Adron Homes Introduces Vidco Plot Series; Affordable and Flexible Land Purchase Solutions for All Income Categories

Adron Homes Introduces Vidco Plot Series; Affordable and Flexible Land Purchase Solutions for All Income Categories

Adron Homes, a leading real estate company committed to making homeownership accessible to everyone, is proud to announce the launch of the Vidco Plot series. This new offering provides affordable land purchase options with long-term payment plans designed to accommodate various income categories with a payment plan of 10,000 monthly which can be spread over 100 months.

The Vidco Plot is strategically priced to make land ownership a viable option for individuals across all income levels. By offering competitive prices, Adron Homes ensures that everyone, from first-time buyers to seasoned investors, can secure their future with a valuable real estate investment. Recognizing that financial circumstances differ, Adron Homes has developed a range of flexible payment plans. These long-term options allow buyers to spread the cost over an extended period of 100 months with a monthly payment of 10,000, making it easier to manage finances without compromising on the dream of owning land.

Vidco Plots are strategically located in Adron Homes estates located in rapidly developing areas, promising not only a great living environment but also significant potential for property value appreciation. Its proximity to essential amenities such as schools, hospitals, shopping centres, and transportation links adds to its appeal, ensuring convenience and accessibility for all residents. Adron Homes guarantees a secure investment with Vidco Plot. The transparent buying process and clear titles provide peace of mind, ensuring that buyers can invest confidently in their future.

Estate locations; Abuja, Ekiti, Osun, Ogun, Oyo, Nasarawa Niger and Plateau.

To cater to various needs and preferences, the Vidco Plot series is available in multiple sizes, 150 and 135 sqm respectively. Whether for personal use or commercial development projects, Adron Homes offers a range of options to meet different requirements. Adron Homes is dedicated to creating vibrant communities. Adron’s Vidco Plot series is part of a planned development that includes essential infrastructure such as roads, drainage, electricity, and water supply. This ensures a comfortable and convenient living experience for all residents.

With over 12 years of real estate development, Adron Homes is synonymous with reliability and excellence in the real estate sector. The company’s customer-centric approach prioritizes customer needs, providing personalized service and support throughout the purchasing process. Adron Homes’ innovative payment plans and affordable pricing reflect its commitment to making land ownership accessible to all.

Interested individuals are encouraged to visit Adron Homes’ sales offices for more information. The knowledgeable team is ready to assist with any questions and guide potential buyers through the process. Alternatively, detailed information and personalized advice can be obtained by filling out an online inquiry form on the Adron Homes website and official social media platforms. Site inspections can also be scheduled to experience firsthand the potential and advantages of investing in Vidco Plot.
For more information, please contact:
Adeboye Abiodun
Digital Marketing, Media Relations, and Corporate Communication Officer
Adron Homes and Properties Limited
Phone: 08138432335
Email:adeboye.abiodun@adronhomesproperties.com
Website: www.adronhomesproperties.com

Tinubu’s ECOWAS Presidency Re-election: NASRE Advocates Democratic Institutions Strengthening

Tinubu’s ECOWAS Presidency Re-election: NASRE Advocates Democratic Institutions Strengthening

The Nigerian Association of Social and Resourceful Editors (NASRE) congratulates President Bola Ahmed Tinubu on his re-election as the Chairman of the Economic Community of West African States (ECOWAS). This re-election, which occurred during the 65th Ordinary Session of the ECOWAS Authority of Heads of State and Government at the Presidential Villa in Abuja, underscores President Tinubu’s exemplary leadership and commitment to regional development.

President Tinubu, who initially assumed the ECOWAS chairmanship on July 9, 2023, in Guinea-Bissau, has once again been entrusted with steering the regional bloc. His re-election is a testament to the confidence his fellow leaders have in his vision and capabilities.

In his acceptance speech, President Tinubu emphasized his dedication to strengthening democratic values and advancing the interests of ECOWAS. He announced the appointment of Senegal’s President Bassirou Diomaye Faye and Togo’s President Faure Gnassingbé as Special Envoys to Burkina Faso, Mali, and Niger Republic, highlighting his proactive approach to addressing regional challenges.

