RSS Makes History as Graduating Class of 2026 Marks Valedictory Service in First-of-Its-Kind University-Style Ceremony

Remo Secondary School (RSS) has made history with the graduation of its 2026 class in what is being described as a groundbreaking academic ceremony, as the prestigious public secondary school celebrated its graduating students in a university-themed graduation style.

The historic valedictory service, which brought together students, parents, teachers, school administrators, old students and distinguished guests, was marked by pomp, pageantry and an atmosphere of academic excellence, as graduating students appeared in full academic graduation gowns, caps and other traditional graduation regalia.

In a striking departure from conventional valedictory ceremonies typically held in public secondary schools, the school’s principals and teachers, as well as the National Executives of the Remo Secondary School Old Students’ Association (RSSOSA), also donned academic gowns, creating the atmosphere and grandeur of a university convocation.

The remarkable initiative transformed the valedictory service into a memorable graduation experience for the students and marked a significant milestone in the history of Remo Secondary School, Ogun State and, potentially, the Nigerian public school system.

The ceremony was not only a celebration of the completion of secondary education, but also a deliberate effort to instil in the graduating students a sense of pride, achievement and responsibility as they prepare to transition into higher education and the next phase of their lives.

Another major highlight of the ceremony was the presentation of awards to deserving students in recognition of outstanding morals, good character and exemplary conduct. The awards, which cut across various categories, celebrated students who distinguished themselves not only through academic pursuits, but also through positive character traits, discipline, responsibility and good morals.

In a further demonstration of its commitment to the future of the graduating students and the advancement of education, Hope Bridge Social Impact Foundation awarded full higher education scholarships to about 25 deserving students. The scholarship awards will support the beneficiaries in pursuing their tertiary education, providing them with an opportunity to further their academic aspirations and achieve their full potential.

Speaking at the ceremony, the President of the Remo Secondary School Old Students’ Association (RSSOSA), Sir Aare Adetola Emmanuelking KOF, congratulated the graduating class and commended the school management, teachers and parents for their roles in nurturing and guiding the students throughout their academic journey.

He further expressed appreciation to the Ogun State Government, ably led by the Executive Governor, His Excellency, Prince Dapo Abiodun, MFR, CON, for his administration’s commitment to transforming the education sector in the state.

He specifically acknowledged the Governor’s Yellow Revolution initiative, describing it as one of the notable interventions that has positively impacted the education sector and contributed to creating a more conducive environment for learning across public schools in Ogun State.

According to him, the Governor’s keen attention to education and the deliberate interventions of his administration have had a positive ripple effect that has extended to institutions such as Remo Secondary School, contributing to the school’s continued growth and development and helping to position it as a great institution.

Aare Adetola Emmanuelking also extended his appreciation to the Ogun State Commissioner for Education, Science and Technology, Prof. Abayomi Arigbabu, for his leadership and evident contributions to the advancement of education in the state.

The event further highlighted the strong bond between the school and its old students, with the presence and participation of the old students, demonstrating the association’s continued commitment to the development and advancement of the institution.

The innovative university-style graduation ceremony is expected to remain one of the most memorable moments in the history of the school, and could set a new standard for how graduating students are celebrated in public secondary schools across Ogun State and beyond.

For the graduating class of 2026, the occasion was a day of pride, gratitude and celebration, a day when they were not only bid farewell from secondary school, but were honoured and celebrated as graduates stepping confidently into the future.

BUA Cement Posts ₦16.57bn FX Gain, Accelerates Expansion with ₦60.67bn Capital Investment

BUA Cement recorded a net foreign exchange gain of N16.57 billion during the first half of 2026 compared with only N782.8 million in the same period last year and a N9.70 billion foreign exchange loss for the full 2025 financial year.

This marked reversal reflects the relatively more stable exchange rate environment that has followed the sharp currency adjustments experienced over the previous two years.

The improvement helped reduce overall net finance costs to just N3.41 billion, compared with N31.37 billion in the corresponding period of 2025, despite the company continuing to carry substantial borrowings.

Finance income also increased sharply to N18.73 billion, supported by higher interest earned on cash balances.

