s demonstration commitment towards the growth and development of arts and culture in the country.”

Morolake also disclosed that Wema Bank has been supporting theatre performances in the country for over five years given the social impact of stage plays to both the artists and to the audiences.,

“Theatre brings humour and learning, and Duke of Shomolu’s plays give us a lot to learn with the historical plotlines he explores.”

She called on all lovers of theatre to avail themselves of the opportunity offered by the DOS Production and have a refreshing recreation with their families and loved ones.

“This season is always a period of relaxation for Nigerians, and as we celebrate Christmas and New Year holidays, I urge everyone to turn out to watch any of Awo, Our Duke Has Gone Mad, Ogiame Erejuwa and Ufok Ibaan, lined up to be performed by DOS productions.”

The four-stage plays will come to live every weekend, starting from December 10 – 26, 2022 at 4 P.M. and 6 P.M. each day at the Muson Centre.

The Christmas and New Year celebrations is always an exciting season for everyone, and ALAT is making it extra fun for its customers and non-customers alike this year.

In a campaign themed “An Audacious Christmas: The ALAT Experience”, the digital banking platform is rewarding customers and non-customers with exciting gifts for a 12-day period. The campaign which kicked off on Monday, December 12, 2022, will also see staff of the bank rewarded for their audacity in the past year.

“We have relatively common experiences, and sometimes circumstances could weigh a person down, but having made it to the end of the year, we believe it is proper to reward some of our customers,” said Morolake Philip-Ladipo, Acting Head of Marketing Communications & Investor Relations, Wema Bank.

“For our campaign, we started by asking people to share their audacious stories and moments of kindness they have experienced in the year, and for this we have cash rewards and other gift items to help them celebrate this Christmas,” Morolake added.

The campaign, the bank stated, also involves a variety of fun and engaging activities for customers, prospects, and staff, ranging from sharing treasure hunts to puzzles, social media challenges and much more. Interested participants would have to interact with ALAT on its social media platforms and make transactions consistently to stand a chance of being selected as winners.

“Children are not left out,” Morolake explained. “We are having a shopping spree for some of the kids who have a Royal Kiddies Account with us where they get a chance to shop for anything they want in a select mall on our bill.” Morolake enthused that the plan is to encourage parents to keep saving for the future of their kids while providing a fun experience for children this season. 

Other rewards include free concert tickets, free bus rides, premium healthcare plan for women, among others. The campaign ends on December 23, 2022.

For more information, follow ALAT on @alat_ng on Instagram and Twitter and ALAT By Wema on Facebook.

Small and medium enterprise (SME) owners and other participants at the just-concluded Wema Bank SME Business School held in Port Harcourt have lauded the bank for the capacity development initiative.  A total of 156 participants comprising SME customers and non-customers of the bank attended the 4th edition of the Wema Bank SME Business School, which was designed to impart business management skills and first-rate entrepreneurial knowledge to SMEs operating in the South-South region of the country.

The Wema Bank SME Business School was launched in Lagos in 2021 to boost the capacity and skills of SMEs and help them to achieve their objectives. The second edition took place virtually, while the third edition happened in Abuja. The fourth edition which recently held in the South-South geopolitical zone of the country, has further helped to equip SMEs in various parts of the region with the requisite business management knowledge and skills to effectively run their enterprises and respond to the ever-evolving challenges of today’s business world.

A participant, Uche Onochie, commended Wema Bank for the knowledge-laden program, which she said had broadened her perspective on SME management. “Wema Bank is trying for me; they have made me what I am today. They are the reason why my business is where it is today,” she said.

Another participant and SME owner, Udoh Mfon Peter, expressed gratitude to the bank for the highly impactful program. He added that it was one of the most beneficial things that happened to him. “It was a real MBA, a live MBA program,” he said.

For Dr. Mercy Abu, the program was packed full of the requisite ingredients for business success. “I thought I knew a lot before this program, but I can tell you I have more knowledge after this,” she said.

The just concluded SME Business School, which took place in Port Harcourt, had a robust curriculum that spoke directly to the issues that have held SMEs in the country back. The faculty also comprised of experienced and highly knowledgeable subject matter experts across various aspects of business management.

Among the topics covered were a Macroeconomic Review of Nigeria; Business Strategy and Innovation by Reap and Arcenciel; Sales and Marketing by Matt Anthony Consulting; Financial Management and Taxation by Deloitte; Personal Branding by Nexford University; and Business Risk and Reputation Management by Parminder Vir, OBE. Arthur Nkemeh and Oluwaferanmi Owolabi of Wema Bank PLC also made presentations on Financial Literacy and Customer Experience Management respectively.

After the programme , Arthur Nkemeh, Head of SME Banking at Wema Bank PLC, expressed his appreciation:  “We appreciate our partners and facilitators for the programme. Most importantly, I would also like to thank the participants who took time off their busy schedules to be with us in the programme.”

