Banking
Wema Bank To Raise N50b Tier-2 Capital
By Dipo Olowookere
Wema Bank Plc is raising N50 billion tier two capital through bonds to enable it deepen its market penetration and profitability, its Managing Director, Segun Oloketuyi, has said.
Speaking at a briefing at the weekend, in Lagos, the bank chief said N20 billion would be raised in the first few weeks while the remaining N30 billion would come in the near future.
“We will increase the drive of the ongoing cost containment initiatives and leverage on technology to increase efficiency across our channels and platforms. The bank will also be raising additional debt capital in the next few weeks to further give it the necessary leverage to drive growth,” he said.
Continuing, he said: “We are doing debt capital. It is a tier two capital and it is a bond. The bond will open very soon, it is a N50 billion issuance programme, but we are doing it in two tranches. The first tranche is N20 billion, and the second tranche is N30 billion. So, we are taking N20 billion first, and sometimes in the near future, and as the need arises, we will take on the balance of N30 billion.”
Mr Oloketuyi said the bank has witnessed a turnaround since the new management took over in June 2009, adding that before the coming of the new management, the lender had a negative capital position of N45 billion, with the lender virtually on its knees. He said the new management has grown the bank’s shareholders’ funds to N46 billion.
Explaining further, he said the lender previously had less than one per cent market share, and ran on obsolete technology, while non-performing loans (NPLs) stood at 89 per cent. But with the new management, the NPLs have dropped to 2.9 per cent while profitability has risen to new heights.
“So, we had to start to look at what to do with the bank and therefore, developed a containment strategy focusing on how to stabilise the bank. The periods of 2010 to 2014 was largely used to give life back to the bank. So, the first major assignment we had to do was to secure the regulatory capital. We had to recapitalise the bank, which we did,” he said.
Wema Bank boss said the lender received the Central Bank of Nigeria’s (CBN’s) final approval to convert from regional to national bank. The bank, he added, is also driving its growth with new products and technology.
For instance, it unveiled the card control platform, which gives customers absolute control of their cards both in Nigeria and abroad. The bank has received lots of testimonials based on the introduction of the product.
“The bank equally launched the Buxme platform, a social account that allows people to transfer money using their email or phone numbers, and has over 4,000 registered users as at August 15.
The lender also introduced the *955#, which enabled it to increase customer acquisition and makes banking convenient for users. The product has enabled the lender to reduce its cost of service with over 3,539 accounts opened on *945#”.
Speaking further, he said in spite of the challenges in the economy and in the industry, the lender remains optimistic about its future. “Our retail focus is beginning to yield good numbers and we are already ramping up efforts to ensure that we deliver on the promises to our stakeholders. In addition, the journey to lead the digital landscape is critical as it will propel us to the front of the industry,” he said.
He said the bank has also received final approval from the CBN’s to convert its banking license from regional authorisation to national authorisation. “The bank now operates as a full-fledged commercial bank in all geo-political zones and the Federal Capital Territory (FCT). The bank is fully prepared to scale up its operations to cover locations in the north and eastern parts of the country. We expect to re-open five branches in the next three months in Kaduna, Lokoja, Minna, Aba and Enugu,” he said.
By Adedapo Adesanya
The African Energy Bank (AEB) will now officially launch in September in Abuja after failing to meet its targeted first-half 2026 commencement date, marking a fresh timeline for the continent’s energy financing institution.
The Secretary General of the African Petroleum Producers’ Organisation (APPO), Mr Farid Ghezali, as per Argus Media, acknowledged “several postponements” but said the new deadline is “to make the bank operational in September 2026 in view of the incompressible deadlines from an administrative point of view”.
A planned April start was pushed back to June before APPO members were again mobilised around a third-quarter deadline. At a recent meeting, the Nigerian government reiterated the country’s commitment to the African Energy Bank’s formal commencement of operations.
The bank was established by the APPO and the African Export-Import Bank (Afreximbank) to address the critical financing needs of Africa’s oil, gas and broader energy sectors and mitigate the global funding pressure against hydrocarbon investments in Africa.
The APPO scribe said funding has remained a major challenge even when the Nigerian government said the headquarters of the bank was ready since 2025.
Mr Ghezali called on APPO members to redeem their pledges towards the $500 million start-up capital before the end of June.
Argus quoted sources as saying that 91 per cent of the capital had been raised and that the Nigerian National Petroleum Company (NNPC) Limited and the Nigerian Content Development and Monitoring Board (NCDMB) would make up the balance.
Mr Ghezali said AEB aims to reverse the situation that sees Africa importing more than 60 per cent of its oil products consumption and producing only 12 per cent of global upstream liquids while being home to many of the world’s largest national oil and gas reserves.
He stated that the bank will target the financing of 20–30 LNG, petroleum products pipeline, terminals and refining projects by 2030. Projects that monetise natural gas as a transition fuel will take up 40 per cent of AEB’s loan book, and priority will be given to projects that contribute towards the creation of “500,000 to 1 million direct and indirect jobs in the energy value chain”.