BUA Cement continued to generate significant operating cash flows despite paying substantial dividends and investing heavily in capacity expansion.

Net cash generated from operating activities stood at N278.45 billion, demonstrating the business’ strong cash conversion capability. Capital expenditure reached over N60.67 billion, largely invested in property, plant and equipment as the company continues expanding production capacity.

Property, plant and equipment increased to N1.22 trillion from N1.18 trillion at the end of 2025, reflecting continued investment in production assets and projects under construction. Construction work-in-progress alone rose to about N183.86 billion, highlighting ongoing expansion activities.

The earning note stated that BUA Cement is progressing with plans to expand installed production capacity from 17 million metric tonnes per annum to 20 million metric tonnes, including the construction of a greenfield cement plant in Ososo, Edo State.

Commenting on the results, Yusuf Binji, managing director and chief executive officer, said the company remained focused on capturing new growth opportunities while maintaining cost discipline.

“We have delivered a strong quarter despite the constraints encountered,” Binji said.

He noted that the company’s growth initiatives and cost optimisation programmes were gaining traction and expressed confidence that ongoing process improvements would deliver higher productivity and better cost management in the coming quarters.

“I am very encouraged by our outlook and performance over the next quarters,” he added.

ADVAN ELECTS NEW EXECUTIVE COUNCIL AT 2026 ANNUAL GENERAL MEETING …as O’tega Ogra elected President of ADVAN

ADVAN ELECTS NEW EXECUTIVE COUNCIL AT 2026 ANNUAL GENERAL MEETING

…as O’tega Ogra elected President of ADVAN

The Advertisers Association of Nigeria, ADVAN, has elected a new Executive Council to lead the association for the 2026–2028 term. The officers were elected at the association’s Annual General Meeting held on Thursday, July 23, 2026, in Lagos, Nigeria.

The newly elected Executive Council comprises:

O’tega Ogra, Senior Special Assistant to the President of the Federal Republic of Nigeria on Digital/New Media — President
Gloria Nwabuike , Managing Director AACE Foods Ltd— First Vice President
Maurice Igugu, Chief Marketing Officer, The Alternative Bank — Second Vice President
Seni Ogunkola, Vice President Brands and Marketers T2 Mobile — Treasurer
Adeola Amosun, Group Head, Media Tolaram — Publicity Director
Cassandra Uzo- Ogbugh, Head- External communications, media and partnership, Reckitt Nigeria — Executive Council Member

James Odejimi, Head of marketing PZ(HPZ SBU) — Executive Council Member

Martha Ojei Kayode, Head of marketing PZ Cussons – Executive Council Member

Omobolanle Osotule, Head, brand marketing and communication Airtel Networks – Executive Council Member

Oge Maduakwu, Head of Marketing and Communication Samsung Electronics West Africa – Executive Council Member

The new Council succeeds in the Executive Council led by the immediate past President, Osamede Uwubanmwen.

In his acceptance remarks, the newly elected President, O’tega Ogra, thanked members of the association for the confidence placed in the new leadership and pledged to run an inclusive, purposeful, and results-driven administration.

He said the new Council would focus on strengthening the value ADVAN delivers to its members, developing the capacity of marketing professionals, deepening collaboration across the advertising and marketing ecosystem, and improving engagement with regulators and other critical stakeholders.

“This is not simply a mandate to occupy office. It is a responsibility to strengthen ADVAN as the leading voice of advertisers and marketing professionals in Nigeria,” Ogra said.

“Our industry is changing rapidly. Technology, artificial intelligence, data, regulation, and shifting consumer behaviour are redefining the work we do. ADVAN must help its members understand these changes, prepare for them, and lead through them.”

The President said the new administration would give priority to structured capacity development, executive education, and professional learning for members at different stages of their careers.

He also announced plans to advance the establishment of an ADVAN Institute of Marketing and Brand Leadership under its proposed ADVAN Business School, which would serve as a platform for research, training, professional development and the documentation of Nigerian marketing knowledge and case studies.

The new council will also seek to deepen collaboration among advertisers, agencies, media owners, technology platforms, research organisations, academic institutions, and other participants within the marketing and communications value chain.

