The event reinforced the Bank’s commitment to strengthening partnerships, driving innovation and supporting the continued growth of fintech businesses across the country.

The engagement provided a platform for industry leaders to exchange ideas, explore opportunities and strengthen collaboration.

Over the last 12 months, Wema Bank has processed more than ₦18 trillion in transactions through its platforms, with solutions such as Virtual Accounts and Payment APIs continuing to power collections, disbursements and real time transaction processing for a growing network of fintech partners.

As Nigeria’s oldest indigenous bank and a pioneer in digital banking, Wema Bank continues to invest in technology, innovation and strategic partnerships that enable fintech businesses to scale and contribute to the continued growth of Nigeria’s digital economy.

The post Wema Bank Strengthens Fintech Ecosystem through Strategic Partner Engagement appeared first on Tech | Business | Economy.

The agreement, signed at Wema Bank’s headquarters in Lagos, marks the first partnership between the two institutions and is expected to drive financial inclusion, entrepreneurship, and sustainable economic growth, particularly among women- and youth-led businesses.

Under the financing arrangement, at least 50 percent of the facility will be directed toward youth-owned enterprises, supporting job creation, innovation, and business expansion among young entrepreneurs.

The remaining portion will target businesses owned, managed by, employing, or primarily serving women, reinforcing efforts to close gender financing gaps in Nigeria.

The initiative is backed by the European Union’s Global Gateway strategy and aligns with Nigeria’s broader financial inclusion objectives.

Beyond the credit facility, EIB Global will provide technical support to Wema Bank through its Greening the Financial Sector (GFS) Programme.

The support is designed to enhance the bank’s climate finance capabilities and encourage investments in environmentally sustainable projects.

Eligible beneficiaries will include existing Wema Bank SME customers and participants in selected entrepreneurship programmes, including the Investing in Young Businesses in Africa (IYBA) initiative, which supports young entrepreneurs, particularly women and youth-led ventures.

Speaking during the signing ceremony, Ambroise Fayolle, vice president of the European Investment Bank, described the partnership as a strategic investment in Nigeria’s future workforce and entrepreneurial ecosystem.

According to Fayolle, the facility will help strengthen youth employment, advance gender equality, and empower women entrepreneurs while encouraging the adoption of sustainable financing practices.

Moruf Oseni, managing director and chief executive officer of Wema Bank, said the agreement reinforces the bank’s longstanding commitment to empowering underserved segments of the economy.

He noted that the facility would enable Wema Bank to deepen support for SMEs while creating more opportunities for women and young Nigerians to access capital, build businesses, and participate actively in economic development.

“This partnership presents a significant opportunity to scale our impact by helping more businesses access the financing they need to grow, while addressing gender disparities and youth unemployment,” Oseni said.

Both institutions said the collaboration reflects a shared commitment to expanding financial access, promoting inclusive growth, supporting entrepreneurship, and advancing environmental sustainability.

Since commencing operations in Nigeria in 1978, the European Investment Bank has invested approximately €2.3 billion in projects spanning transport infrastructure, climate resilience, digital transformation, innovation, agribusiness logistics, and SME financing.

The post Wema Bank Secures ₦78.5 billion EIB Global Facility to Expand SME Financing in Nigeria appeared first on Tech | Business | Economy.

The appointments bring in Sadiq Mohammed as an Independent Non-Executive Director, alongside Tunde Mabawonku and Rolake Akinkugbe-Filani as Non-Executive Directors. 

The changes take effect immediately and is part of its board-level governance structure.

Mohammed arrives with more than three decades of experience across financial markets, pensions, infrastructure, real estate and alternative investments. He founded Hexium Investments, an advisory and investment firm focused on financial services and real estate.

He also spent 28 years at ARM Group, where he held senior roles including Deputy Group Chief Executive and Managing Director of ARM Pension Managers. His work covered large-scale projects such as the Lekki Concession Company, Fara Park Estate, Beechwood Estate and Lakowe Lakes Golf and Country Estate.

He previously served on several boards across financial services and infrastructure. These include FMDQ Clear Limited and FMDQ Group. He currently sits on the boards of Meta Digital Services Nigeria Limited and DCSL Corporate Services Limited. He is also part of the ARM-Harith Infrastructure Fund Investment Committee.

