Fostering Equality and Empowerment: Wema Bank Gives Economic Lift To Employees
In the Nigerian banking industry, Wema Bank, Plc is widely acknowledged to be a leader in the realms of innovation and technology, and for constantly seeking to provide seamless financial services to its teeming customers, but is the financial powerhouse a champion of its employees’ best interests? Yes, the most recent testament to Wema’s commitment to establishing a thriving workplace culture is its announcement of a groundbreaking increase in salaries for its staff.
This momentous decision not only showcases the bank’s dedication to employee welfare and well-being but should also resonate deeply with its community as ripples of elation have been set off through the organization.
Wema Bank’s move to increase the salaries of its staff, especially given the current economic rigors, has undoubtedly struck a chord with employees. By addressing the financial needs of its workforce, Wema Bank is affirming its belief in the value of every individual’s contribution, regardless of their employment status; It is one which fosters a sense of belonging in its staff, ensuring that each member feels like an integral part of the bank’s success story.
Indeed, the impact of this salary increase bears more than mere numbers on a pay slip: employees are experiencing a renewed sense of motivation and dedication to their roles, knowing that their hard work is genuinely recognized and rewarded. There are new levels of morale, leading to enhanced productivity, improved teamwork, and reduced turnover rates. Significantly, Wema Bank is creating a more harmonious and dynamic work environment where the creativity and innovation for which it is acclaimed, flourish the more.
Wema Bank understands that its employees are its most valuable asset, and by providing a competitive and fair remuneration package, the organization aims to attract and retain top talents in the industry.
Wema Bank’s vision extends beyond its bottom line; with this salary increase for its staff, the bank expects the ripple effect of positive change to extend to the wider industry and world of work. Wema Bank’s unwavering support for its employees lies at the heart of this expected transformation.
Beyond financial incentives though, the bank provides ample opportunities to its workers for personal and professional growth by nurturing a culture of learning and development.
By setting a precedent for employee-centric practices, Wema Bank aims to encourage other financial institutions to prioritize the well-being of their staff through the establishing of similarly empathetic and compassionate working environments.
The economic upliftment of its workforce is further proof that Wema Bank is an organization that is attuned to the needs and peculiarities of every segment of its community. By paving the way for a more compassionate and people-focused industry, this Wema Bank initiative should leave an indelible mark on the world of banking and beyond.
2023 HALF YEAR RESULT: FBNHOLDINGS POST N206BN PRE-TAX PROFIT
FBN Holdings Plc, has reported a profit before tax of N206 billion for the half year ended June 30, 2023.
FBNHoldings disclosed the figures in its second-quarter statement released yesterday on the Nigerian Exchange.
The increase in second-quarter profits helped its half-year profit before tax to rise by 213% compared to N65.7 billion in the same period last year.
This is also the Bank Holding Company’s best half-year performance since it was listed on the Exchange.
A breakdown of the company’s impressive financial results shows that the bank’s two-quarters of outstanding performance means a profit after tax of N174.9 billion, which is a 228.3% increase from the N53.3 billion reported in the first half of the previous year.
The first half 2023 profit has also surpassed the N136.173 profit reported in the full year of 2022 (January to December).
The Group’s gross earning of N656.6bn represents a growth of 82.8% from the N359.2bn reported in the first half of the previous year. Al impressive records are Net interest income of N232.6bn, up 52.1% y-o-y (Jun 2022: N152.9bn); Non-interest income of N229bn, up 112.0% y-o-y (Jun 2022: N108.1bn); Operating expenses of N222bn, up 24.7% y-o-y (Jun 2022: N178bn).
Profit before tax of N188.8bn, up 214.6% y-o-y (Jun 2022: N60bn); Profit after tax of N174.9bn, up 228.3% y-o-y (Jun 2022: N53.3bn)
Total assets grew by 34.8% y-t-d to hit N13.6 trillion, Customers’ loans and advances (net) of N5.2trn, up 39.9% y-t-d (Dec 2022: N3.7 trn); and Customers’ deposits of N8.8trn, up 26.9% y-t-d (Dec 2022: N6.9trn)
The Group Managing Director, FBNHoldings, Nnamdi Okonkwo, while commenting on the results stated that: “FBNHoldings has continued to deliver a strong financial performance despite the complex operating environment, thanks to our reinforced foundations, deep market understanding, strong risk management and execution capabilities. On the back of this and in line with our focus of driving further improvement in revenue generation and profitability, the Group delivered strong growth in gross earnings and profit before tax resulting in N656.6 billion and N206.3 billion respectively, for the first half of 2023 financial year”.
He noted that the company will continue to focus on customer-centric innovations with strong transactional and digital capabilities supported by sound risk management practises to anticipate and creatively deliver products and services that delight the different customer segments that we serve.
While noting that the current operating environment remains challenging, he maintained that the company is confident of successfully navigating the terrain.
Commenting on the results, Chief Executive Officer of FirstBank (Commercial Banking Group), Dr. Adesola Adeduntan, added: “In the first half of 2023, FirstBank Group delivered the strongest financial performance in the almost 130 years of the Bank’s history; with solid business momentum, increased revenue, and excellent returns. The result reflects the continued positive impact of our strategy and the tremendous progress that we have made in growing and transforming the Group. The result also highlights the resilience of our business model, customer relationships and institutional capabilities”.
BUA Foods to maintain rice prices across Nigeria…restates commitment to supporting Local Rice Farmers for Food Security in Nigeria
In a remarkable display of commitment to the Nigerian agricultural sector and the economy, BUA Foods has informed distributors of its rice products that it would maintain prices of its BUA Rice to support efforts at making rice more affordable in Nigeria. According to a statement by the company, this is due to the strong sales potential from the company’s newly upgraded 200,000tonnes per annum rice mill in Kano using locally sourced rice paddy.
