Wema Bank Stocks Drop 6.15% Day After Robbery Attack

By Dipo Olowookere

The shares of Wema Bank Plc depreciated by 6.15 per cent on the floor of the Nigerian Stock Exchange (NSE) a day after a robbery attack occurred at a branch of the lender in Osun State.

Some hoodlums had raided the branch of the financial institution located in Okuku town last Thursday afternoon, destroying its Automated Teller Machine (ATM) points and allegedly killing a few persons.

Wema Bank stock market performance

At the stock market last Friday, the equities of the company depreciated by 4 kobo to finish at 61 kobo per unit compared with 65 kobo per unit it closed on the day of the robbery.

Business Post keenly observed that the decline in the shares of Wema Bank at the exchange last Friday, investors offloaded the equities of the bank.

According to data obtained and analysed by this newspaper, a total of 12,153,303 units of the lender’s shares were traded on the last trading session of last in contrast to the 4,653,467 units transacted a day earlier, indicating a 161.2 per cent rise in the trading volume.

Wema Bank is not a company that records high volume in the sale of its shares at the exchange. Its average volume is between 1.5 million and 5 million units

At the close of transactions last week, the financial institution is yet to update the market on the unfortunate incident and efforts being taken to investigate it.

However, the police are already looking into it as the Commissioner of Police in Osun State, Mr Wale Olokode, led a team of operatives to the scene of the robbery after it happened to access the situation and possibly comb the area for clues that could help the security officials to apprehend the suspects.

Wema Bank leadership

Wema Bank is led by Mr Ademola Adebise, a Lagos-born Computer Science graduate of the University of Lagos turned banker, who assumed office in 2018 after he succeeded Mr Segun Oloketuyi.

He worked as a Programmer/Systems analyst at an indigenous information technology firm before he moved to the information technology department of Chartered Bank (now Stanbic IBTC Bank).