Mohammed studied at Abubakar Tafawa Balewa University and also completed an Executive MBA, attending leadership programmes at Harvard Business School. He holds the Financial Risk Manager certification.

Tunde Mabawonku joins the board as a Non-Executive Director while serving as Executive Director at Wema Bank Plc, where he oversees finance, retail and digital business.

He brings more than 25 years of experience in banking and financial services. His background covers strategy, financial control, risk management, digital transformation and cost management.

He started his career at Chartered Bank and later worked at Prudent Bank. At Prudent Bank, he led performance management and cost control functions. He also held senior roles at Skye Bank, now Polaris Bank, covering financial control, human capital management and advisory functions.

Mabawonku holds a Master’s degree in Finance from London Business School and a degree in Economics from the University of Ibadan. He is a fellow of the Institute of Chartered Accountants of Nigeria and a member of several professional bodies.

Rolake Akinkugbe-Filani joins the board with nearly twenty years of experience across banking, energy, capital markets, development finance and risk advisory.

She is the founder and chief executive officer of EnergyInc Advisors, a firm focused on infrastructure financing, capital mobilisation and strategic advisory services. Her previous roles include senior positions at Zenith Bank Plc, Ecobank Group, FBNQuest Merchant Bank, Mixta Africa, Eurasia Group and Control Risks Group.

She has worked across transactions and advisory engagements involving energy and infrastructure projects across multiple markets. Her experience also covers investment oversight, capital raising and risk governance.

Akinkugbe-Filani holds a Global Executive MBA under the TRIUM programme involving New York University Stern School of Business, London School of Economics and HEC Paris. She also studied International Relations and Government at the London School of Economics. She is an honorary member of the Chartered Institute of Bankers of Nigeria.

The three new directors now join an expanded board structure at AIICO Insurance Plc. The board is chaired by Kundan Sainani, with Babatunde Fajemirokun serving as Managing Director and Chief Executive Officer.

The executive team also includes Adewale Kadri and Gbenga Ilori as Executive Directors. Other Non-Executive Directors include Ademola Adebise, Samaila Dalhat Zubairu, Folake Edun, Olalekan Akinyanmi and Raimund Snyders. Kemi Adewole serves as Independent Non-Executive Director.

The company noted that the board changes strengthen its governance framework and support long-term strategic direction.

In recent performance updates, AIICO Insurance has recorded year-to-date profits of over 21% on the Nigerian Exchange, with its share price at N4.60.

For the first quarter of 2026, the insurer posted a pre-tax profit of N5.8 billion. This compares with N5.1 billion in the same period last year.

Premium income rose to N55.4 billion from N46.9 billion. Claims also increased to N25.1 billion from N21.9 billion over the same period.

AIICO Insurance operates in a market affected by high premiums and higher claims costs, maintaining growth in earnings while expanding its governance structure through new board appointments.

The post AIICO Insurance Appoints Three New Directors as It Strengthens Board Structure appeared first on Tech | Business | Economy.

Now, both Sterling Bank and Wema Bank want to be the face of digital transformation, but which one of them has actually earned that reputation?

The Digital Banking Reality Check

Nigeria’s banking sector has changed so much. Over 70% of banked Nigerians now use digital platforms weekly, and digital transaction volumes have surged by more than 240% in the past five years. What used to be a nice-to-have is now a necessity.

However, building a mobile app doesn’t make a bank digital, the actual transformation demands more, including culture change, customer trust, and consistent user experience. This is where Wema and Sterling’s approaches begin to diverge.

Wema Bank: The Digital Bank Before It Was Cool

When Wema launched ALAT in 2017, most banks were still struggling to understand fintech. That move gave it an eight-year head start in digital innovation. Today, Wema is living the digital transformation.

As of 2025, about three-quarters of Wema’s customers actively use its digital channels, and the results show. The bank’s gross earnings jumped by roughly 70% in the first half of the year, and profit before tax surpassed ₦100 billion, an increase from the previous year.

ALAT is a fully formed brand identity. From ALAT for Business to ALAT XPlore for teenagers, Wema has built a digital ecosystem that is modern and up-to-date. It’s also personable, playful enough to engage younger Nigerians, but structured enough to manage serious banking.

That’s what makes Wema’s transformation believable. It has turned its early digital test into a long-term advantage, earning awards, credibility, and genuine customer affection. Though the market is crowded with fintechs, Wema still manages to stay original.