Speaking at a Nigerian energy summit in February, Mr Ghezali said the bank plans to raise $15 billion in its first three years of operations to fund strategic energy projects.
He also unveiled the three-phase road map for the AEB, including “Phase one, which, as I said in the first half of 2026, launches the African Energy Bank platform with 10-pillar projects involving countries such as Nigeria, Angola, and Libya. APPO certification and integration of IOCs such as Shell or ENI.”
“Phase two, in 2027, we plan to start a regional gas-oil trade, integrating the principles of the Bassari Declaration for 15 per cent local content.”
Phase three, reaching 2030, the African Energy Bank will be a true African financial hub, with $200 billion mobilised.”
By Modupe Gbadeyanka
Zenith Bank Plc has joined other global corporations to commemorate the 2026 World Environment Day with a two-phase environmental clean-up initiative in Lagos State.
The financial institution participated in the commemoration under the global theme Inspired by Nature. For Climate. For Our Future through a two-day event.
In the first phase, which was a morning clean-up conducted by staff of the Bank on Wednesday, 3 June 2026, along Ajose Adeogun Street, Victoria Island, Lagos, employees of the lender cleared waste, sensitised residents on proper disposal practices, and reinforced the bank’s culture of community service and environmental stewardship.
The second day, participants engaged in a waterways clean-up at the Falomo Waterways, Ikoyi, Lagos. This was in collaboration with the Lagos Waste Management Authority (LAWMA) and the Lagos State Waterways Authority (LASWA). The joint effort focused on removing marine debris, promoting cleaner waterways, and supporting the state’s broader climate-resilience agenda.
“At Zenith Bank, sustainability is integral to how we operate. Clearing our streets and our waterways is a practical reminder that protecting the environment is a shared responsibility – and one we are proud to take up alongside LAWMA and LASWA.
“Through these exercises, we are taking deliberate action to preserve our communities, support climate action, and inspire others to act. Our operations will continue to align with global environmental standards as we build a more sustainable future for Nigeria and Africa,” the chief executive of Zenith Bank, Ms Adaora Umeoji, stated.
Zenith Bank says it remains committed to embedding Environmental, Social and Governance (ESG) principles across its operations, investing in green initiatives, energy efficiency, and community-focused programmes, in line with its commitment to environmental sustainability and responsible business practices.
These efforts advance the United Nations Sustainable Development Goals – particularly SDG 7 (Affordable and Clean Energy), SDG 11 (Sustainable Cities and Communities) and SDG 13 (Climate Action). Sustainability remains an operational imperative across the Bank’s Nigerian base and its broader African, UK and European footprints.
By Modupe Gbadeyanka
The need to consider the usage of transaction data to design credit products for millions of small businesses in Nigeria has been emphasised by the chief executive of Moniepoint Incorporated, Mr Tosin Eniolorunda.
Speaking at a panel session at the launch of the Nigeria Payments System Vision 2028 (PSV 2028) by the Central Bank of Nigeria (CBN) recently, the Moniepoint chief said transactions from the payments ecosystem could be tracked to unlock economic survival for millions of underserved businesses that have been historically shut out of formal credit markets.
PSV 2028 is a framework aimed at setting priorities and direction for the country’s payments infrastructure over the coming years, with financial inclusion, resilience, and innovation among its core pillars.
According to the CBN governor, Mr Yemi Cardoso, the new framework builds on Nigeria’s progress in digital payments and seeks to accelerate the country’s transition towards a more inclusive, technology-driven ecosystem as it continues to lead Africa’s digital payments ecosystem.
At the panel, Eniolorunda noted that “I believe the next phase of growth will come from layering services like credit onto existing payment flows, using the visibility and trust already built through financial transactions.”
Speaking on the power of payment infrastructure as a foundation for broader financial services, he argued that the data generated by payment systems, when used responsibly, holds the key to making credit faster and more accessible for underserved businesses.
“One of the most powerful things about payment infrastructure is the data it creates. When used responsibly, it can help unlock quicker and more accessible credit for businesses that have historically been underserved. For many small businesses, access has always been the real barrier,” he said.
“Achieving the ambitions of PSV 2028 will require regulators, banks, fintechs, and ecosystem players working together with a shared long-term vision,” Mr Eniolorunda added, echoing Governor Cardoso’s warning against the country’s historic “start-stop” policy cycles.
“Over the past two decades, Nigeria’s payments ecosystem has evolved into one of the most dynamic and innovative in the world. From instant payments and digital adoption to fintech-led innovation, our progress has often set the pace on the continent. While this progress has not always been fully reflected in global narratives, its impact on economic activities, financial inclusion, and system resilience is evident across our economy,” he said.
Business Post learned that the panel was moderated by the chief executive of Sterling Bank, Mr Abubakar Suleiman, and also featured the chief executive of the Nigeria Inter-Bank Settlement System (NIBSS) Plc, Mr Premier Oiwoh; his counterparts at Remita Payment Services Limited (RPSL), Mr Deremi Atanda; and Shared Agent Network Expansion Facilities (SANEF) Limited, Mrs Uche Uzoebo, among others.
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