The brand story
The Wema Bank story
Wema Bank was established in 1945 as Agbonmagbe Bank, making it Nigeria's longest-surviving indigenous bank, and marked its 80th anniversary in 2025. FY2025 audited results, released in April 2026, showed profit before tax more than doubling to ₦221.9 billion and total assets crossing ₦5 trillion for the first time, a 41.5% increase, with gross earnings up 52.8% to ₦660.6 billion, net interest income up 103.9% to ₦361.0 billion, and net loans growing 44.7% to ₦1.74 trillion. MD/CEO Moruf Oseni noted profit before tax had risen from ₦14.75 billion three years earlier, through ₦43.59 billion in 2023 and ₦102 billion in 2024, to ₦221 billion in 2025, with total assets up from roughly ₦1 trillion in 2021.
On recapitalisation, Wema confirmed in September 2025 that it had surpassed the ₦200 billion minimum paid-up capital threshold for nationally authorised commercial banks, through a capital raise exceeding ₦193 billion, ahead of the industry-wide March 2026 deadline.
Wema's digital strategy has centred on continued investment in ALAT, Africa's first fully digital bank at its 2017 launch, with the bank rolling out 'ALAT: The Evolution' during its 80th anniversary year. Its flagship innovation programme, Hackaholics, launched in 2019 to support African innovators and startups, entered its seventh edition in July 2026.
“Nigeria's oldest indigenous bank, now among the country's fastest-growing Tier-2 institutions on the strength of its digital banking arm, ALAT”
Wema Bank
Brand profile
Established
1945 (Nigeria's longest-surviving indigenous bank)
Headquarters
54 Marina, Lagos Island, Lagos
Website
www.wemabank.com
Leadership
Moruf Oseni
Business areas
Retail/corporate/digital banking, treasury, trade finance, SME
Annual turnover
FY2025 Profit Before Tax ₦221.9 billion (up 116.4%); Total Assets ₦5.07 trillion (up 41.5%)