Sterling Bank: From Brick Walls to “The One Customer Bank”

Sterling’s rebrand took a more philosophical turn. Instead of leading with an app, it led with an idea: “The One Customer Bank.” The goal was to treat every customer as if they’re the only one. It’s emotional, it’s human, and with our country filled with many people feeling neglected by their banks, it aligned.

Underneath that slogan, though, Sterling has been quietly re-engineering its systems. The OneBank app now offers a smoother experience, better transaction tracking, and new features like budgeting tools, card delivery requests, and foreign exchange services. 

The bank even scrapped certain switch charges in 2025, making digital banking cheaper for its users, and customers genuinely appreciated.

Around 60% of Sterling’s transactions now come through its digital channels. It’s not quite where Wema is yet, but the growth is noteworthy. The bank has also built goodwill through its human-centred culture, the HEART of Sterling framework (focused on Health, Education, Agriculture, Renewable energy, and Transportation) is part of how it connects purpose with profit.

Sterling’s brand has matured, and while its digital tools may not yet match ALAT’s variety, its sense of empathy and simplicity keeps it relatable. It feels like a traditional bank trying earnestly to learn new tricks, and that sincerity counts.

Head to Head: Two Routes to the Same Goal

Wema Bank and Sterling Bank may be in the same race, but they’re running on different tracks. 

Wema’s rebrand is confident, and data-driven. It leads with product innovation and doesn’t shy away from proving its claims. Every upgrade, campaign, or award reiterates the “Digital Bank” focus.

Sterling, on the other hand, is playing the long game. Its rebrand is built around trust, not technology. While Wema sells speed and modernity, Sterling sells care and connection. The bank’s communications are calm, thoughtful, and rooted in its service philosophy. It’s more about reassurance.

The difference is that Wema’s transformation feels complete, it has successfully merged technology, branding, and performance into a single identity. Sterling’s transformation, though optimistic, still feels transitional. It’s moving in the right direction but hasn’t fully arrived.

Finally…

If the question is which bank has truly rebranded for the digital age, Wema Bank takes the lead. It’s modern in language and operations too. The ALAT brand has built its own loyal following, and its numbers back this up.

Sterling Bank, however, deserves credit for the authenticity of its journey. It’s not trying to copy the fintech playbook. Instead, it’s finding its own path by blending human warmth with digital progress. Its rebrand seems more grounded than flamboyant, more about people than code, and in a market driven by perception, that kind of authenticity is important.

Digital banking in Nigeria has become more about who can make technology feel human.

Wema Bank has turned its early bet on ALAT into a competitive edge, one that aligns perfectly with today’s digital reality. Sterling Bank, meanwhile, is proving that transformation doesn’t always have to be loud to be real. It’s steady, evolving, and genuinely trying to build trust in a space where trust is rare.

Both banks are changing what legacy brands can look like in the digital age. But in 2025, Wema Bank has the louder success story, and Sterling Bank has the quieter, more human one. In the end, the best rebrand may not be about who looks the most modern, but who seems the most believable.

The post Sterling Bank vs. Wema Bank: Which Has Truly Rebranded for the Digital Age? appeared first on Tech | Business | Economy.

The financing was structured alongside Wema Bank, and will retire a legacy local‑currency facility used for aircraft acquisition and fleet growth.

Both TLG and VivaJets believe this to be the first internationally structured aviation financing for a Nigerian Air Operator, and funding will be applied to boost intra-African connectivity.

Tejumade Salami, chief operating officer of Falcon Aero, said:

“We spoke to many lenders; TLG solved it. Their structured-solutions mindset turned a complex funding puzzle into a single, bankable facility. In our industry, the ability to access long-tenor, USD-denominated capital is critical. With this facility, we have retired legacy obligations and can now focus fully on curating a seamless experience for our clients across the region. Our facility with TLG substantially reduces the amount of our revenue and cash flow that is spent on interest and debt service.”