NASRE acknowledges President Tinubu’s efforts and calls upon him to continue prioritizing the following to ensure the region’s safety and the advancement of ECOWAS’s objectives and values:

Strengthening Democratic Institutions: Upholding the democratic values that ECOWAS stands for is crucial. President Tinubu should continue fostering strong, transparent, and accountable institutions that support democratic governance across member states.

Enhancing Regional Security: Addressing security challenges, particularly in countries experiencing political instability, is essential. Continued efforts in diplomatic engagement and conflict resolution, as demonstrated by the appointment of special envoys, will be vital in maintaining regional peace and stability.

Promoting Economic Integration: Advancing economic cooperation and integration among ECOWAS member states should remain a priority. Facilitating trade, investment, and economic policies that promote growth and development will benefit the entire region.

Encouraging Social and Human Development: Initiatives aimed at improving education, healthcare, and social services are fundamental. Investing in human capital development will empower citizens and foster sustainable development.

NASRE reaffirms its support for President Tinubu and his vision for ECOWAS. We are committed to collaborating with his administration to promote the progress and stability of West Africa, ensuring that the region continues to thrive and uphold the values upon which ECOWAS was founded.

Once again, congratulations to President Bola Ahmed Tinubu on his re-election. We look forward to a period of continued growth, peace, and prosperity under his leadership.

Comrade Femi Oyewale
President
Nigerian Association of Social and Resourceful Editors (NASRE)
Email: officialnasre@gmail.com
Website: nasre.ng

Photos As GAC Members Meet Obasa Over Proposed Lagos Electricity Law

Photos As GAC Members Meet Obasa Over Proposed Lagos Electricity Law

A delegation of the Governance Advisory Council (GAC) has visited the Lagos State House of Assembly and held a meeting with the Speaker, Rt. Hon. Mudashiru Obasa.

The meeting which held behind closed doors on Thursday afforded a fruitful discussion concerning the proposed Lagos Electrification Agency Law which recently scaled second reading during plenary.

The GAC delegation at the meeting included Cardinal James Odumbaku, Sen. Anthony Adefuye, Otunba Henry Ajomale, Dr. Yomi Finnih, and Otunba Femi Pedro.

On Tuesday June 25, Dr. Obasa committed the bill to the Committee on Energy and Mineral Resources with a two-week mandate for the latter to report back to the House.

This was after lawmakers at the day’s sitting debated the pros and cons of the bill which targets to repeal the Lagos Electric Power Reform Law, 2018 to provide for the creation and administration of the Lagos Electricity Market.

The bill further seeks to establish a commercial and technical regulatory framework for the electricity market with the purpose of ensuring reliable and universal access to electricity for all residents of the State.

Also, the bill seeks to establish the Lagos State Electrification Fund for the delivery of reliable electricity supply to the underserved areas of the State.

Speaking about the bill, the chairman of the Committee on Energy and Mineral Resources, Hon. Sobur Oluwa, had said it was “very essential as it gives room for Lagos State to regulate its power supply and transmit electricity at its own pace.”

Rivers: Niger Delta Group Writes CJN Ariwoola, Alleges Plot by Ex-Lawmakers to Intimidate Judiciary

Rivers: Niger Delta Group Writes CJN Ariwoola, Alleges Plot by Ex-Lawmakers to Intimidate Judiciary

A Niger Delta group, Concerned Niger Delta Vanguard, has written an open letter to the Chief Justice of Nigeria, Hon. Justice Olukayode Ariwoola, alleging a plot by former lawmakers to ridicule the judiciary.

The group claims that the recent transfer of cases involving the defection of 26 state lawmakers in Rivers State from the Peoples Democratic Party (PDP) to the All Progressives Congress (APC) has raised grave concerns about the integrity and impartiality of the judicial process.