On ADVAN’s relationship with regulatory institutions, including ARCON, O’tega said the association would pursue constructive and principled engagement.

“ADVAN will continue to defend the lawful and legitimate interests of its members. At the same time, we believe that dialogue, consultation, and mutual respect provide the strongest foundations for a stable and progressive industry that contributes immensely to the Nigeria economy,” he said.

“We will work to rebuild trust, reopen channels of institutional engagement, and pursue practical resolutions to outstanding areas of disagreement without compromising the principles for which ADVAN and its members stand.”

The new President commended the outgoing Executive Council for its service and acknowledged the contributions of past presidents, the Board of Trustees, members, the ADVAN CEO, Secretariat and industry stakeholders to the growth of the association.

The new Executive Council will formally commence its two-year tenure and is expected to unveil its strategic priorities and implementation programme following its inaugural meeting.

ADVAN is the umbrella association representing advertisers and marketing professionals from leading organisations, small and Medium scale businesses operating in Nigeria. The association promotes professional excellence, responsible marketing, industry development, and the collective interests of advertisers.

Adron Group Chairman Pays Glowing Tribute to Ogun First Lady at 60

The Chairman/GCEO of Adron Group, Aare Adetola Emmanuelking, KOF, has joined eminent Nigerians in celebrating the First Lady of Ogun State, Her Excellency, Mrs. Bamidele Abiodun, on the occasion of her 60th birthday, describing her as “an icon of courage, compassion and charisma whose life continues to inspire hope, uplift humanity and exemplify purposeful public service.”

In a goodwill message jointly signed by Aare Emmanuelking and his wife, Olori Aderonke Emmanuelking, the Adron Homes boss paid glowing tribute to the First Lady’s enduring legacy, noting that her six decades have been defined by commitment to humanity, exemplary leadership, and a remarkable ability to positively impact lives through humility, kindness, and compassion.

He described Her Excellency’s Diamond Jubilee as a fitting celebration of a woman whose life reflects the timeless qualities of the precious gemstone it represents, resilient, refined, enduring, and radiant through every season.

Aare Adetola Emmanuelking also acknowledged the First Lady’s steadfast support for the developmental aspirations of Ogun State, particularly her commitment to initiatives that have positively impacted women, children, and other vulnerable members of society. He described her contributions to public service and human development as enduring and worthy of national recognition.

He prayed that Almighty God would continue to bless Her Excellency with excellent health, renewed strength, abiding peace, and many more years of purposeful living, while granting her greater opportunities to continue touching lives and advancing the cause of humanity.

He wished the First Lady a joyous 60th birthday and a new decade filled with greater accomplishments, divine favour, and enduring fulfilment.

Wema Bank Announces the 7th Edition of Hackaholics

…Introduces 3 tracks, 7 Verticals, millions of naira in grant prizes

Wema Bank, Nigeria’s oldest indigenous national bank, most innovative and pioneer of Africa’s first fully digital bank, ALAT, has announced the 7th edition of its flagship innovation initiative, Hackaholics. The announcement was made at the official press conference which took place on July 1, 2026, at the Wema Bank Head Office in Lagos, Nigeria.

Launched in 2019, Hackaholics is Wema Bank’s youth and tech-focused initiative designed to serve as a platform for young Africans with creative, game changing, tech-driven ideas and products, to bring their ideas to life. Since its launch, Hackaholics has discovered thousands of groundbreaking solutions, supported over 10,000 startups, engaged 50,000 participants, developed over 100 solutions from scratch and disbursed $500,000,000 in grant prizes to dozens of winners whose remarkable solutions have earned a top spot in the past 6 editions. With the launch of Hackaholics 7.0, Wema Bank is set to execute the biggest Hackaholics edition yet.

Themed “Powering Possibilities”, Hackaholics 7.0 will kick off with an open call for applications, calling on all young Africans with creative tech-driven solutions across any of the 7 verticals: Financial Inclusion, Healthcare, Digital Transformation, Education, Sustainability, Social Impact and Future of Work. Each application is to be made via the portal at hackaholics.wemabank.com, under one of three tracks: The Startup Pitch Competition, Hackathon and the newly introduced Social Impact track. Following the application window, Hackaholics 7.0 will then proceed on a national tour which will touch 10 pitch centres across the six geopolitical zones of Nigeria. Each pitch centre will serve as a hub for innovators within the region to pitch their creative solutions and get the opportunity to secure the top spot in their pitch centre, and ultimately, proceed to the grand finale where the winners of Hackaholics 7.0 will be announced.

