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FY17: Wema Bank Grows Earnings by 20% as NPL Ratio Drops to 3.52%

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By Dipo Olowookere

Mid-tier lender, Wema Bank Plc, on Wednesday released its audited financial result for the year ended December 31, 2017.

The innovative bank, which launched ALAT, Africa’s first fully digital bank, confirmed the growth of its gross earnings by 20.07 percent from N54.36 billion in FY2016 to N65.27 billion in FY2017.

The growth was supported by the launch of ALAT, Nigeria’s first fully digital bank enhancing Wema Bank’s already existing alternate platforms which recorded a combined growth rate of 205.67 percent in transactions executed and with an estimated 30,000 accounts opened monthly.

In the financial results analysed by Business Post, the lender recorded a drop in its profit before tax by 7.38 percent to N3.01 billion in the period under review from N3.25 billion in the previous year.

Also, the profit after tax went down by 11.72 percent to N2.26 billion from N2.56 billion.

Furthermore, the financial institution’s total assets depreciated by 8.46 percent to N388.15 billion last year from N424.04 billion two years ago.

In addition, customers’ deposits declined by 10.18 percent to N254.46 billion in 2017 from N283.30 billion in 2016.

However, shareholders’ funds increased in 2017 by 2.31 percent to N49.62 billion from N48.50 billion in 2016.

During the year under review, Wema Bank’s loan to deposit ratio was 84.82 percent from 70.86 percent as at December 2016, while the Non-Performing Loans (NPL) Ratio closed at 3.52 percent in 2017 versus 5.07 percent as at December 2016.

Also, the NPL Coverage Ratio was 136.98 percent as at December 31, 2017 compared with 100 percent as at December 2016, while the Capital Adequacy Ratio (CAR) stood at 14.32 percent in the period under review.

Commenting on the results, Managing Director/CEO of Wema Bank, Mr Segun Oloketuyi, provided further insights into the performance of the bank during the period.

“Despite the slow start to the year, 2017 recorded significant progress, highlighted by the introduction of the Investor & Exporters (I&E) window and recovery in oil prices,” Mr Oloketuyi noted.

“Our target market is the upwardly mobile youth segment, the young entrepreneurs, the young professionals and the financially excluded, where we continue to leverage incremental innovation and integral capabilities. For us, banking should be simple, reliable and convenient,” he added.

In view of the bank’s commitment to incremental innovation, the lender was recognized as the Best Digital Bank, Best Mobile Banking app, Digital Banking Platform of the year, Best Digital Bank in Africa, Best & Most Innovative Digital Solution and Excellence in Branchless Banking by World Finance, the Asian Banker and Business Day – reputable organisations located in Africa, Europe and Asia.

“We continue to execute our omni channel business model with precision, as we made in-roads to Kaduna, Bauchi, Kano, Mararaba (Nasarawa), Warri, Aba, Sangotedo (Lagos) and Lagos State University (LASU). Furthermore, we recorded increases in the number of strategic partnerships forged and expect this trend to further gain momentum.

“In October, the bank held its Extra-Ordinary General Meeting (EGM) towards its proposed Capital Reorganisation Scheme.

“I am delighted to announce that the exercise has been concluded, with all relevant regulatory approvals in place and duly passed and reflected in the 2017 financial year accounts.

“As earlier highlighted, the conclusion of the exercise would lead to an efficient balance sheet, as ploughed back profit can be capitalised to grow the business while positioning the Bank for dividend payment in the near term.

“I would like to appreciate our esteemed shareholders for their patience and the trust reposed in us. We are now in the final stage of our three-pronged strategy; stabilise the bank (2009 – 2012), reposition the bank (2013-2017) and grow the bank (2017 and beyond).

“We approached the money market in November 2017 to raise N25 billion in two Series under a commercial paper Program; Series 1 N10 billion – 182-day tenor and Series 2: N15 billion- 270-day tenor.

“Given the relative decline in interest rates and possible growth within the economy, the bank will be re-opening the 2nd series of its N50 billion debt issuance program. This should commence from the second quarter of the year,” Mr Oloketuyi said.

According to the Wema Bank MD, the bank’s commitment to excellence positioned it for a top-8 finish at the 2017 KPMG Banking Industry Customer Survey. It, therefore, stressed commitment to improving its capabilities towards the attainment of sustainable competitive advantages, especially a top-5 finish in 2018 and increasing market share.

In his own review of the result, Chief Finance Officer of the financial institution, Mr Tunde Mabawonku, noted that the bank’s 2017 result was reflective of its continued resilience despite realities arising from increased impairment charges during the period.