The letter was signed by Dr Ekandem Umoh, Oghenekaro Francis, Pastor Paul James, Obong Martins Ekarika, Sir Godhead Sylva and Chika Okpobiri.

According to the group, the transfer order has potentially undermined established legal principles and the rulings of previous courts, creating a perception that the judiciary is susceptible to individual influence and petition-driven manipulation.

The letter, therefore, urged the Chief Justice to investigate the circumstances surrounding the transfer order, reaffirm the judiciary’s commitment to upholding the rule of law, and maintain the original court assignment.

The Concerned Niger Delta Vanguard expressed confidence in the CJN’s commitment to justice and fairness.

Read the full letter below:

The Honorable Chief Justice of Nigeria,

We are compelled to address you through this open letter with utmost concern and urgency regarding the recent transfer of cases about the defection of 26 state lawmakers in Rivers State from the Peoples Democratic Party (PDP) to the All Progressives Congress (APC). This development has precipitated profound implications for the democratic process. As the Chief Justice of Nigeria, your esteemed position entrusts you with the vital responsibility of ensuring the inviolability and impartiality of the judicial process. This duty assumes paramount importance in matters of such elevated significance to the functioning of our democracy.

The defection of lawmakers, spearheaded by the former speaker of Rivers State, Martin Amaewhule, from the ruling PDP to the APC, and their persistent assertion of legitimacy as lawmakers, has engendered profound legal and constitutional questions warrant scrutiny. It is indeed reassuring to note that the Rivers State High Court, sitting in Port Harcourt, has taken a decisive step by granting an interim injunction restraining the Speaker of the State House of Assembly, Martin Amaewhule, and the 25 other lawmakers from parading themselves as legislators, thereby upholding the sanctity of the legal process.

Considering these developments, We implore you to exercise your judicial discretion to ensure that the transferred cases are adjudicated with the requisite diligence and impartiality, thereby reinforcing the public’s trust in the judiciary and safeguarding the very fabric of our democracy.

The recent transfer of these cases from Federal High Court 4, Port Harcourt, presided over by Justice Steven Dalyop Pam, to Court Two, headed by Justice E. O. Obele, pursuant to a petition filed by Hon. Martins Amaewhule, a defendant in the matter, has raised grave concerns regarding the integrity and impartiality of the judicial process. The transfer order, issued in response to a petition by a party facing allegations, potentially undermines established legal principles and the rulings of previous courts, thereby creating a perception that the judiciary is susceptible to individual influence and petition-driven manipulation. This development raises serious questions about the potential for undue influence and partiality in our judicial system, potentially eroding public trust in the judiciary’s ability to function as a fair and impartial arbiter.

The ongoing reforms within your esteemed office, aimed at strengthening the judiciary’s image and ensuring its role as a fair and impartial arbiter, are seemingly contradicted by this recent transfer. It is essential to prevent the judiciary from becoming a haven for political opportunism, where lawmakers exploit legal loopholes to maintain power after switching allegiances. The constitution clearly intends to prevent such behaviour, and a Supreme Court ruling has reiterated the legal implications of defection, emphasizing that a legislator cannot defect and remain a member of a legislative house in Nigeria unless there is a division in the party at the national level, and which the case of Amaewhule seems far from such condition.

The constitutional ban on political defection by legislators seeks to prevent political opportunism and safeguard the integrity of our legislative institutions. As the custodian of the rule of law, the judiciary must not allow itself to be compromised or manipulated for political gains. The recent events necessitate a resolute commitment to upholding the principles of justice and the rule of law, ensuring that the judiciary remains a bulwark against political prostitution and a champion of the integrity of our democratic institutions.

Therefore, we urge you to take the following actions:

Investigate the circumstances surrounding the transfer order. Ensure this decision was based solely on legitimate legal grounds and not influenced by external pressures.

Reaffirm the judiciary’s commitment to upholding the rule of law. The established legal precedents and the rulings of previous courts must be respected.

Maintain the original court assignment. Justice Pam, having already begun the hearing process, is well-positioned to see it through to a fair and just conclusion.