“We will continue to organize programmes such as this that will deepen access to capacity development for SMEs in the country. For our customers, we will continue to offer them superlative banking experience that cuts across both financial and non-financial services,” he said.

The Wema Bank SME Business School 4.0 was held at the Golden Tulip Hotel, Ken Saro Wiwa Road, Port Harcourt from November 14 to 18, 2022.

Wema Bank, one of Nigeria’s most innovative banks, emerged the overall winner in the just concluded 2022 edition of the Nigeria Bankers Games with a record-breaking 22 medals. At the end of the games, reputed as the most prestigious sporting competition in the Nigerian banking industry, the bank stood at the top of the medals table having garnered a total of ten gold, seven silver and five bronze medals.

The organizers of the sports fiesta, Media Vision Limited, Nigeria’s leading sports marketing and activation company, in a letter to the bank, congratulated the bank for the feat and commended the Wema bank staff for representing their bank creditably.

“We congratulate Wema Bank for emerging Overall Champions of the Nigeria Bankers Games for the first time with a total haul of 22 medals – 10 Gold, 7 Silver and 5 Bronze. Special commendation must also go to the staff of your organization for their performance, dedication and professionalism throughout the tournament. They have represented your brand excellently and Wema Bank’s involvement was crucial to the success of the tournament,” said Opeoluwa Adeyemo-Anjorin, the Group Head of Media Vision Limited.

“The spirit of sportsmanship and quality of competition exhibited on and off the field of play by the players and supporters of your bank were indeed commendable and aligned with our vision for the Nigeria Bankers Games,” Adeyemo-Anjorin went on to say.

Chief Human Resource Officer, Wema Bank,  Ololade Ogungbenro, commended the staff for the dedication and discipline they exhibited throughout the duration of the games which, in turn, resulted in their emergence as the overall champions of the tournament.

“We are excited, not just for emerging the overall champions of the tournament, but also for the dedication and discipline our staff exhibited at the tournament. It is these attributes that earned the bank the coveted position on the medals table. Some of the reasons the bank participates in sports competitions such as the Nigeria Bankers Games are to boost the staff’s physical and mental fitness as well as foster discipline and bonding with one another,” said Ololade.

She informed that it is the bank’s love for sports that prompted it to participate in the games, having held the Wemalympics, Wema Bank’s inter-regional sports competition in October, where employees from different regions of the country competed for medals in various sporting events including football, athletic events, table tennis, scrabble, chess, arm wrestling, electronic games, among others.

“Our staff are our greatest asset, which is why their health and fitness matter to us. We believe that, in treating employees right and giving them a platform like this, we are putting them in the best shape – mentally and physically – to keep delivering premium customer experience to the public,” She further explained.

Nigeria’s Bankers Games is an annual sports festival for employees of Nigerian banks and is aimed at improving work-life balance, providing a platform for networking and employee engagement as well as promoting bonding and healthy workforce.

Wema Bank, Nigeria’s Leading innovative financial institution, has rolled out a new benefit for parents and children on its bespoke children’s savings account, Royal Kiddies Account (RKA), in a new campaign to encourage savings and financial prudence.

From November 1, 2022, through January 30, 2023, parents who set up a standing instruction via ALAT or in-branch for the automated funding of their children’s Royal Kiddies Account with a minimum of N10,000 per month, will be eligible for the annual educational award for 20 account holders.

Also, by consistently increasing their Royal Kiddies Account savings, account beneficiaries are automatically positioned to earn more interest, as the RKA offers an attractive interest rate that is 1% higher than the standard savings interest rate

Administrators of the Royal Kiddies Account (parents) are also allowed to deposit dividend warrants and cheques in their child’s or children’s name, and can view and fund the account from anywhere, 24/7 using the ALAT app

Wema Bank’s Divisional Head, Retail Business, Dotun Ifebogun, commented on the campaign, stating that the latest initiative demonstrates the bank’s dynamism in providing innovative solutions that empower customers across all segments and strata and deepens digital adoption and financial inclusion.

This campaign will further boost digital adoption and financial inclusion and emphasizes parents using ALAT to create standing orders. It enables account administrators to perform a variety of advantageous tasks from anywhere at their convenience. “The addition of ALAT to the list of account holder benefits enhances the Royal Kiddies Account’s uniqueness,” he stated.

Dotun added that the campaign was also launched to encourage parents and their children to adopt the habit of regular savings and to provide for their children’s future while rewarding them for their continued loyalty

About Wema Bank

Regarded as Nigeria’s most innovative bank and the longest-surviving indigenous Financial Institution in Nigeria, Wema Bank Plc has over the years, diligently offered a range of value-adding banking and financial advisory services to the Nigerian public for 77 years. Incorporated in 1945 as a Private Limited Liability Company under the old name of Agbonmagbe Bank Limited, it commenced banking operations in Nigeria in the same year. Wema Bank subsequently transformed into a Public Limited Liability Company (PLC) in April 1987 and was listed on the floor of the Nigerian Exchange.