Banking
Tinubu, Others Hail Wema Bank’s Resilience at 80
By Aduragbemi Omiyale
President Bola Tinubu has showered praises on Wema Bank Plc for standing strong in the financial services industry in Nigeria at 80.
On Friday, May 2, 2025, the lender rolled out drums to celebrate its eight decades of existence, having been established in 1945 Agbonmagbe Bank Limited to pave the way for indigenous banking to thrive in Nigeria, challenging colonial monopoly of the banking industry to become a provider of financial services tailored to the needs of indigenous Nigerians and businesses.
In his message, Mr Tinubu commended Wema Bank for its unwavering resilience and technological innovations, which have set it apart among Nigeria’s banks.
“Over the last eight decades, the bank has focused on the vision of its founding fathers to support Nigerian businesses across all the key economic sectors with strategic business advisory and financial support, which are vital for sustainable growth,” he remarked.
Further commending the bank’s leadership for staying the course and steering the ship in the right direction, the President underscored the company’s 80 years of impact in the Nigerian financial services sector, expressing his confidence in the lender’s brighter future.
Also, the Governors of Ogun, Oyo, and Ondo States, Mr Dapo Abiodun, Mr Seyi Makind, and Mr Lucky Aitedatiwa, respectively, lauded the financial institution for remaining strong in the industry after 80 years.
In his remarks, the chief executive of Wema Bank, Mr Moruf Oseni, pledged the continued commitment of the firm to digital innovation, inclusive banking, and customer-focused service.
He thanked the government, as well as the bank’s partners, customers, shareholders, employees and other stakeholders, for their support and contributions to Wema Bank’s 80-year journey of transformation.
“Corporate longevity in Nigeria is not very common. Many banks, institutions and household names from the 1900s are no longer in existence, and now only live in our memories and industry folklore.
“Against this bleak backdrop, Wema Bank’s story shines. The fact that this great bank is even older than our beloved nation and is still thriving at 80, is a thing of pride and worthy of celebration,” he stated.
“Wema Bank is 80 years strong—and still driven by purpose, innovation and people. We have a big and bold vision for the bank.
“The most imminent milestone is our return to the top tier of banking in Nigeria, and as we look to the future of possibilities ahead, we will remain committed to the time-tested principles that have brought us this far—creativity, innovation and an incurable obsession with our customers,” Mr Oseni said.
By Aduragbemi Omiyale
A seminar to bring together leading policymakers, regulators, exporters, manufacturers, investors and other key stakeholders to explore practical strategies for unlocking value and accelerating growth in Nigeria’s non-oil export sector will be held on Tuesday, August 25, 2026.
The event is the brainchild of Zenith Bank Plc. It is themed Unlocking Value and Harnessing Growth in Non-Oil Export.
Speakers will examine how Nigeria can move beyond exporting raw commodities to build globally competitive value chains, expand market access, strengthen trade infrastructure and financing, and deepen the contribution of non-oil exports to sustainable economic growth.
Expected at the forum are the Secretary-General of the African Continental Free Trade Area (AfCFTA) Secretariat, Wamkele Mene; the chief executive of Plot Enterprise Ghana Limited, Mrs Patricia Poku-Diaby; and the immediate past President of the African Export-Import Bank (Afreximbank), Professor Benedict Oramah.
A statement from the lender disclosed that the International Trade Seminar on Non-Oil Export will have two panel discussions designed to offer practical perspectives on trade facilitation, export financing, customs and port efficiency, regulation, market access, and the competitiveness of Nigerian businesses in regional and global markets.
The first panel will feature the chief executive of the Nigerian Export-Import Bank (NEXIM Bank), Mr Abba Bello; the Comptroller-General of the Nigeria Customs Service (NCS), Mr Adewale Adeniyi; the Director of the Trade and Exchange Department of the Central Bank of Nigeria (CBN), Ms Aderinola Shonekan; the chief executive of the Nigerian Investment Promotion Commission (NIPC), Mrs Aisha Rimi; and her counterpart at the Nigerian Export Promotion Council (NEPC), Mrs Nonye Ayeni.
The second panel will have the chief executive of Starlink Global & Ideal Limited, Mr Adeniji Adeyemi; an executive director at Dangote Group, Mr Sada Ladan-Baki; the Senior Consultant at 3T Impex Trade Centre, Mr Bamidele Ayemibo; the Managing Director of Terra Aqua Environmental Consultancy Nigeria Limited, Mr Mobolaji Salako; the chief executive of RMM Global, Mr Ramzi Taher; and the chief executive of Lelook Nigeria Limited, Mrs Chinwe Ezenwa.
For those unable to be at the venue of the programme, they can participate virtually via Zoom, YouTube, Instagram, Facebook, X, and TikTok,
By Aduragbemi Omiyale
The sum of N427.96 million has been disbursed to more than 1,000 enrollees as surplus by Noor Takaful Insurance Limited and Noor Health Limited.
The payment of surplus is a demonstration of gratitude, accountability, reflection, and celebration of promises made and kept.
At the 2024 Surplus Distribution and Claims Celebration Ceremony in Lagos on Tuesday, August 11, 2026, a total of 22 participants were given surplus payments by Noor Takaful, while 2 enrollees received surplus payments from Noor Health.
Some of the participants that received surplus payments included Jaiz Bank, Lotus Bank, Sterling Bank, The Alternative Bank, Payvantage Limited, Integrated Indigo Limited, Smadac Securities, and Taxaide Logistics.