Speaking on the Bank’s inspiration behind Hackaholics’ exceptional seven-year journey, Wema Bank’s MD/CEO, Moruf Oseni, reiterated the Bank’s commitment to powering innovation, empowering youth and promoting economic growth in Africa. According to him, “At Wema Bank, we believe that institutions have a responsibility that extends beyond providing commercial services. We have a responsibility to create meaningful opportunities, provide the right resources, enable innovation to thrive, and support the ecosystems that will shape today’s youth as well as tomorrow’s economy. This sense of responsibility is what has driven the evolution of Hackaholics from inception till date. With Hackaholics, we have, and we are investing in the next generation of innovators, inspiring innovation that will impact lives, strengthening Nigeria’s innovation ecosystem and giving youth a platform to make meaningful use of their creativity; and the numbers continue to speak volumes”.

Declaring the application window open, Tajudeen Bakare, Wema Bank’s Divisional Executive, Business Support, added, “As we launch Hackaholics 7.0 today, we are opening up a new phase of opportunities for more Nigerian youth to challenge themselves, explore their creativity and become startup founders. I encourage every young Nigerian with a passion for innovation to leverage the opportunity that we have carefully curated through Hackaholics and get ahead of the curve in today’s dynamic work landscape. Together, we can continue to build an ecosystem where innovation flourishes, opportunities expand, and young people are empowered to create solutions that shape the future”.

Hackaholics 7.0 is free, and open to any Nigerian youth who has innovative ideas and solutions to pitch. Interested startups and innovators can apply at hackaholics.wemabank.com. All updates on the Hackaholics 7.0 journey will be made available on the Bank’s website @wemabank.com as well as its social media platforms @wemabank and @alat_ng.

Oyo School Abduction: Journalists Group Calls for State, Community Policing

…Urges Government to Prioritise Rescue Efforts, Security Above Politics

More than two weeks after the abduction of schoolchildren and their teachers in Oyo State, a journalists’ advocacy group has called on governments at all levels to deploy every available security resource to secure the immediate release of the victims.

The group, Journalists for Good Governance (JGG), also renewed calls for the establishment of state and community policing structures as part of broader efforts to tackle Nigeria’s worsening insecurity.

In a statement issued on Tuesday, June 2, 2026, the Acting President of JGG, Bunmi Obarotimi, expressed deep concern over the continued captivity of the students and school staff, noting that one of the teachers had reportedly been beheaded while others, including the school principal, remain in the hands of their abductors.

JGG, a coalition of journalists committed to promoting accountability, good governance and effective public policy, said the safety and rescue of the victims must take precedence over political considerations.

“The attack on innocent schoolchildren and educators is a tragedy that should unite all leaders, regardless of political affiliation,” Obarotimi said. “The protection of lives and property must always come before politics.”

According to him, there is growing concern that political actors from both the ruling and opposition camps are exploiting the unfortunate incident for partisan purposes instead of focusing on practical solutions to the country’s security challenges.

“Our findings show that many political leaders are more interested in scoring political points than working together to address the insecurity crisis threatening communities across the country,” he stated.

“In many advanced democracies, moments of national tragedy bring leaders together in pursuit of lasting solutions. We urge those in positions of authority to put aside political differences, unite behind the rescue effort, and ensure the safe return of these children and other Nigerians currently held captive.”

The group also pointed to recent attacks in remote communities as evidence that criminal gangs and bandits continue to exploit security gaps in rural areas where resistance is often minimal.

JGG referenced the recent attack on Ayegunle community in Kaba-Bunu Local Government Area of Kogi State, where one person was killed and at least 33 residents were abducted, describing the incident as further proof that Nigeria’s security architecture requires urgent reform.

Obarotimi stressed the need for legislation that would establish and empower state police forces as well as community-based security organisations.