Isha Doshi, Partner, TLG Capital, said:

“Africa’s growth story depends on connectivity. Falcon Aero is linking cities that global capital often overlooks, including tier-2 and tier-3 hubs where trade and opportunity are rising fastest. Aviation operators need long-duration capital at sensible rates. With our partners at Wema Bank and Falcon Aero, we are pleased to deliver a long-term financing solution that helps support highly skilled engineers, pilots, and workers in Nigeria’s aviation sector”

Also commenting, Oluwole Ajimisinmi, deputy managing director, Wema Bank said:

“This collaboration leverages TLG’s impact investment prowess and Wema Bank’s strong fiduciary capacity as a trusted Nigerian commercial bank, to provide the needed financial support for Falcon Aero, ultimately bridging the gap in financing for African businesses. This intelligent form of structuring is a credible example of how African financial institutions can crowd in private credit while maintaining strong risk discipline towards the goal of empowering African businesses with the funding they need to thrive and scale meaningfully”

Legal advisers to the transaction were Wigwe & Partners and Hannaford Turner for TLG Capital. The TLG Capital deal team comprised Ayoola Oladipupo and Aum Thacker.

From Falcon Aero, the transaction was led by Wuraola Adetiba, Kayode Adebiyi, and Seun Olajide.

Falcon Aero is a business aviation platform headquartered in Nigeria, established in 2022 to meet rising demand for charter services across Africa and beyond. Operating under a Nigerian Air Operator Certificate, the company has logged over 2,000 flight hours to date. Through its Nigerian and Canadian subsidiaries, Falcon Aero provides aircraft charter, acquisitions, and management solutions for African businesses, executives and high-net-worth individuals. Falcon Aero currently operates a fleet of aircraft, with two additional aircraft scheduled to join this year.

The post Nigeria’s Falcon Aero to Receive $10m in Aviation Credit Facility from TLG appeared first on Tech | Business | Economy.

The upgrades reflect the bank’s strong performance and resilience in the face of industry challenges.

Wema Bank is Nigeria’s oldest indigenous bank and pioneer of Africa’s first fully digital bank, ALAT.

Fitch upgraded Wema Bank’s National Long-Term Rating to ‘A-(nga)’ from ‘BBB(nga)’, with a Positive outlook, while affirming its Long-Term Issuer Default Rating (IDR) at ‘B-‘.

GCR also upgraded the bank’s National scale long and short-term issuer rating to BBB+(NG)/A2(NG) from BBB(NG)/A3(NG), with a Stable outlook.

The upgrades are a testament to Wema Bank’s commitment to delivering value to its customers and shareholders.

The bank’s intentional approach to banking has earned it a reputation as Nigeria’s most innovative bank, with a legacy of impact, resilience, empowerment, innovation, and excellence.

Wema Bank’s Managing Director and CEO, Moruf Oseni, commended Fitch and GCR for their objective assessment and projection of the bank’s promising future.

He reiterated the bank’s promise to its customers and shareholders, asserting that Wema Bank’s journey has just begun at 80 years.

According to him, “Wema Bank is more than just a provider of financial services. This great institution represents a bold and firm statement to the world, ‘Nigerian-owned can stand the test of time’. Wema Bank was founded on the precipice of catering to the needs of Nigerians when no one else would. 80 years later, that legacy lives on and we are more fueled than ever to keep that timeless legacy thriving.

“Wema Bank has navigated every challenge, bounced back with an unquenchable thirst to keep going, and consistently developed solutions that accelerate progress across various industries beyond banking. Today, Wema Bank stands stronger than ever at 80 years. This is what happens when you devote your ‘all’ to self-improvement and delivering value to the people you serve. 80 years seems like a lot—and it is, but it is nothing compared to what lies ahead.

“These upgrades are very significant and represent good news for us as a bank. It stands as a strong testimony to the great work we have all put in in the last one year. Wema Bank will continue to exceed all expectations, support the people on all levels and never relent in our promise to keep delivering optimum value to every stakeholder”, Oseni concluded.

The upgrades are consistent with previous ratings upgrades received by Wema Bank, including a rating upgrade from Agusto & Co to Bbb+ with an ESG Score of 2 and a stable outlook in 2024. The bank’s strong performance and resilience have earned it recognition both nationally and globally.

“2024 also saw GCR upgrade Wema Bank Plc’s national scale long-term issuer ratings to BBB(NG) from BBB-(NG) and affirm the short-term issuer rating of A3(NG), with the Outlook revised to Stable; while Fitch Affirmed the Bank at ‘B-‘ with Outlook, Stable.

“Wema Bank’s commitment to delivering value and generating positive impact on individual, industry, national, and global levels is evident in its continued growth and innovation. The bank’s legacy of 80 years is a testament to its ability to adapt and thrive in a rapidly changing banking landscape.”