We fervently implore you, as the guardian of justice and the embodiment of the judiciary’s highest ideals, to ensure that the judicial system is not compromised by political machinations or partisan agendas. The sacrosanct principles of the rule of law must be upheld with unwavering dedication, and the judiciary must never be perceived as a sanctuary for corruption, political influence, or ideological bias. The recent developments surrounding the transfer of these cases underscore the imperative need for vigilance, steadfastness, and an unyielding commitment to the timeless principles of justice and fairness.

It is essential that the judiciary, under your visionary leadership, resists any attempts to subvert the rule of law and uphold the integrity of the judicial process, even in the face of intense political pressure or ideological opposition. Your office plays a pivotal role in safeguarding the ongoing reforms in the judicial system, ensuring that justice is served with impartiality, and upholding the trust reposed in the judiciary by the citizenry.

We have confidence in your unwavering commitment to the principles of justice, fairness, and the rule of law, even in the face of formidable challenges. Your resolute leadership and unshakeable dedication to the highest ideals of the judiciary will undoubtedly leave an indelible mark on the integrity of the judicial system and the democratic process in our nation, and We remain optimistic that the judiciary, under your stewardship, will continue to be a shining beacon of integrity, justice, and hope for our nation.

Thank you for your attention to this urgent matter.

Why Governors Must See Legislature As Partners, Not Appendages – Obasa, Lawmakers

Why Governors Must See Legislature As Partners, Not Appendages – Obasa, Lawmakers

– Lagos Assembly urges NASS to criminalise acts against Parliamentary independence

– wants more recognitions for past Speakers

The Lagos State House of Assembly on Tuesday called on governors in Nigeria to avoid seeing state legislatures as appendages of the executive but instead, treat lawmakers as partners in the progress and development of states.

The House, which described the legislature as the bedrock of democracy, further called on the National Assembly to criminalise any action that violates the independence of the parliament.

The House passed the resolutions in commemoration of the 2024 edition of the International Day of Parliamentarism celebrated on June 30.

The House further urged Governor Babajide Sanwo-Olu to recognise past speakers of the Lagos Assembly for their contributions to the state’s growth and development.

The Speaker, Rt. Hon. Mudashiru Obasa, emphasised the significance of honouring past speakers who have served and contributed to the development of the state.

Dr. Obasa asserted that without the parliament, there is no democracy. He highlighted the institution’s crucial role in governance through lawmaking, motions and resolutions.

He described the International Day of Parliamentarism as a day to “do more to draw the attention of Nigerians to the importance of the legislature.”

While congratulating parliamentarians across the country for their contributions toward the nation’s development, Obasa said: “It is also important to note that a government has three arms, and if one is missing, there is no government.

“Since 1979 when this House was established under Alhaji Lateef Jakande, none of the past speakers have been celebrated.

“We should celebrate those who have represented us well and convey to the National Assembly the need to allow Houses of Assembly to practise what the constitution says about the parliament effectively and to provide the necessary support.

“The governors should also give the political will to the parliament to enable it to perform its duties as stated in the constitution,” Dr. Obasa added.

Other lawmakers who contributed supported that the parliament should be celebrated while applauding the leadership of Speaker Obasa.

Hon. Gbolahan Yishawu, representing Eti-Osa constituency 2, said the role of a parliament cannot be overemphasised.

“Democracy is all about the parliament. It is a bridge between the people and government, but we are sometimes underappreciated as representatives of the people. There is no gap between the parliament and the people. There is no type of government that can exist without parliament,” he said.

Hon. Desmond Elliot (Surulere ) noted that nothing occurs in a state without the input of the parliament while Hon. Sa’ad Olumoh described parliamentarians as stabilisers of the polity who deserve to be celebrated.

Hon. Adedamola Richard Kasunmu urged that the House should consider being a part of the Inter-Parliamentary Union.

