Banking
Wema Bank to Begin Rights Issue in Q3, As HY Earnings Jump 49%
By Aduragbemi Omiyale
Wema Bank Plc has confirmed that it will begin the process of raising fresh funds through the rights issue in the third quarter of 2023.
A rights issue is the process of sourcing capital from existing shareholders by offering them the opportunity to acquire additional shares of the company at a specified price.
The Managing Director of Wema Bank, Mr Moruf Oseni, while commenting on the financial performance of the lender in the first half of this year, said the company was confident about raising funds from the beginning of next month, especially because of improved stability in the operating environment.
In the period under review, Wema Bank showcased strong performance as it doubled its profitability and gross earnings.
In the results, the commercial bank improved its gross earnings on a year-on-year basis by 49 per cent to N89.09 billion from N59.59 billion in the first half of last year.
It was observed that the interest income was up by 53 per cent to N76.11 billion from N49.75 billion in the same period of 2022, as the non-interest income grew by 32 per cent to N12.98 billion from N9.85 billion.
As for the bottom line of the results, the profit before tax was up by 97 per cent to N12.05 billion from N6.13 billion, as the post-tax profit went up by 97 per cent to N10.48 billion from N5.30 billion.
Business Post reports that the bank grew its deposit year to date by 19 per cent as of H1 2023 to N1.393 trillion from the N1.166 trillion reported in FY 2022, as loans and advances grew by 20 per cent to N627.01 billion in H1 2023 from N521.43 billion in FY, 2022.
“Our H1 2023 results saw significant upsides with profit before and after tax growing strongly by about 97 per cent.
“The management team at Wema Bank is focused on driving the execution of our current corporate strategy.
“Our embrace of technology is helping us deliver seamless best-in-class services while offering compelling value propositions to customers. Hence, we are seeing record-breaking returns across the board.
“Finally, we continue to see improvements in our corporate, commercial, and retail businesses as evidenced by our strong loan growth,” Mr Oseni said.
“It has been a good half-year performance for Wema Bank, with gross earnings growing by 49% year on year and earnings per share at 163.0 kobo.
“In addition, our cost-to-income ratio at 72.71 per cent has witnessed significant improvement from the previous period.
”We have also succeeded in making Wema Bank an integral part of the Fintech ecosystem in Nigeria with our ubiquitous fintech infrastructure support play,” he added.
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.
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.”
By Dipo Olowookere
Customers may have difficulty accessing the digital platform of Polaris Bank, known as VULTe, during the Easter holidays from Friday, April 3, to Monday, April 6, 2026.
This is because the financial institution is carrying out system maintenance on the platform in its effort to ensure users enjoy a better banking experience.
In a notice over the weekend, the lender said “access to VULTe may be limited,” but it provided an alternative, which is the PolarisXperience.
Polaris Bank, which expressed regret over “any inconvenience” this action may cause its customers, said the “scheduled system maintenance” would happen from 10 pm to 8 am daily, promising that normal service would return after the maintenance.
“In continuation of our commitment to delivering a seamless and improved banking experience, we will be conducting a scheduled system maintenance during the Easter holidays.
“During this period, access to VULTe may be limited. We have provided an alternative channel, PolarisXperience:
“Please go to our website to onboard or use it as an existing user. You can also use this link: (https://elogin.polarisbanklimited.com).
“We regret any inconvenience and appreciate your understanding. Normal service will resume after the maintenance,” parts of the notice seen by Business Post read.
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