“Policing is fundamentally local in every successful security system around the world,” he said. “It is on this basis that we call on the National Assembly and State Houses of Assembly to prioritise the creation of state police and the strengthening of community security structures. Such reforms will significantly reduce the burden on federal security agencies and help address the growing security deficit that is gradually turning parts of the country into conflict zones.”

The group further urged political leaders to learn from past mistakes, recalling the 2014 abduction of the Chibok schoolgirls, which occurred amid intense political activities ahead of the 2015 general elections.

“Many of the Chibok girls are still unaccounted for today. The nation cannot afford to repeat the errors of the past by allowing politics to overshadow urgent security decisions,” the statement noted.

JGG concluded by calling on leaders across party lines to work together in confronting insecurity and restoring public confidence in the state’s ability to protect its citizens.

“Nigerians deserve to live, work and travel without fear of kidnapping, terrorism or violent attacks. The continued exposure of innocent citizens to insecurity due to political distractions and official inaction is unacceptable and must end,” the group stated.

Adron Group Chairman Hails Dapo Abiodun’s Leadership at 66

The Chairman/Chief Executive Officer of Adron Group, Aare Adetola Emmanuel King, has extended his warm congratulations to the Executive Governor of Ogun State, His Excellency Prince Dapo Abiodun, CON, on the occasion of his 66th birthday.

In a goodwill message issued to commemorate the occasion, Aare EmmanuelKing described Governor Dapo Abiodun as a visionary leader, accomplished administrator, and distinguished statesman whose purposeful and people-oriented leadership continues to foster remarkable transformation, progressive governance, and sustainable development across Ogun State.

He noted that Governor Abiodun’s steadfast commitment to infrastructural development, economic advancement, youth empowerment, and the overall welfare of the citizenry has significantly positioned Ogun State as a foremost destination for investment, innovation, and socio-economic progress in Nigeria.

“On behalf of my family, the management, and staff of Adron Group, I sincerely felicitate with Your Excellency, Prince Dapo Abiodun, CON, on the occasion of your 66th birthday. Your exemplary leadership, humility, and unwavering dedication to public service remain highly commendable and inspiring. Ogun State has continued to experience substantial growth and development under your administration, while your contributions to governance and human capital development are truly noteworthy,” Aare EmmanuelKing stated.

He further offered prayers for God’s continued grace, wisdom, strength, and good health for the Governor as he continues to render selfless service to Ogun State and the nation at large.

Aare EmmanuelKing also wished Governor Abiodun many more years of impactful leadership, peace, and fulfillment in service to humanity.

Adron Homes Felicitates Muslims on Eid Celebration

Adron Homes & Properties has congratulated Muslim faithful across Nigeria and around the world on the occasion of Eid, urging them to continue embracing the virtues of peace, sacrifice, love, and unity that the season symbolizes.

In a statement issued by the management of Adron Homes & Properties, the company described Eid as a sacred period that promotes spiritual renewal, compassion, gratitude, and harmonious coexistence among people irrespective of tribe, religion, or social status.

The foremost real estate company noted that the values of selflessness, obedience, and generosity demonstrated during the holy season remain essential ingredients for national growth and societal development.

According to the statement, Nigerians should use the festive period as an opportunity to strengthen bonds of brotherhood, extend love to the less privileged, and pray for enduring peace and economic prosperity in the country.

Adron Homes further reaffirmed its commitment to providing affordable luxury homes and building sustainable communities that promote comfort, security, and family values for Nigerians at home and abroad.

The company prayed for divine blessings, joy, and fulfillment for all Muslim faithful celebrating Eid and wished them a peaceful and memorable celebration.

Tony Elumelu at Africa Forward Summit: “Our Youth Do Not Need Handouts”

Heirs Holdings Founder tells Presidents Ruto and Macron that Africa wants partners of substance, based on equality, and that power and infrastructure must come first.

At the 2026 Africa Forward Summit, convened by Kenyan President H.E. William Ruto and French President H.E. Emmanuel Macron, Heirs Holdings Founder and Group Chair, Tony O. Elumelu, CFR, delivered a direct message to a room of heads of state, investors, and global business leaders: Africa is open for partnership, not patronage.