Tinubu’s Strategy on Food Security, Water Resources Development Commendable – Afenifere Group

Tinubu’s Strategy on Food Security, Water Resources Development Commendable – Afenifere Group

…Lauds Kyari, Utsev on outstanding performance

 

The Reformed Afenifere Youth Group (RAYG) has commended President Bola Tinubu for his exemplary leadership in addressing food security and water resources in the country.

The group also applauded the outstanding performances of the Minister of Agriculture and Food Security, Abubakar Kyari, and his counterpart in the Ministry of Water Resources and Sanitation, Professor Joseph Terlumun Utsev.

In a statement signed by its President, Aare Yemi Adenifuja, the Afenifere youths said the Ministers’ stewardship and dedication have led to significant progress in the agricultural and water sectors, boosting the socio-economic growth and prosperity of Nigeria.

“Under Kyari’s visionary leadership, the agricultural sector has witnessed significant growth, with initiatives boosting production and ensuring food security,” he said.

“The successful launch of the 2023-2024 dry-season farming program has empowered thousands of farmers, while the distribution of 58,500 metric tonnes of milled rice has enhanced food availability.

“Additionally, the development of 23 improved crop varieties has increased crop yields, and the enhancement of food security and nutrition has improved the overall well-being of Nigerians.

“Furthermore, market access has improved, and employment opportunities have been generated, contributing to the sector’s growth.

“The Agric ministry undertook significant measures to boost agricultural production and control food inflation which he itemised to include; the distribution of improved seeds, fertilisers, agrochemicals, and equipment to farmers.

“The ministry has also partnered with the Central Bank of Nigeria (CBN) to distribute 2.15 million bags of fertiliser free of charge to farmers.

“In rural infrastructure development, the ministry has constructed 77.8km of asphalt roads, including 130.9 km of earthen roads and boreholes, and installed solar street lights which have created nearly 60,000 jobs in rural areas with other initiatives to manage agricultural lands and address climate change including soil analysis, water conservation training, and climate-smart agriculture practices.”

Similarly, Adenifuja said Professor Utsev’s expertise and experience in water resources and environmental engineering have led to groundbreaking initiatives addressing the nation’s complex water challenges.

“His strategic leadership has resulted in significant progress in water infrastructure development, irrigation projects, and water supply expansion, enhancing the nation’s water security,” he added.

“The implementation of innovative technologies and sustainable practices has ensured equal access to clean water and sanitation for all citizens, a critical step towards achieving the United Nations’ Sustainable Development Goals.

“The adoption of cutting-edge technology has also boosted the agricultural sector and water resources with the use of precision farming to enhance crop yields and reduce waste.

“The use of advanced technologies like water management software and data analytics has optimized water distribution, reduced leakages, and improved efficiency in the water sector.

“Moreover, the adoption of renewable energy sources like solar and wind power has reduced the carbon footprint of water treatment and pumping stations.”

The group, therefore, said adopting more innovative approaches will further enhance food security and water resources in Nigeria and urged the Federal Government to continue prioritizing these sectors.

“The FG should explore international collaborations to enhance food security and water resources, promote sustainable agriculture practices, develop innovative water management systems, improve access to clean water and sanitation, and support the growth of the agricultural sector,” the statement added.

“We commend President Tinubu, Minister Kyari, and Minister Utsev for their dedication to the socio-economic growth and prosperity of Nigeria.

“Their stewardship has led to significant progress in the agricultural and water sectors, and we look forward to continued success in these critical areas.

“We also appreciate the efforts of farmers, agricultural extension workers, and water resources managers who have worked tirelessly to implement these initiatives.”

Cholera Outbreak: Lagos Assembly Seeks Improved Enlightenment Campaign

Cholera Outbreak: Lagos Assembly Seeks Improved Enlightenment Campaign

The Lagos State House of Assembly on Tuesday called on the relevant offices of the government to embark on massive enlightenment of the residents on the best ways to curtail the spread of cholera in the state.

This was as the House also called for the activation of some sections of the State health law to combat the health emergency which is said to have spread across some local governments leading to the death of 29 people as at Monday.

Speaker of the House, Rt. Hon. Mudashiru Obasa, who presided over the sitting, further called for investigation into the source of the bacteria disease outbreak to enable the government strategise better in its bid for a solution.