The post Why Fitch, GCR Upgraded Wema Bank Ratings appeared first on Tech | Business | Economy.

Known as Project Radar, the platform built was an important step in safeguarding the integrity of the country’s thriving fintech ecosystem.

One year after its launch, the platform, now renamed Reporta, has successfully strengthened Nigeria’s financial sector in the fight against digital fraud.

Meant to serve as a joint fraud prevention network, the project has gained massive adoption, delivered noticeable impact and proved that collective action is need in securing the nation’s digital finance industry.

With the ever-increasing number of Nigeria’s fintech firms—home to over 217 startups and a sector that attracted nearly 50% of Africa’s total fintech funding between 2019 and mid-2023—the need for standard fraud prevention system has always been important.

Digital financial crimes have become technically advanced, with fraudsters taking advantage of any hole between isolated payment networks.

Reporta was developed as an industry-wide solution to counter these threats and protect millions of Nigerian users who rely on digital payments daily.

Today, Reporta is an independent, voluntary registry that is collectively owned by a group of financial and fintech organisations in Nigeria with board members rotated from various financial institutions.

The platform pulls together country-wide pockets of siloed information on suspicious digital behaviour. It proactively protects businesses from suspicious transactions by leveraging behavioural fingerprints.

Since its inception, Reporta has been accepted by over 25 leading banks, fintech companies, and verification platforms including Sterling Bank, Moniepoint, Busha, First Bank, Unity Bank, Wema Bank, Dojah, Flutterwave, Voyance, Preambly, Remita, Paddy Cover, Globus Bank, Herconomy, Kredi Bank, VFD, and the Nigeria Inter-Bank Settlement System (NIBSS).

The platform reported over 50,000 fraudulent transactions, thereby allowing financial institutions to detect and block suspicious activities faster than ever before.

There are now plans to extend the project to the insurance industry, which is also susceptible to fraud.

Before its introduction, fraud alerts were often shared informally via WhatsApp groups, making real-time detection chaotic and unreliable.

Now, with Reporta’s centralized intelligent database, banks and fintech firms can quickly search for flagged transactions using BVN, account numbers, or phone numbers—resulting in a 70% improvement in fraud detection accuracy.

A fraud analytics officer at a bank acknowledged the platform’s impact. “Before Reporta, fraud reports were scattered and often buried in long chat threads. Now, with a quick search, we can immediately see flagged transactions and take action—saving millions in potential losses.”

Apart from transaction monitoring, the system also gives fraud analysis, which helps banks understand new fraud patterns and tackle risks before they escalate.

According to a fraud and compliance officer at another bank, before Reporta, siloed information didn’t help in getting up to date analytics on new trends people are using.

“Now we can check the dashboard and see these types of data, significantly increasing our fraud detection capabilities.”

The impact is even more pervasive in Nigeria’s fintech companies, which are much younger than the banks.

According to a staff at one of the leading fintech firms, Reporta has opened up access to more important data, enabling them to upgrade their infrastructure.

“Due to better access to crucial data, we can now update our infrastructure to be more secure and can better educate customers on how to protect their accounts.”

Reporta’s impact goes beyond technology—it’s about collaboration. Over the past year, the platform has forged strategic partnerships with financial institutions, security agencies, and regulatory bodies.

These partnerships have led to fraud intelligence sharing across banks and fintechs, improved coordination with law enforcement agencies to track and prosecute fraudsters, and new regulatory standard that aligns with fraud prevention system.

One of the biggest achievements was the hassle-free integration with Nigeria’s top banking networks, giving the ground for coordinated fraud reporting and prevention efforts across multiple financial institutions.

This level of cooperation is very important in the fight against fraudsters, who sometimes take advantage of weak points and update their tactics. With all hands-on deck, fintechs and banks can close security gaps and stay ahead of cybercriminals.

Looking ahead, Reporta is working towards maximizing Artificial Intelligence (AI) and machine learning to detect fraud patterns before they happen. Instead of relying on manual reporting, AI-powered fraud prevention will analyze transactional behaviours to detect fraud before it occurs, which gives traditional banks and fintechs the edge to proactively prevent losses instead of just reacting after it occurs.

The introduction of predictive analytics will further increase fraud intelligence, which will reduce false positives while legitimate transactions remain hassle-free.

