Wema Bank Plc has unveiled an aggressive growth strategy aimed at elevating the lender into Nigeria’s tier-one banking category as the bank continues to post record-breaking financial performance and strengthen its capital position.
Speaking during the bank’s Annual General Meeting in Lagos, Managing Director and Chief Executive Officer Moruf Oseni said the financial institution is deliberately positioning itself to compete with Nigeria’s largest banking groups through sustained profitability growth, digital expansion and strategic investments.
According to Brandspur Banking News Desk, the lender’s management also hinted at possible acquisition opportunities as part of its long-term expansion drive, with executives stressing the need to preserve sufficient capital for future strategic transactions capable of accelerating Wema Bank’s market position.
The bank’s profit growth has emerged as one of the strongest in Nigeria’s banking industry over the last three years. Wema Bank grew profit from N42 billion to N102.5 billion before reaching N221.9 billion in the 2025 financial year, reflecting a near fivefold increase within the period.
Management described the earnings trajectory as evidence of deliberate institutional rebuilding and operational transformation carried out over several years. The bank also reaffirmed its commitment to maintaining dividend payments to shareholders while balancing expansion ambitions and capital preservation priorities.
Executives told shareholders that part of the newly raised capital would be channelled into expanding the bank’s loan portfolio through quality risk assets capable of delivering stronger long-term returns. The lender also plans to deepen investments in digital banking infrastructure and cybersecurity systems amid rising financial technology competition and increasing cybercrime threats across the banking sector.
Wema Bank said its digital expansion strategy remains central to its long-term growth ambitions, particularly through customer-facing technology platforms designed to strengthen engagement and improve banking accessibility nationwide. The bank has continued to leverage its digital banking products to attract younger customers and grow retail transaction volumes.
The lender also signalled plans to expand its national branch network using what management described as a “follow the money” strategy, focusing on commercially active locations and high-growth economic corridors instead of broad nationwide expansion without profitability considerations.
Board Chairman Oluwayemisi Olorunshola noted that 2025 marked the bank’s 80th anniversary as Nigeria’s oldest surviving indigenous bank, describing the milestone as an opportunity to reaffirm the institution’s commitment to building a future-ready financial services group.
Wema Bank’s audited financial statement for the 2025 financial year showed profit before tax climbed by more than 116 percent to N221.8 billion, supported largely by strong interest income growth from loans, advances and investment securities.
Interest income rose sharply to N576 billion from N354.6 billion recorded in the previous year, while earnings per share increased to N7.12 from N4.83. Total assets also expanded significantly to N5.07 trillion, with loans and advances to customers accounting for N1.7 trillion of the balance sheet.
Despite the strong growth momentum, the bank still trails Nigeria’s tier-one banking giants by a considerable margin. Zenith Bank Plc reported more than N1 trillion profit for the 2025 financial year, while Guaranty Trust Holding Company Plc posted N865 billion earnings during the same period. Analysts say Wema Bank may require several more years of sustained high-growth performance or a transformational acquisition to fully bridge the gap with the country’s biggest lenders.
Shareholders at the AGM approved all resolutions presented by the board, including a dividend payout of N1.25 per share, the appointment of Engr. Wilson Agu as Independent Non-Executive Director, and the re-election of retiring directors alongside members of the statutory audit committee.