“We must encourage the government to continue to sensitise the people in every language that is spoken in Lagos,” Dr. Obasa said while supporting the calls by his colleagues for the authorities to maintain drainages and canals and ensure proper sewage systems.

Raising a motion on the matter earlier, the chairman of the health committee of the House, Hon. Lawal Aina Musbau, moved that the government should urgently mobilise resources and personnel to combat the disease.

Among other demands, he said there was a need for the education of residents with emphasis on basic cleanliness while calling on sanitation officers to ensure they carry out their jobs effectively.

On their parts, Hon. Sa’ad Olumoh and Gbolahan Yishawu, urged that more attention should be on the provision of drinkable water to the residents of the state as this is one way to check the spread or reoccurrence of the disease.

 

Rekindling Tradition and Joy at the Ojude Oba Festival in Odoragushin in Eredo Local Government Epe

Rekindling Tradition and Joy at the Ojude Oba Festival in Odoragushin in Eredo Local Government Epe

The vibrant and culturally rich Ojude Oba Festival of Odoragushin was splendidly revived today by Prince Adetomiwa Odutuga, marking a significant moment of joy and unity for the community. Despite the absence of a reigning monarch since the passing of the late Oba Julius Adegoke, the Aladegushebi of Odoragushin, nine years ago, Prince Odutuga has ensured the festival continues, bringing happiness and a sense of continuity to the people.

Traditionally held on the second day of Eid al-Adha, the Ojude Oba Festival is a cherished event, symbolizing unity, cultural heritage, and communal celebration. This year’s festival was a testament to Prince Odutuga’s dedication and leadership, as he orchestrated a grand celebration filled with music, food, and various attractions. The renowned musician Atawewe added to the festive atmosphere with his enthralling performance.

The festival saw an enthusiastic turnout of chiefs, youths, elders, and villagers, all expressing their gratitude and support for Prince Odutuga. They lauded his efforts in preserving this important cultural event and fostering a sense of pride and happiness within the community.

In light of Prince Odutuga’s unwavering commitment and the joy he has brought to Odoragushin, the community and Ilenla Ruling House have made a collective appeal to the Governor of Lagos State, Mr. Babajide Olushola Sanwo-Olu, to install Prince Adetomiwa Odutuga as the new Aladegushebi of Odoragushin. The villagers believe that Prince Odutuga is the rightful and deserving successor, capable of leading and uplifting their community.

Today’s celebration not only honored the past but also looked forward to a promising future under Prince Odutuga’s potential reign. The Ojude Oba Festival of 2024 will be remembered as a day of cultural resurgence, community spirit, and hopeful anticipation for Odoragushin.

Adron Boss, Aare Adetola Emmanual-King Celebrates with Muslim Faithful, Harps on Peaceful Co-existence, and prayers for the growth

Adron Boss, Aare Adetola Emmanual-King Celebrates with Muslim Faithful, Harps on Peaceful Co-existence, and prayers for the growth

The Chairman and Group Managing Director of Adron Homes and Properties, Aare Adetola Emmanuel-King has extended warm wishes to the Muslim community as they celebrate the annual Eid-Al-Adha festival throughout the country. He emphasizes the importance of peaceful coexistence, religious tolerance, and prayers for the country’s development, urging all religious leaders to embrace these values.

In a statement signed by His Special Adviser on Media, Oladapo Sofowora; Aare Adetola encouraged all Muslims to stay committed to their faith and utilize the celebration as an opportunity to contribute to Nigeria’s development during these challenging economic times. Additionally, he calls on opinion leaders and religious bodies to use the festival as a platform to pray for our leaders to guide the nation towards prosperity and stability, fostering a flourishing economy and a secure environment.

He said; “ I want to implore opinion leaders and religious bodies in the country to use the occasion of the festival to pray for our leaders to guide us right and put the country on the path of prosperity. When the country is stable, celebration will be seamless and made possible. We need to pray for a more flourished economy and a secure country to ensure we have a smooth sail and bounce back into winning ways.”