According to Lead project engineer, Wilson Adenuga, this next phase of creativity, stating that AI fraud detection system will improve security for Nigeria’s fintech firms.

Within just one year, Reporta has moved from being a promising idea to an important fraud- prevention weapon used by top banks and fintech firms. Its impact is undeniable with tens of thousands of fraud cases have been identified and blocked, and financial platforms now have a more coordinated and efficient approach to fraud detection.

The post One Year Later: Reporta is Improving Fraud Prevention in Nigeria’s Finance Industry appeared first on Tech | Business | Economy.

These are against 103,586.33 and 63.166 trillion posted last week.

Consequently, equity investors gained a total of N1.137 trillion for the week under review.

Similarly, all other indices finished higher with the exception of NGX Insurance, NGX AFR Bank Value, NGX AFR Div Yield, NGX MERI Value, NGX Consumer Goods, NGX Oil and Gas.

Also, NGX Industrial Goods which depreciated by 6.91, 0.08, 1.11, 0.17, 0.34, 0.34 and 0.26 per cent respectively, while the NGX ASeM closed flat.

Meanwhile, a total turnover of 4.698 billion shares worth N85.043 billion in 72,562 deals was traded this week by investors on the floor of the Exchange.

This was in contrast to a total of 2.618 billion shares valued at N69.742 billion that exchanged hands last week in 47,953 deals.

The Financial Services Industry measured by volume led the activity chart with 3.470 billion shares valued at N40.791 billion traded in 34,364 deals: thus contributing 73.86 and 47.97 per cent to the total equity turnover volume and value respectively.

The Services industry followed with 407.032 million shares worth N2.226 billion in 4,996 deals.

Third place was the ICT Industry, with a turnover of 237.680 million shares worth N3.628 billion in 5,280 deals.

Trading in top three equities namely, Wema Bank Plc, FBN Holdings Plc and Universal Insurance Plc, measured by volume accounted for 1.679 billion shares worth N20.838 billion in 4,922 deals.

These contributed 35.74 per cent and 24.50 per cent to the total equity turnover in volume and value respectively.

Also, 51 equities appreciated in price during the week, lower than 82 equities in the previous week.

Thirty-nine equities depreciated in price higher than 18 in the previous week, while 62 equities remained unchanged, higher than 52 recorded in the previous week.

Multiverse Mining and Exploration Plc led 50 other advanced equities on the gainers’ table by 53.42 per cent to close at N12.35 per share.

Sunu Assurances also led the 38 other declined equities on losers’ table by 36.52 per cent to close at N7.30 per share.

Looking ahead, analysts at Cowry Asset Management Ltd., predicted bullish momentum at the equity market to persist in the coming week.

The analysts said this would be supported by anticipation of fourth quarter 2024 unaudited financial results and preparations for the dividend earning season.

They noted that positive sentiment is likely to prevail as stocks continue to reach new historical highs, bolstered by favourable market valuations and outlooks.

“Nonetheless, we advise investors to focus on fundamentally sound stocks to maximise returns amidst the ongoing rally,” the analysts said. (Source: NAN)

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In the corresponding 2023, Wema Bank’s Profit Before Tax was ₦22.13billion.

However, the Bank’s balance sheet remained well structured with total assets growing by 38% to ₦3,084.27 trillion in Q3 2024 from ₦2,240.06trillion in FY 2023.

The bank also grew its deposit base year-to-date by 23 % to ₦2,292.30billion from ₦1,860.57billion reported in FY 2023.

Again, loans and Advances grew by 25% to ₦1003.28billion in Q3 2024 from ₦801.10billion in FY, 2023. NPL stood at 3.19 per cent as at Q3 2024.

Furthermore, it recorded an improved Q3 performance as Gross Earnings grew by 91% to ₦288.32billion (Q3 2023: ₦150.90bn)). Interest Income was up 81 %y/y to ₦229.11billion (Q3 2023: ₦126.67bn). Whilst non-Interest Income moved up 144 %y/y to ₦59.21billion (Q3 2023:₦24.23bn).

Return on Equity (ROAE) peaked at 38.62% , Pre-Tax Return on Assets (ROAA) of 2.64 %, Capital Adequacy Ratio (CAR) of 14.06% and Cost to Income ratio of 60.47% speak to the resilience of the brand.

Commenting, Mr. Moruf Oseni, Wema Bank’s Managing  Director said: “Our Q3 2024 numbers speaks to our resilience despite a tough operating environment. We will sustain our growth trajectory into 2025.