“We welcome true partnership — partnerships of substance and based on equity — where Africans and African solutions catalyse Africa’s future”, he remarked.

Elumelu argued that Africa’s transformation hinges on two foundational investments — electricity and infrastructure — and that private capital must do the heavy lifting.

“The private sector is what will help us mobilise capital to drive investment in infrastructure, investment in electricity. These are two critical requirements for the economic prosperity and development of Africa,” he said. “If we create the right operating environment, we will create jobs for our people. We will alleviate poverty and deliver growth and prosperity.”

With more than 65 percent of Africans under 35, Elumelu pushed back hard against the traditional language of aid.

“In Africa, we have a young population. There is no room for victim mentality. Our youth do not need handouts; they need jobs, they need improved access to electricity, they need to join the internet. What is important is providing this enablement, this infrastructure requirement, so that our young ones can realise their potential.”

His Tony Elumelu Foundation (TEF) has now provided access to training for 2.5 million young Africans and funded over 27,000 entrepreneurs across all 54 African countries — the continent’s largest entrepreneurship platform.

Elumelu signalled openness to every credible partner, regardless of geography.

“It is a good place to be at, as Africans, now. We should embrace those who want to help us catalyse growth in Africa. And let us not forget Africa is the fastest growing region globally – and it is not just demographics” he said.

“In the 21st century, the mindset must change. It should be a mindset that embraces economic prosperity and development, a mindset that creates the environment that will help us alleviate poverty in Africa, create jobs for our young people.”

Tony Elumelu’s participation at the summit aligns with Heirs Holdings’ broader commitment to driving long-term African development through strategic investments across sectors critical to economic transformation, including power, financial services, healthcare, hospitality, and technology.

The 2026 Africa Forward Summit concluded with renewed calls for deeper collaboration between governments, development institutions, and the private sector, as leaders exploredaid.

His Tony Elumelu Foundation (TEF) has now provided access to training for 2.5 million young Africans and funded over 27,000 entrepreneurs across all 546 African countries — the continent’s largest entrepreneurship platform.

Elumelu signalled openness to every credible partner, regardless of geography.

The 2026 Africa Forward Summit concluded with renewed calls for deeper collaboration between governments, development institutions, and the private sector, as leaders explored pathways to accelerate inclusive growth and strengthen Africa’s position within the global economy.

Wema Bank Sets the Record Straight on False and Misleading Publication by NDIC on Legacy Transactions Involving Defunct Gulf Bank Plc

Wema Bank Plc Sets the Record Straight on False and Misleading Publication by NDIC on Legacy Transactions Involving Defunct Gulf Bank Plc

Wema Bank Plc has noted with concern recent media publications containing false, misleading, and wholly unsubstantiated allegations regarding the sale of certain Banana Island properties purportedly linked to the defunct Gulf Bank Plc. We unequivocally reject these claims, which are inaccurate, malicious, and clearly intended to distort the true position. For the benefit of our stakeholders—shareholders, customers, regulators, and the general public—we set out below the factual background to the transaction.

The Original Exposure and Default
In 2002, Wema Bank Plc (the Bank) made an inter-bank placement with Gulf Bank Plc in the sum of ₦4.6 billion. By August 2004, that exposure had been reduced to approximately ₦1.2 billion, after which the outstanding obligation became delinquent. In seeking to recover depositors’ and shareholders’ funds, Wema Bank pursued lawful recovery steps, which ultimately dovetailed into a criminal investigation of the then Managing Director of Gulf Bank Plc.

Based on the investigation of the Economic and Financial Crimes Commission (EFCC), the funds were found to have been diverted and used to acquire properties in Banana Island, Lagos, through two separate companies Bacad Finance & Investment Company Ltd (now known as Supra Commercial Trust Limited) and Euston Wenberg Eng Ltd. It is important to note that neither Bacad Finance & Investment Company Ltd (nor its successor, Supra Commercial Trust Limited) nor Euston Wenberg Eng Ltd is one and the same as Gulf Bank Plc. They are separate and distinct entities with no identity or equivalence to Gulf Bank. And the two companies are not subject to NDIC supervision.

