Wema Bank Reports 135% Surge in FY 2024 Profit Before Tax to ₦102.5bn; Declares N1.00 Dividend, Announces N150bn Rights Issue – Nigeria Updates- Breaking News, Nigerian News, Politics, Sports, Entertainment and Business – Nigeriaupdates.com
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Wema Bank Reports 135% Surge in FY 2024 Profit Before Tax to ₦102.5bn; Declares N1.00 Dividend, Announces N150bn Rights Issue

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Wema Bank Nigeria (“Wema” or “the Bank”) has announced its audited Consolidated Financial Statements for the fiscal year ended December 31, 2024, submitted to the Nigerian Exchange Group (NGX).

The report highlights significant growth across key financial indices, demonstrating the bank’s strategic resilience and digital banking leadership.

Financial Performance Overview

Wema Bank recorded a profit before tax (PBT) of ₦102.51bn, marking an outstanding 135% increase compared to ₦43.59bn in 2023. In recognition of this performance, the bank has proposed a final dividend of N1.00 per share for its shareholders.

The balance sheet remained robust and diversified, with total assets increasing by 60% to ₦3,585.05bn from ₦2,240.06bn in FY 2023.

Customer deposits grew 36% year-on-year to ₦2,523.82bn (FY 2023: ₦1,860.57bn).

Loans and advances expanded 50% to ₦1,201.21bn (FY 2023: ₦801.10bn).

The non-performing loan (NPL) ratio stood at 3.86% at the end of FY 2024.

Gross earnings saw a significant 92% rise to ₦432.34bn (FY 2023: ₦225.75bn), driven by:

Interest income up 92% year-on-year to ₦353.54bn (FY 2023: ₦184.48bn).

Non-interest income up 91% year-on-year to ₦78.80bn (FY 2023: ₦41.27bn).

Key performance indicators show continued resilience:

Return on Equity (ROAE): 43.60%

Return on Assets (ROAA): 2.96%

Capital Adequacy Ratio (CAR): 19.67%

Cost-to-Income Ratio: 56.23%

Leadership Insights

Speaking on the performance, Managing Director/CEO, Mr. Moruf Oseni, stated:

“The strong 2024 FY performance stems from the commercial bank’s focus on strong strategy execution in the key areas of risk management, customer relationship management, and digital banking. Our people are committed to the institution’s founding ethos of supporting Nigerian businesses and individuals with the most innovative banking products and services. ALAT, our flagship digital platform, continues to lead in the adoption of digital banking services across the increasingly young Nigerian populace. An example of this innovation is ALAT XPlore, the first licensed banking app for teenagers, designed to help teenagers aged 13-17 build their money management skills, achieve their financial goals, and become financially responsible.”

He further emphasized the resilience of the institution despite economic challenges:

“Despite the constrained operating environment, the bank continues to experience strong growth across all its financial indices, reflecting the quality and resilience of the workforce. The performance is headlined by impressive improvements in profit before tax, which grew strongly by 135%. The growth of gross earnings by 92%, total assets by 60%, and earnings per share at 483.20 kobo shows the core improvements to our balance sheet. In addition, our cost-to-income ratio of 56.23% has witnessed significant improvement from the previous period. Finally, it is important to mention that the Bank’s Capital Raise Program will also commence in April 2025 with a N150bn Rights Issue.”

Upcoming Capital Raise Program

To further strengthen its capital base, Wema Bank will commence a N150bn Rights Issue in April 2025, allowing existing shareholders to subscribe to additional shares at a predetermined price. This capital injection is expected to boost the bank’s liquidity, enhance lending capacity, and support its digital expansion strategy.

Wema Bank’s stellar performance in FY 2024 underscores its commitment to sustainable growth, digital banking expansion, and robust risk management practices.

With its upcoming Rights Issue, the bank is well-positioned to maintain its leadership in Nigeria’s financial sector.

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Unity Bank Corpreneurship Challenge: OAU, UNN Graduates Win N800,000 Grants at NYSC Camps

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Fresh graduates from Obafemi Awolowo University (OAU), University of Nigeria, Nsukka (UNN), and other tertiary institutions have won cash grants of up to N800,000 in the latest edition of Unity Bank’s Corpreneurship Challenge.

The winners emerged during business pitch sessions held at Batch C, Stream 2 of the National Youth Service Corps (NYSC) orientation camps across 10 states.

The competition forms part of Unity Bank’s flagship Entrepreneurship Development Initiative, designed to help corps members turn business ideas into viable ventures.

Who won what?

At the Lagos NYSC Orientation Camp, Awolumate Fawaz Babatunde, a Civil Engineering graduate of The Polytechnic, Ibadan, clinched the N800,000 grand prize after pitching a fashion design business.

Ugwoke Daniel Ifechukwu, a graduate of UNN, finished as first runner-up, receiving N500,000.

In Rivers State, Abdur-Razaq Sayfullah Adebola, an OAU graduate, topped the competition at the Nonwa Gbam Tai camp with a footwear-making business proposal.

Olatunde Esther Funmilayo of Olabisi Onabanjo University won in Kwara State after presenting a deodorant production and services business plan.

Additional winners emerged from Abuja, Niger, Adamawa, Jigawa, Plateau, Kaduna, and Delta States.

Why It Matters

Nigeria faces rising youth unemployment and shrinking white-collar job opportunities.

For many graduates, the NYSC year is increasingly becoming a transition period into entrepreneurship rather than salaried employment.

Unity Bank says the programme is designed to close the funding gap young entrepreneurs often face at the start of their careers.

