Banking
GCR Upgrades Wema Bank Ratings to BBB+(NG), A2(NG)
By Dipo Olowookere
The national scale long rating of Wema Bank Plc has been upgraded by GCR Ratings to BBB+(NG) from BBB(NG) as its short-term issuer rating was also moved higher to A2(NG) from A3(NG).
In a statement obtained by Business Post, the rating firm also disclosed that it has raised the national scale long-term issue rating on Wema Funding SPV’s N17.675 billion Series 2 Fixed Rate Unsubordinated Bonds to BBB(NG) from BBB-(NG).
It was stated that the lender, which retained a stable outlook, achieved this rating upliftment because of its “strengthened capitalisation driven by equity injection, and improved earnings generation and retention.”
“The ratings also balance the bank’s stable funding structure, sound liquidity, modest competitive position, and weakening asset quality metrics, exacerbated by the macroeconomic challenges,” it added.
GCR noted that it kept the bank’s outlook stable due to expectations that the core capital ratio should range above 20 per cent over the next 12-18 months, underpinned by the successful capital injection.
“We expect the bank’s asset quality metrics to be contained within the regulatory minimum and industry average. The bank’s funding structure and liquidity profile is expected to remain strong,” a part of the statement said.
However, it was emphasised that Wema Bank’s risk position remains pressured by the macroeconomic challenges, potentially increasing credit and market risks.
“Positively, we note that the bank has implemented loan recovery efforts, remedial actions, and a cautious lending strategy,” it stated.
Wema Bank’s competitive position is largely enhanced by its strong digital presence, which continues to support a growing customer base of over 5 million and increased transaction volumes.
With a balance sheet size of N3.6 trillion as of December 31, 2024, the financial institution accounted for about 2.0 per cent of the Nigerian banking industry’s total assets, customer deposits, and gross loans.
Operating revenue grew by 48 per cent to N255.8 billion last year, with the relatively stable net-interest income contributing a sizeable 69.2 per cent of the total operating revenue.
“Looking ahead, Wema Bank’s expansion drive, increased deployment of technology, and strategic partnerships could support its operational scale and earnings generation capacity over the next 12-18 months,” GCR stated.
By Modupe Gbadeyanka
In recognition of its strategic leadership in advancing the growth and resilience of small and medium-sized enterprises (SMEs), Union Bank of Nigeria Plc has been honoured by the Association of Small Business Owners of Nigeria (ASBON).
The lender was rewarded by the group for its suite of solutions designed to enable business expansion and long-term value creation.
At the Nigeria National SME Business Awards, held recently in Lagos, Union Bank was given the Best SME Growth Banking Initiatives Award for 2025.
The ceremony was organised by ASBON in partnership with the Lagos State government through the Ministry of Commerce, Cooperatives, Trade and Investment.
The event convened stakeholders from the public and private sectors to recognise individuals and organisations driving meaningful impact across Nigeria’s SME ecosystem.
Receiving the award on behalf of the bank, its Head of SME Segment, Mr Ayokunnumi Abraham, described the recognition as a strong endorsement of the organisation’s commitment to supporting small and medium-sized businesses.
“We are honoured to receive this recognition, which reflects Union Bank’s continued commitment to helping SMEs grow by making banking simpler, faster, and more accessible.
“Through enhancements to our specialised platforms such as Union360, we have meaningfully reduced the time it takes for businesses to come on board and begin transacting.
“These improvements have shortened onboarding, increased digital adoption among our SME customers, and supported the acquisition of new business clients. Our focus remains on delivering practical solutions that help Nigerian businesses thrive,” he stated.
By Modupe Gbadeyanka
The stellar contributions of Polaris Bank Limited to youth employment, talent development, and workforce empowerment across Nigeria have not gone unnoticed, as the company was recently recognised at an event in Lagos.
At the 2026 Jobberman Partners’ Convening, the financial institution was bestowed with the Private Sector Champion Award.
The award recognises private sector organisations that have demonstrated exceptional commitment and leadership in advancing youth employability through impactful recruitment initiatives, graduate trainee programmes, executive hiring support, candidate assessment programmes, and strategic partnerships that create sustainable career opportunities for young Nigerians.
Themed From Impact to Action: Collectively Designing the Future of Youth Employment in Nigeria, the convening focused on fostering collaboration between the private sector and other stakeholders to expand access to meaningful employment opportunities and equip young Nigerians with the skills and opportunities required to succeed in an evolving economy.
On the recognition, Jobberman commended Polaris Bank for consistently going beyond transactional partnerships to deliver measurable impact within Nigeria’s employment ecosystem. The renowned recruitment firm described Polaris Bank as a credible and purpose-driven institution committed to advancing youth employability and supporting the future of work in Nigeria.
The Head of Talent Management at Polaris Bank, Ms Cynthia Sanyaolu, reaffirmed the lender’s commitment to empowering young Nigerians and strengthening the nation’s workforce through strategic people-focused initiatives designed to create long-term economic and social impact.
“This recognition reflects Polaris Bank’s unwavering belief in the potential of the Nigerian youths and our commitment to building platforms that enable them to thrive professionally and economically.
“At Polaris Bank, we see talent development and youth empowerment as critical drivers of national growth and sustainable development,” she stated.
Over the years, Polaris Bank has continued to invest in initiatives that promote learning, career growth, workforce inclusion, and economic empowerment.
Through strategic Graduate Trainee recruitment programmes via its flagship Polaris Graduate Intensive Training (PGIT) and Polaris Tech Ignite Training (TechIGNITE), among other talent development initiatives, and collaborative partnerships, the bank remains committed to supporting the next generation of Nigerian professionals while contributing to national development.
By Aduragbemi Omiyale
Plans are underway by Ecobank Transnational Incorporated (ETI) to approach the international debt market for a capital raise.
The parent company of the Ecobank Group intends to use proceeds from the proposed exercise to refinance “the concurrent any-and-all tender offer of the ETI $350 million 8.750 per cent tier 2 notes due June 2031.”
However, the issuance of the notes is subject to prevailing market conditions and the conclusion of the necessary transaction documentation, a statement signed by the organisation’s chief financial officer, Mr Ayo Adepoju, stressed.
After issuance, the debt instrument may be listed on the London Stock Exchange, with the expectation that the bonds will be traded on its regulated market.
Ecobank noted that it would allocate an amount equivalent to the full net proceeds of the issue of the notes to finance or refinance, in part or in full, new and/or existing eligible assets as described in its Green Bond Framework (Ecobank-Sustainability), as amended and supplemented from time to time.
Ecobank, which has banking operations in 34 countries in Africa, is listed on the Nigerian Exchange (NGX) Limited, the Ghana Stock Exchange and the Bourse Régionale des Valeurs Mobilières (Stock Exchanges).
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