In the course of its investigation, the EFCC conducted asset-tracing exercises that uncovered significant underlying fraud on a substantial scale. Following the EFCC’s findings, Bacad Finance & Investment Company Ltd and Euston Wenberg Eng Ltd voluntarily relinquished their proprietary interests in the Banana Island properties towards the satisfaction of Gulf Bank Indebtedness to Wema Bank. That process formed part of Wema Bank’s lawful recovery efforts and underscores the legitimacy of its actions against Gulf Bank.

NDIC’s Acknowledgment, Admission of Indebtedness, and Payment of Shortfall.
Critically, following the liquidation of Gulf Bank, Nigeria Deposit Insurance Corporation (NDIC) admitted Gulf Bank’s indebtedness to Wema Bank in two separate letters:
A letter dated September 26, 2007, addressed to the Federal Land Registry; and
A letter dated June 10, 2009, addressed directly to Wema Bank Plc.
These letters constitute clear and formal recognition by the NDIC of the validity of Wema Bank’s claim against the defunct Gulf Bank and its interest over the property in question. Fortunately, both letters form part of the documents frontloaded by NDIC lawyer Dr. Dada Awosika SAN in court in the ongoing proceedings before Justice Allagoa of the Federal High Court Lagos.

Furthermore, after the sale of the properties, the NDIC in fact paid to Wema Bank, the shortfall of what was due to the Bank. These facts demonstrate that the NDIC was not only aware of the transaction but actively participated in settling the outstanding balance following the sale.

In light of the foregoing:
the voluntary relinquishment by Bacad (now Supra Commercial Trust Limited) and Euston Wenberg (distinct entities not constituting Gulf Bank), of the properties in Banana Island for the settlement of the indebtedness of the defunct Gulf Bank

the NDIC’s formal admission of Gulf Bank’s indebtedness to Wema Bank via its letters of September 26, 2007 (to the Federal Land Registry) and June 10, 2009 (to Wema Bank), both of which have been frontloaded in court by NDIC itself, and the acknowledgement of the relinquishment of the Banana Island properties, and

the NDIC’s own payment of the shortfall to Wema Bank,

NDIC is precluded from and cannot in good faith contest the relinquishment of those interests or the appropriateness of Wema Bank’s recovery efforts.

While we acknowledge that the NDIC has recently commenced two separate actions against Wema Bank at the Federal High Court, Lagos, purportedly in its capacity as liquidator of Gulf Bank Plc pursuant to a winding-up order, those proceedings do not alter the material facts stated above. As these matters are currently before the court and therefore sub judice, Wema Bank will refrain from commenting further on issues that fall for judicial determination. The Bank is taking all necessary steps to contest the suits filed in court and will explore all legal and legitimate means to protect its rights and interests.

Conclusion

Wema Bank Plc remains steadfast in its commitment to the highest standards of corporate governance, regulatory compliance, and transparency. We reaffirm our dedication to ethical and prudent banking practices and assure our shareholders, customers, regulators, and all relevant stakeholders that the Bank will continue to act responsibly, lawfully, and in the best interests of all parties it serves. The Bank will continue to exert its rights and will not succumb to the shenanigans of unscrupulous individuals who want to reap where they did not sow.

FOR FURTHER INFORMATION:

For further information, please contact:

Johnson Lebile
General Counsel/Legal Adviser
Johnson.lebile@wemabank.com

About WEMA Bank Plc
Wema Bank Plc (NGX: WEMABANK) is the pioneer of Africa’s first fully digital bank, ALAT, and one of Nigeria’s most resilient banks. With decades of experience in the business of banking, the Bank has remained innovative in delivering value to its stakeholders. Wema Bank operates a network of over 150 branches and service stations backed by a robust ICT platform. The publicly quoted Nigerian company has successfully built a legacy of trust and resilience that has won it the loyalty of its customers. The Bank is constantly introducing products and services tailored to the needs of its customers at every stage of their lives. It is a proud partner to more than one million individuals, families and businesses across Nigeria, helping them achieve their personal and financial goals.

More information can be found at https://www.wemabank.com/about-us/