The Ilishan-Remo Born Property mogul further advocates for unity among all religions to work towards common goals of development, prosperity, peace, justice, and equity and encourages religious bodies to hold leaders accountable while celebrating in peace. Aare Adetola highlights that peace is fundamental for development and progress, as a nation in distress can breed negative outcomes and hinder growth. He urges everyone to promote positive virtues that will contribute to Nigeria’s greatness.

“I want to use this moment to ask our religious bodies to use this occasion to hold our leaders accountable and also celebrate in peace because when there is peace; development will surely thrive. A country in distress will breed all vices of malevolent and stunted growth. Let’s use this medium to promote all vices that will make Nigeria greater again.” He concluded.

WEMA BANK concludes 1st tranche of Capital Raise Programme

WEMA BANK concludes 1st tranche of Capital Raise Programme

Wema Bank PLC (Bloomberg: WemaBank: NL) (“Wema” or “the Bank”) announces the allotment of its N40billion Rights issue programme.

-Raises N40billion through a Rights Issuance process.
-Part of its larger 2-year; N150billion Capital programme.
Rights fully subscribed.
-Expected to Commence concluding tranche of additional Capital in Q4, 2024.
-Corporate Ratings affirmed by Fitch at BBB & Upgraded by Agusto to BBB+

Wema Bank, Nigeria’s foremost innovative bank and pioneer of Africa’s first fully digital bank, ALAT, has successfully concluded the first tranche of its recapitalisation exercise having secured all relevant regulatory approvals for the allotment of its N40bn Rights Issue which was initiated in December 2023.

In view of macroeconomic conditions, the Central Bank of Nigeria (CBN) in March 2024, launched a recapitalisation programme requiring commercial banks to raise fresh capital in alignment with the minimum requirement for their respective banking licenses, within a 24-month timeline spanning April 1, 2024, to March 31, 2026. The goal of this recapitalisation programme is to simultaneously boost the Nigerian economy and strengthen the Nigerian financial services industry.

As a forward-thinking and pioneering bank, Wema Bank in December 2023 launched a N40bn Rights issue which has now been approved by the Central Bank of Nigeria and the Securities and Exchange Commission (SEC). With this remarkable development, Wema Bank has now successfully raised the 1st tranche of its plan in the minimum requirement laid down by the CBN.

In a statement made to the public by the Bank, Moruf Oseni, Wema Bank’s Managing Director and CEO, iterated the Bank’s resolve in retaining its Commercial Banking license with National Authorisation, adding that the N40bn Rights Issue is a step in that direction. “We are delighted to announce the conclusion of the 1st tranche of our Capital Raise Programme, after obtaining the relevant approvals of all regulatory authorities. Our move to commence our Capital Raise Programme very early demonstrates our push for excellence and with a strong emphasis on our digital play, we are set to amass more successes in the coming months.”

“We were impressed by the vote of confidence given by our shareholders during the 1st Rights Issue exercise as our shares were fully subscribed. In addition, we obtained the approval of shareholders at our 2023 Annual General Meeting (AGM) to raise an additional N150billion to meet the capitalisation threshold set by the CBN. The process is expected to be completed within 12-18 months. We are committed to providing optimum returns for every stakeholder and the successful conclusion of this N40bn Rights Issue is a bold step in the right direction.”

In addition to the upward trend in the Bank’s financial performance and the success recorded so far in its recapitalisation exercise, Wema Bank’s corporate rating was recently upgraded to BBB+ by Pan African credit rating agency, Agusto and Co, and retained at BBB by international rating agency, Fitch. Over the medium to long term, Wema Bank is positioned to not only dominate the digital Banking space but also the Nigerian financial services industry at large as it translates its industry leadership to significant market share.

Wema Bank is a leading financial services entity with banking operations across Nigeria, its leadership position in the digital banking space speaks to its aspirations to liberate Nigerian businesses and entrepreneurs by making digital platforms widely available.

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