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Wema Bank Addresses False Information Alleging Impending License Seizure and Bank Closure

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In recent weeks, a wave of misinformation has targeted the Nigerian financial services industry, specifically alleging that several commercial banks, including Wema Bank, are at risk of losing their banking licenses and being closed. We categorically confirm that this claim is false and contrary to the reality of Wema Bank’s financial strength.

 

**The False Premise**

 

A statement, purportedly signed by the National Secretary of the Nigeria Union of Pensioners/Federal Civil Service Pensioners (NUP/FCSP), Abuja Branch, claimed that Wema Bank is among the banks slated for impending license seizure by the Central Bank of Nigeria (CBN). The statement advised pensioners and the general public to close their Wema Bank accounts as a precaution against the alleged closures.

 

**The Truth**

 

Wema Bank is in robust financial health and at no risk of license seizure or closure. Our financial performance underscores our strength and stability, as affirmed by stakeholders and auditors at our 2023 Annual General Meeting (AGM). Despite economic fluctuations in Nigeria, we are on course to meet the N200bn minimum capital requirement stipulated by the CBN for a commercial bank license with national authorization. Over the past months, we have raised an additional N40bn in fresh capital and are on track to meet the target within 18 months.

 

Our financial strength is demonstrated in our 2023 financial report and Q1 2023 financial results. Key highlights include:

 

– A 196% increase in Profit Before Tax (PBT) from N14.75bn to N43.59bn.

– A 220.4% increase in Profit After Tax (PAT) from N11.21bn to N33.66bn.

– A 70.63% increase in Gross Earnings from N132.30bn to N225.75bn.

– A 53.64% increase in Loans disbursed from N521.43bn to N801.10bn.

– A 26% increase in Capital Adequacy Ratio from N12.74bn to N16.04bn.

– A remarkable 220.53% increase in Earnings per share from N87.2 to N279.5.

 

Additionally, our Non-Performing Loan rate stands at 4.31%, one of the lowest in the industry. Our stable financial future has been verified by the Pan-African rating agency Agusto & Co, which recently upgraded our rating to Bbb+ with an ESG Score of 2 and a confirmation of a stable outlook. Despite financial headwinds, our Q1 2024 financial results indicate we are on track to surpass our 2023 results by the end of 2024.

 

Given our positive financial record and solid standing, the claims made are baseless and unfounded.

 

**Measures Taken**

 

We have petitioned security officials to investigate the Nigeria Union of Pensioners and will be taking legal action against the perpetrator(s) of this libelous statement.

 

Wema Bank remains committed to providing optimum returns for every stakeholder and will not condone the spread of false information that could cause public panic.

 

We assure our customers and stakeholders that Wema Bank is well-equipped to continue its operations as a commercial bank with national authorization. We will maintain our positive financial trends, expand our reach, and provide all our shareholders and stakeholders with optimum returns.

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CBN to Take Over Dormant Accounts, Invest Funds in Treasury Bills

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The Central Bank of Nigeria (CBN) has issued new guidelines for the management of dormant accounts, unclaimed balances, and other financial assets in banks and financial institutions.

 

According to a circular released by John S. Onojah, Acting Director of the Financial Policy and Regulation Department, funds in dormant accounts will be taken over by the CBN and invested in treasury bills and other securities.

 

The guidelines, titled “Guidelines on Management of Dormant Accounts, Unclaimed Balances and Other Financial Assets in Banks and Other Financial Institutions in Nigeria”, instruct financial institutions to move funds that have been in dormant accounts for up to 10 years to the Unclaimed Balances Trust Fund (UBTF) Pool Account.

 

The funds will be invested in Nigerian treasury bills and other approved securities, with the principal and interest accrued refundable to beneficiaries within ten working days upon request.

 

To reclaim funds, account owners must complete an “Asset Reclaim Form” and provide proof of account ownership, valid identification, proof of residence, and an affidavit confirming the information.

 

Financial institutions will verify claims within ten working days and forward them to the CBN for processing.

 

The CBN has stated that the new guidelines ensure transparency and efficiency in reclaiming funds, with information on unclaimed balances to be made available on financial institutions’ websites, the CBN’s website, and through newspaper publications.

 

The interest payable on unclaimed balances will be determined periodically by the CBN.

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News Central Partners with NairaMetrics to Produce“MarketPulse” 

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(L-R)Temi Popoola, CEO Nigerian Exchange Group, Kayode Akintemi, Managing Director News Central TV and Ugodre Obi-Chukwuka, CEO NairaMetrics at a Partnership Conversation between News Central TV, NGX and Nairametrics

 

 

News Central Tv has recently announced partnership with Nairametrics, a leading financial literacy and advocacy platform, to launch “MarketPulse,” a new stock market show.