Speaking on the initiative, Mrs Adenike Abimbola, Divisional Head, Retail, SME & E-Business at Unity Bank Plc, said:

“The Corpreneurship Challenge has been driven by our commitment to boosting entrepreneurship among young people, especially fresh graduates. At Unity Bank, we recognise that many young Nigerians possess viable business ideas but lack the initial capital and support to bring them to life. The Corpreneurship Challenge was designed to bridge that gap by providing financial backing, mentorship, and confidence to fresh graduates at a critical stage of their lives.”

She added:

“What we see every edition is innovation, resilience, and a strong desire among young graduates to create value and jobs. By supporting them early, we are not only helping individuals, but also contributing to the growth of the SME ecosystem and the broader economy.”

The Corpreneurship Challenge is delivered in partnership with the NYSC Skill Acquisition and Entrepreneurship Development (SAED) initiative.

Since its inception, the programme has supported 638 young entrepreneurs nationwide, with cumulative grants reportedly reaching up to N300 million.

Government & Policy Context

The initiative aligns with the Federal Government’s push to promote self-employment among graduates.

With public sector hiring slowing and private sector absorption limited, entrepreneurship is increasingly viewed as a pathway to economic stability and job creation.

What’s Next?

Unity Bank says it plans to expand the reach of the Corpreneurship Challenge across more NYSC camps.

The bank says the initiative forms part of its broader strategy to drive financial inclusion, job creation, and sustainable economic growth.

For many corps members, the next step will be translating pitch ideas into real businesses in competitive markets.

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Union Bank Executives Inducted as ARCON Registered Advertising Practitioners in Lagos

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L-R: (Front Row Seated) Chief Brand and Marketing Officer, Union Bank of Nigeria, Mrs. Olufunmilola Aluko; Director-General, Advertising Regulatory Council of Nigeria (ARCON), Dr. Olalekan Olumuyiwa Fadolapo; and Director Regulation, Monitoring and Enforcement, ARCON, Mrs. Emme Akande with (Back Row Standing) 2nd Right, Head Strategic Brand Management, Union Bank, Alvin Agorom; 5th Right, Head Product Marketing, Ejiebhen Egbomondion; 6th Right, Head Strategic Communications and Media, Olufisayo Adelekun with other Union Bank Inductees during their induction by ARCON as Registered Advertising Practitioners of Nigeria held at the Stallion Plaza in Marina, Lagos recently.

Senior marketing executives of Union Bank of Nigeria have been inducted as Registered Advertising Practitioners by the Advertising Regulatory Council of Nigeria (ARCON).

The induction ceremony took place at Stallion Plaza, Marina, Lagos.

The event marks a formal recognition of the bank’s senior brand and marketing professionals under Nigeria’s advertising regulatory framework.

Why It Matters

ARCON is Nigeria’s statutory regulator for advertising and marketing communications.

The body ensures that practitioners meet professional, ethical and regulatory standards.

For financial institutions like Union Bank, compliance with advertising regulations is increasingly important as digital marketing expands and consumer protection concerns grow.

The Induction Ceremony

Those inducted include Union Bank’s Chief Brand and Marketing Officer, Mrs Olufunmilola Aluko.

Also present were the Director-General of ARCON, Dr Olalekan Olumuyiwa Fadolapo, and ARCON’s Director of Regulation, Monitoring and Enforcement, Mrs Emme Akande.

Other Union Bank executives inducted include Alvin Agorom, Head of Strategic Brand Management; Ejiebhen Egbomondion, Head of Product Marketing; and Olufisayo Adelekun, Head of Strategic Communications and Media.

The ceremony formally registers them as licensed practitioners under Nigerian law.

ARCON’s Expanding Role

ARCON has in recent years intensified enforcement of advertising regulations, including sanctioning unregistered practitioners and non-compliant campaigns.

The regulator says its goal is to sanitise the industry and protect consumers from misleading or unethical advertising.

What’s Next?

ARCON is expected to continue expanding registration and enforcement across industries.

For Union Bank, the induction signals a commitment to aligning its brand communication strategy with regulatory standards.

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iGoGlobal Launches Couples Week Promo With Free Wellness Products for Members

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iGoGlobal International has announced a new promotional campaign aimed at encouraging joint participation and account upgrades within its global network.

The initiative, tagged “Couples Week,” rewards members who activate new registrations or upgrade existing accounts with complimentary units of the company’s wellness products.

The company says the offer is part of a broader strategy to strengthen community growth while promoting personal health and financial empowerment.

How the Couples Week promo works

Under the promotion, rewards increase depending on the membership package activated.

Members who sign up or upgrade to the Presidential package will receive seven complimentary wellness units, while those choosing the Royal package get four units.

The First Class package attracts three units, the Business package comes with two units, and the Advanced package offers one unit.

According to iGoGlobal, upgrades from Economy or Premium packages to higher tiers will be treated as fresh registrations, allowing members to access the full promotional benefits.

However, Economy and Premium packages are excluded from the Couples Week offer.

Why it matters

Direct-selling companies often rely on incentives to drive engagement, retention, and network expansion.

For members, the incentive reduces the cost of entry into higher packages while providing access to wellness products that would normally require additional spending.

Company reaction

Speaking on the promotion, an iGoGlobal spokesperson, Mr Emmanuel, described it as a timely opportunity for members.

“Couples Week just got hotter. This is a prime opportunity for our global community to accelerate their business momentum while securing our most sought-after wellness products,” he said.

The company added that the campaign reflects its dual focus on entrepreneurship and healthy living.

What’s next

iGoGlobal says the Couples Week promotion is time-limited, urging interested members and prospective partners to act quickly.

Further details on package tiers and rewards are available on the company’s official website and through local distributors.

About iGoGlobal International

iGoGlobal International is a global direct-selling company focused on wellness solutions and entrepreneurial development.

Through its tiered membership structure, the company says it aims to help individuals improve their quality of life while building sustainable income streams.

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