The bank’s earnings from non-interest income remained strong, growing by 24.44 percent from N9.80 billion in 2016 to N12.19 billion in 2017; surpassing its 2017 guidance of a 19 percent growth rate.

“Risk management remains at the core of our operations, as we leverage on our prudent risk management practices and reported a Non-Performing Loan (NPL) ratio of 3.52 percent (2016; 5.01 percent) while our Capital Adequacy Ratio (CAR), closed at 14.32 percent (2016; 11.07 percent).

“We remain confident, that the Bank’s credit rating will continue to remain affirmed at investment grade level,” Mr Mabawonku noted.

He expressed the bank’s commitment to sound risk management while leveraging its digital platforms, built capabilities in lowering the cost of service and attaining competitive advantages.

“In addition, with our positive retained earnings account, the balance sheet has now been repositioned for efficiency,” Mr Mabawonku concluded.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

Banking

Stanbic IBTC Reinforces Role in Driving Businesses, Key Sectors in Nigeria

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By Adedapo Adesanya

Top financial services provider in Nigeria, Stanbic IBTC, has reiterated its commitment to empowering businesses, strengthening key sectors and positioning Nigeria as a competitive player in the global economy.

This came on the back of the 2026 edition of the Nigeria Business Summit from Wednesday, April 1 to Thursday, April 2, 2026, at the Landmark Event Centre, Victoria Island, Lagos. The two-day summit brought together industry leaders, policymakers, entrepreneurs and stakeholders across multiple sectors to explore sustainable business practices, foster economic growth and unlock global trade opportunities.

With the theme, Nigeria Means Business: Powering Sectors, Growing Sustainable SMEs & Unlocking Global Trade, the summit addressed critical issues across key sectors, including agribusiness, renewable energy, trade and Africa–China banking, as well as ICT and telecommunications. Additional sessions covered areas such as family business sustainability, artificial intelligence, employee value banking, insurance, pension and wealth management.

The event featured a keynote address by the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, who emphasised the urgent need for Nigeria to reposition itself as a leading export-driven economy to achieve sustained growth.

“Our true potential lies in becoming a leading export economy,” Edun stated. “Increased participation in regional and global trade will be critical to diversifying foreign exchange earnings and driving inclusive growth.”

He noted that while Nigeria’s GDP growth has improved to approximately 4 per cent, it remains below the level required to significantly reduce poverty. According to him, the country’s economic strategy is now shifting from stabilisation to growth acceleration, with trade expansion playing a central role.

Mr Edun highlighted ongoing reforms, including improved foreign reserves, rising non-oil revenues and renewed investor confidence, as indicators of a more resilient economy. However, he stressed that enhancing trade competitiveness would require continued investment in infrastructure, logistics and policy coordination.

He also highlighted the importance of small and medium-sized enterprises (SMEs), which account for over 90 per cent of businesses, noting that inclusive growth will depend on stronger collaboration between the public and private sectors.

Participants engaged in a rich line-up of activities, including expert presentations, panel discussions and high-level networking opportunities. Highlights of the summit included the Africa Trade Barometer presentation, client testimonial showcases and insightful discussions on the state of the African economy and intra-African trade opportunities.

Breakout sessions on agribusiness, ICT and healthcare, Africa-China banking and trade, as well as renewable energy, provided attendees with deeper, practical insights into some of the most critical sectors driving Nigeria’s economic future.

Speaking at the event, Mr Chuma Nwokocha, chief executive of Stanbic IBTC Holdings, represented by the organisation’s Chief Finance and Value Management Officer, Mr Kunle Adedeji, emphasised the importance of collaboration and innovation in driving sustainable growth.

“This summit has reinforced the importance of creating platforms where ideas can flourish, and businesses can grow sustainably. By working together, we can unlock new opportunities and drive economic advancement across Nigeria and the African continent,” he said.

The summit also spotlighted practical strategies for integrating sustainability into business operations, encouraging organisations to adopt environmentally conscious practices while maintaining profitability and competitiveness.

Mr Remy Osuagwu, Executive Director, Business & Commercial Banking, expressed satisfaction at the level of interest from participants, a critical element for a successful summit.

“From our conversations on energy and healthcare to the deep dives into trade, Africa-China relations, and agribusiness, Day 1 has offered perspectives that were both insightful and practical. I believe we’re all leaving with a stronger understanding of the opportunities emerging across our industries,” he said.

He acknowledged the level of engagement, questions, contributions and willingness of participants to share experiences, describing this as the real power of the Nigeria Business Summit, and a solid foundation for tomorrow.