“The performance is headlined by impressive improvements in Profit before Tax which grew strongly by 174%.

The growth of Gross Earnings by 91.07%, Total Assets by 38 per cent and earnings per share at 328.1kobo shows the core improvements to our balance sheet.

“In addition, our cost to income ratio at 60.48% has witnessed significant improvement from the previous period,” Oseni said.

The post Wema Bank Profit Before Tax Increases by 174% appeared first on Tech | Business | Economy.

Their success has been bolstered by the impressive data shared with the media in the second quarter, which has helped sustain positive public perception and confidence in these industries.

An independent analysis of the media performance and prominence of the CEOs of Nigerian Commercial Banks, Insurance Companies and Telecommunication Providers for the second quarter was conducted by the leading Media Intelligence and Public relations audit agency, P+ Measurement Services. 

This media analysis monitored more than 1.3 million online publications from blogs, news sites, broadcasts, forums, and digital media in the local and global media space, as well as about 5,115 print publications (including daily, weekly, and monthly publications), from which different metadata was extracted, including the sentiment of reporters, editors, publishers, and opinion writers from various online and print publications, spokesperson analysis, CEOs performances, and other topics.

Through detailed media data gathering, analysis, and audit of salient valid PR metrics of 27 Commercial Banks, top 10 leading Insurance companies, and top 4 Telecommunications Providers.

The reports ranked the top CEOs (Commercial Banks, Telecommunication, and Insurance) prominent in the Online and Print media.

Banking Sector

According to the analysis, Yemisi Edun of First City Monument Bank (FCMB), led the leaderboard with a 23% share of media coverage, indicating a strong media presence and influence in the banking sector. Closely behind were Oliver Alawuba of United Bank for Africa (UBA) with 22% and Nneka Onyeali-Ikpe of Fidelity Bank capturing 22% of media coverage, demonstrating significant visibility and engagement within the industry.

Moruf Oseni of Wema Bank came in next with 18% and Wole Adeniyi of Stanbic IBTC Bank rounded out the chart with 16%, showing a notable but comparatively lower media presence.

This distribution of media coverage highlights the competitive landscape and varying levels of media engagement among top banking executives.

Insurance Sector

In the insurance sector, the media performance audit report revealed that Akinjide Orimolade of Stanbic IBTC Insurance Limited had the most media exposure at 73%.

Lesi Gboyega of Leadway Assurance with 15% and Kunle Ahmed of AXA Mansard Insurance followed closely with 9%.

Eddie Efekoha of Consolidated Hallmark Insurance with 2% and Andrew Ikehua of NEM Insurance with 1% media exposure.

This distribution highlights a competitive media landscape among insurance executives, with varying levels of visibility and engagement reflecting their influence and presence in the sector.

Comparing both sectors, it is evident that top executives in banking and insurance are actively working to maintain significant media profiles to enhance their brands’ visibility and market influence.

Telecommunications sector 

In the telecommunications sector, Karl Toriola of MTN Nigeria led the media performance with 67% share of media coverage, highlighting MTN’s dominant presence and influence in the industry.

Carl Cruz of Airtel Nigeria followed with 31%, indicating substantial visibility and engagement.

In contrast, Mike Adenuga of Globacom had lower exposure, with only 2% media coverage.

This distribution underscores the disparity in media engagement among telecommunications executives, with MTN and Airtel maintaining strong media profiles.

Comparing the telecommunications sector to the banking and insurance sectors reveals that media coverage is highly concentrated among a few key players, highlighting the varying strategies and successes in maintaining media presence across different industries.

Overall, the analysis reveals significant disparities in media engagement across the banking, insurance, and telecommunications sectors. Key executives like Yemisi Edun, Akinjide Orimolade, and Karl Toriola have successfully maintained strong media profiles, highlighting their influence within their respective industries.

This highlights the importance of strategic media engagement for maintaining visibility and influence in a competitive landscape.

More About P+ Measurement Services

P+ Measurement Services is Nigeria’s leading independent media intelligence consultancy that focuses on delivering detailed media monitoring, measurement, evaluation, and analysis across all media channels. P+ is internationally recognized as a PR measurement and evaluation consultant in Nigeria with activities being governed/regulated by AMEC (The International Association for the Measurement and Evaluation of Communication).

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