At the event themed Promise Kept: Celebrating Takaful’s Commitment to Shared Reward, the chairman of Noor Takaful Insurance Limited, Ambassador Shuaibu Ahmed, explained that the company has proven over the years that surplus distribution is not a theoretical concept but a model that works in practice, as evidenced by its consistent payments to participants. He acknowledged that there is growing acceptance of Takaful, as it is increasingly recognised as a credible and established alternative to conventional insurance.
“At Noor, however, we believe it is more than just an alternative. We believe it is a better alternative. We say this because Takaful is built around values that are fundamental to how financial protection should work: equity, fairness, mutual responsibility, transparency, and shared benefit,” he said.
Also speaking at the event, the Vice Chairman of Noor Takaful Insurance Limited, Mr Aminu Tukur, stated that the 2024 surplus distribution was based on the performance of the participants’ risk pool after claims and other obligations had been settled.
Mr Tukur disclosed that the company had grown from a humble beginning of about 60 participants at its inception to approximately 4,000, noting that the company will continue to collaborate with regulators and other stakeholders to promote Takaful and deepen insurance awareness across Nigeria. He added that the company will mark 10 years of operations in 2027.
He explained further that since inception, the company has cumulatively paid N22 billion in claims to beneficiaries/participants, with General Takaful accounting for N7.4 billion and Family Takaful contributing N14.5 billion.
“Our role is to ensure proper management and administration of funds, which includes investments. Secondly, we have a responsibility to ensure that every genuine claim is paid on a timely and stress-free basis,” he stressed.
In his remarks, the chief executive of the National Insurance Commission (NAICOM), Mr Ayo Omosehin, who was represented by the Deputy Director, Insurance, Technical, NAICOM, Mr Usman Jankara, described the payment of surplus to participants as a practical demonstration of the values that define cooperation, shared responsibility, fairness, ethical conduct, and collective prosperity.
He stated that the distribution of surplus by Noor Takaful clearly demonstrates that participants are not merely purchasers of protection but contributors to a system built on cooperation and mutual benefit.
“This has sent a strong message that Takaful can create measurable value while remaining faithful to its ethical foundation,” he added.
Speaking on the recapitalisation exercise for insurance companies recently carried out by NAICOM, he stated that Takaful operators were exempted as they had undergone a similar exercise 4 years ago. According to him, there is no compelling need at the moment for recapitalisation of the Takaful segment of the insurance industry, as all the Takaful operators are well capitalised.
While commending the company for reaching the milestone and promoting participants’ education and engagement, he stressed that NAICOM would continue to support Takaful’s growth while ensuring proper regulatory oversight.
By Aduragbemi Omiyale
The transaction banking capabilities of Stanbic IBTC Bank have been improved with the upgrade of its software to FinnAxia® 9.0.
This was made possible through the collaboration between the financial institution and Nucleus Software, a leading provider of lending and transaction banking solutions.
The milestone reflects more than a decade of collaboration between both organisations in strengthening transaction banking capabilities and delivering enhanced value to corporate and institutional clients.
As customer expectations continue to evolve and businesses increasingly demand seamless, real-time and digitally enabled banking services, Stanbic IBTC Bank and Nucleus Software remain focused on leveraging technology to improve service delivery, enhance operational efficiency and support business growth.
The advancement to FinnAxia® 9.0 enhances Stanbic IBTC Bank’s transaction banking platform, strengthening its ability to deliver integrated payments, collections, liquidity management and cash management solutions.
The upgrade supports greater agility across operations, improves automation and connectivity, enhances digital experiences for customers, and provides a scalable foundation for future growth and innovation.
Across Africa, transaction banking is entering a new phase of transformation as businesses increasingly seek real-time payments, digital trade services, intelligent liquidity management and connected banking experiences.
Financial institutions are therefore investing in modern technology platforms that enable faster innovation while maintaining resilience, security and customer-centric service delivery.
The adoption of FinnAxia® 9.0 aligns with Stanbic IBTC Bank’s broader strategy of leveraging technology to create value for clients and maintain high standards of operational excellence.
“Our relationship with Nucleus Software has spanned a decade and forms part of our broader commitment to continuously strengthening the solutions and services we provide to clients.
“As transaction banking continues to evolve, we remain focused on investing in capabilities that help businesses operate with greater speed, visibility and confidence.
“The advancement to FinnAxia® 9.0 enhances our transaction banking platform and strengthens our ability to deliver innovative, efficient and customer-focused solutions in a rapidly changing environment,” the Executive Director of Corporate and Transaction Banking at Stanbic IBTC Bank, Mr Eric Fajemisin, stated.
Also speaking on the development, the Head of Transaction Banking at Stanbic IBTC Bank, Jesuseun Fatoyinbo, said, “Transaction banking today is about delivering intelligent, seamless and responsive experiences for customers. This enhancement further strengthens our ability to simplify customer journeys, improve operational efficiency and introduce new capabilities more rapidly. It reflects our continued commitment to supporting clients with solutions that evolve alongside their business needs and growth ambitions.”
Speaking on the milestone, the chief executive of Nucleus Software, Parag Bhise, said, “We value our long-standing relationship with Stanbic IBTC Bank and are pleased to support the Bank’s continued efforts to enhance its transaction banking capabilities.
“FinnAxia® 9.0 has been designed to help financial institutions respond to evolving customer expectations through improved automation, connectivity and operational efficiency.”
The advancement to FinnAxia® 9.0 represents the latest step in the ongoing collaboration between Stanbic IBTC Bank and Nucleus Software to strengthen transaction banking capabilities and deliver innovative solutions that support the evolving needs of businesses.
By combining Stanbic IBTC Bank’s customer-centric approach with Nucleus Software’s technology expertise, the partnership continues to drive greater efficiency, agility and value for corporate and institutional clients.