The Chief Executive of Stanbic IBTC Bank, Mr Wole Adeniyi, who was represented by Mrs Bunmi Dayo-Olagunju, Deputy Chief Executive of Stanbic IBTC Bank, opened Day Two of the Nigeria Business Summit by highlighting the focus of the summit’s SME Day. 

“Today, we build on Day One’s momentum with conversations that are equally critical for the future – from the dynamics of family businesses to the growing influence of artificial intelligence; the evolution of insurance, and the emerging space of electric vehicle banking.”

She further added, “Our goal on Day Two is simple: to explore what’s next. To understand how these developments will shape our businesses and how we can position ourselves ahead of the curve.”

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Applications Open for GTCO ‘Take on Squad’ Hackathon 3.0

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By Dipo Olowookere

Tech enthusiasts interested in participating in the Take on Squad Hackathon, organised by Guaranty Trust Holding Company (GTCO) Plc, can now enter the contest via the official portal at https://squadco.com/hackathon.

The programme enters its third edition in 2026, and the theme for this year is Smart Systems: The Intelligent Economy, according to a statement issued by the organisers.

The hackathon brings together developers, designers and entrepreneurs across Nigeria in a collaborative environment to build practical solutions across key sectors, including financial services, healthcare, commerce and digital inclusion.

Participants are challenged to design and build intelligent, data-driven solutions that transform how communities engage with money.

It is part of the organisation’s commitment to fostering innovation, empowering talent, and supporting the development of technology-driven solutions that address real-world challenges across Africa.

 “Today’s dynamic, digitally driven world demands continuous innovation, which is shaping how economies grow, how businesses scale, and how societies evolve.

“Through Take on Squad Hackathon, we are deliberately investing in the ideas and talent that will define the future.

“Our objective is not simply to encourage innovation, but to enable its translation into scalable solutions that deliver real and measurable impact.

“This reflects GTCO’s role as a financial services platform that connects capital, capability, and creativity to drive sustainable progress,” the Managing Director of HabariPay, Ms Eduofon Japhet, stated.

The social coding event remains a cornerstone of HabariPay’s mission to foster creativity and problem-solving among emerging tech talents. Competing teams will leverage Squad’s advanced APIs to create scalable digital tools that address everyday challenges faced by businesses and individuals.

Through initiatives such as this, GTCO continues to position itself at the intersection of finance, technology and enterprise, actively shaping the future of digital transformation in Africa.

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Easter: Ecobank Assures Customers Uninterrupted Banking Services

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By Dipo Olowookere

Banking services will not be interrupted throughout the Easter public holidays, from Friday, April 3, to Monday, April 6, 2026, for any reason, Ecobank Nigeria has assured its customers.

In a message over the weekend, the member of Africa’s leading pan-African banking group, Ecobank Transnational Incorporated, said customers would continue to enjoy quality service delivery during the period.

It noted that its secure and robust digital platforms would remain fully operational to support financial activities during the festive period.

All digital channels, including the Ecobank Mobile App, Ecobank Business App, USSD *326#, Ecobank Online, OmniPlus, Omnilite, EcobankPay, Ecobank Cards, ATMs, PoS terminals, and over 35,000 Ecobank Xpress Point agent locations nationwide, will remain accessible throughout the holiday, the financial institution further said, urging customers to conveniently conduct transactions at any time using this wide range of digital solutions.

Ecobank customers were encouraged to maximise the bank’s alternative channels for transfers, bill payments, airtime purchases, card services, and account management.

They were also advised to stay vigilant by shopping only on trusted websites; avoiding the sharing of PINs, passwords, and one-time passwords (OTPs); refraining from banking on public Wi-Fi networks; being cautious of urgent or emotionally charged messages; and regularly monitoring their account activity.

“Customers will continue to enjoy a full bouquet of services during the holiday, including local and international funds transfers, bill payments, airtime top-ups, merchant payments, balance enquiries, account statements, and cardless cash withdrawals via ATMs,” the Head of Products & Analytics, Consumer & Commercial Banking at Ecobank Nigeria, Mr Victor Yalokwu, stated.

“We understand that festive seasons come with increased financial activity, and our priority is to ensure our customers enjoy fast, reliable, and secure banking wherever they are.

“Our digital channels are designed to support uninterrupted transactions, and we have strengthened our systems to guarantee optimal performance throughout the Easter break,” he added.

Mr Yalokwu noted that, “Ecobank remains committed to providing innovative financial solutions and exceptional customer service. We wish all our customers and partners a peaceful and joyful Easter celebration.”

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