 

MarketPulse is designed to provide viewers with comprehensive coverage of the Nigerian Exchange, offering in-depth analysis and updates on key activities within the Nigerian financial landscape. The show will also extend its focus to selected African markets and notable stock exchanges worldwide, ensuring viewers are well-informed about global financial trends.

 

The show provides viewers with multi-layered discussions into the state of the Nigerian exchange and current happenings. Using data driven insights, MarketPulse is the cornerstone for investor education and financial literacy.

 

To introduce the program, the News Central team led by Managing Director, Kayode Akintemi and the Director of Commercial and Communications, Rosemary Egabor-Afolahan, along with the CEO of NairaMetrics, Ugodre Obi-Chukwuka, paid a courtesy visit to the Nigerian Exchange Group, where they were received by the CEO, Temi Popoola.

 

Commenting on the new collaboration, Ugodre Obi-Chukwu, the CEO of Nairametrics said,

” At Nairametrics, our mission has always been to empower wealth creation through information. We believe that the capital markets represent one of the most potent avenues for wealth generation worldwide. This is why we are deeply committed to providing comprehensive and insightful coverage in this critical area.”

 

“Our partnership with News Central combines cutting-edge technology, modern journalism, and data-driven financial insights, ensuring that our content is not only reliable but also actionable. Together, we aim to deliver the most up-to-date and relevant financial news to help our audience make informed investment decisions.”

 

In his remarks, Kayode Akintemi, the Managing Director of News Central stated; “News Central’s core focus is to drive solutions journalism and community engagement in our nation. This partnership is a milestone not only because of the numerous potential that both parties bring to the table but because of the immense contribution that this will bring to the African market.”

 

“Market Pulse will be a show that shapes the business reporting and provides viewers and stakeholders with information and insight that will be unmatched anywhere else”

 

MarketPulse debuted on July 15th and the show airs every weekday at 4 PM on NewsCentral TV. The program leverages NewsCentral’s broadcast reach and Nairametrics’ financial expertise to create a valuable resource for anyone interested in the Nigerian and global financial landscape.

 

Tune in to News Central TV on DSTV channel 422 and StarTimes channel 274 every weekday at 4 PM to catch MarketPulse and stay updated with the latest developments in the financial world. MarketPulse is also available on all News Central social media platforms.

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Unity Bank Customers Win Over N4 Million in Cashtoken Rewards Promo

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Unity Bank customers have claimed over N4 million in cash rewards in its ongoing loyalty programme recently rolled out with Cashtoken, a Cash Reward-as-a-Service company.

 

The winners included no fewer than 40 customers who adopted and transacted on the Bank’s digital banking platforms, including the UniFi mobile banking application, the *7799# USSD platform or activated their Unity Bank Verve Card to transact on e-payment terminals across Nigeria.

 

Beginning from onboarding in our customer lifecycle journey, the Unity Bank Cashtoken Partnership commenced as a loyalty and reward scheme to reinforce the benefits of e-banking platforms. To begin, Customer transactions earn cash tokens, which are then redeemed to qualify for the monthly Cashtoken Rewards draw. Consequently, winners emerge from the draws to claim the cash prizes.

 

Recall that the retail lender announced the ongoing Cashtoken Rewards loyalty programme in December 2023 in partnership with Cashtoken Rewards Africa to empower customers and improve customer satisfaction. The partnership with Cashtoken Rewards also provided an opportunity for the Bank to migrate customers—old and new—to a platform that will continually create exciting rewards and appreciation for loyalty.

 

Eghomware Iyamu, Unity Bank’s Head of E-Business, commenting on the success of the Cashtoken Rewards loyalty program, stated: “We are excited to see our customers win over N4 million in cash rewards through our partnership with Cashtoken. This initiative demonstrates our commitment to recognizing and rewarding the loyalty of our customers”.

 

“By leveraging our digital banking platforms, including the Unifi mobile banking application and the *7799# USSD platform, we are not only enhancing customer experience but also providing life-changing opportunities. The Cashtoken Rewards program is a testament to our dedication to improving customer satisfaction and creating meaningful rewards along our customer lifecycle journey. We look forward to seeing more of our customers benefit from this exciting program as we continue to innovate and deliver exceptional value to them.”

 

Unity Bank has robust electronic banking products which include mobile and digital banking channels, including ATM, PoS, or any digital payment channels which support retail product transactions across the country. New-to-Bank customers are invited to open a Unity Bank account, onboard onto the digital platforms and begin transacting on the various platforms to earn cash token rewards and cash prizes while existing customers are encouraged to onboard and transact to win even more rewards and cash prizes.

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