According to the company, this decision to maintain prices is as a result of the little reliance on FX for rice production. Prior to the BUA Foods business integration which saw its listing in 2022, the BUA Group Chairman, Abdul Samad Rabiu, had stated that BUA’s goal would be to focus areas where raw materials can be sourced locally across all its business areas including rice in order to promote food security in Nigeria and support the government in National development.
According to a key distributor in Kano, he said distributors were excited by this development and were sure that BUA Foods in its usual fashion would crash the rice prices further as it had consistently done with its other food products like flour, sugar, and pasta.
By prioritizing local agricultural resources, BUA Foods is not only supporting Nigerian farmers but also contributing to the nation’s self-sufficiency in rice and sugar production through backward integration.
BUA Foods steadfast commitment to its vision has gained recognition and appreciation from stakeholders across the industry. The company’s efforts to bolster the Nigerian agricultural sector have garnered praise, positioning BUA Foods as a leader in the drive towards sustainable food production.
The upgraded rice mill and parboiling plant will further enhance BUA Foods’ rice production capacity, enabling the company to meet the growing demand for its high-quality rice products whilst remaining committed to delivering excellence and ensuring that consumers have access to top-notch rice that is locally produced.
As BUA Foods continues to make significant strides in advancing the Nigerian rice industry, the company remains focused on building strong relationships with farmers, empowering local communities, and contributing to the overall development of the nation’s agricultural landscape.
LEADERSHIP AND FIRSTBANK’S SUCCESSFUL TRANSITIONING TO ‘CLICK’ BANKING
In December 2015, the share price of First Bank of Nigeria Limited was trading around N4.8 band. About seven years later, precisely last December, the value held tightly to N15, growing by over threefold amid general asset and economic doldrums.
The steep rise in the valuation of the financial institution deviates remarkably from the average performance of FUGAZ, an acronym describing the top five Nigerian banks by market capitalisation. In the past seven years, the share prices of the leading banks appreciated by an average of 90 per cent as against over 200 per cent growth seen in FirstBank.
Deflated by the bank’s exceptional performance, Access Holdings, GTCO, UBA and Zenith stocks posted about 60 per cent growth. The performance of the entire banking sector also flattens out when compared with FirstBank, which raises questions about the fundamentals of the bank and its growth trajectory.
In terms of inflation-adjusted return on investment, FirstBank shareholders are among the investors that emerged from the turbulent years with a positive real rate of return. Was it a stroke of luck? Does the market reward poor performance?
Of course, stocks sometimes thrive on mere greater fool theory, thus triggering an asset bubble. But the positive share movement of the premier bank is but only one of the many high growth indicators.
In first quarter of 2023, the bank’s non-performing loan (NPL) ratio came down far below the five per cent regulatory threshold, which means so much difference when placed in a historical context. As at December 2015, its NPL ratio was over 45 per cent, a telling reflection of the level of effort that went into cleaning its books in the intervening years. For analysts, the cleanup, which was done without raising fresh capital, explains what disciplined, focused and forthright leadership could achieve.
On cleanup process, the Bank CEO, Dr. Adesola Kazeem Adeduntan, said the institution was “its self-created AMCON”, referring to the Asset Management Corporation of Nigeria set up in the aftermath of the 2008 financial crisis to buy up the threatening toxic assets of Nigerian banks.
Indeed, what the management of the bank has done in the past seven years is not remarkably different from the role of AMCON, since its creation in 2011, except that the former raised fresh capital for its humongous responsibility whereas the bank did not. Also, the FirstBank experience was internal; and it did face a tougher task in terms of the proportion of its assets that had gone bad.
At the height of the financial crisis in 2008/2009, the NPL ratio rose to 37.3 per cent, from 9.9 per cent on record in 2007. On the other hand, the premier bank was carrying over 45 per cent NPL on its book as at January when Adeduntan took the reins of its leadership as the managing director.
All through the process, the bank did not raise fresh capital for the housecleaning programme, meaning the shareholders’ value was not diluted in the process.
Investors may have also kept in view other impressive qualitative metrics such as pre-tax return on equity (RoE), a measure of net income in proportion to shareholders’ equity, which moved from 0.6 to 17.3 per cent at the end of last year’s financial cycle. Also, pre-tax Return on Asset (RoA) climbed from 0.1 to 1.6 per cent while the cost of risk was also down to 1.7 per cent last year, from 10 per cent recorded in its 2015 financial.
At the end of this month, Adeduntan would have spent 7.5 years in office and he would be 30 months short of the tenure limit requirement. Already, he is the longest-serving chief executive of the institution, which is known for its short-term leadership tradition. Casual observers consider him as fortunate, but deep analysts think differently – the bank has been fortunate to have had him.
The lender, which predated ‘Nigeria’, and played the most active financial role in the structuring of the country’s pre- and post-Independence economy, may have just got its groove back under the current management. The books are clean and the NPL is trending downward, faster than the industry average. But beyond, its top and bottom lines are all out of the woods and climbing.
Its total assets, for instance, have increased by 167 per cent in the past seven years, meaning that its asset size has almost tripled, which also outperformed the industry growth. In terms of liquid asset to total asset ratio, it is also ahead of most of its peers. This suggests that while the quality of its assets has increased remarkably, with the NPL ratio falling by 88 per cent in less than a decade, the bank’s asset growth has not stalled, which speaks volumes about the quality of its risk management approach.
Currently, FirstBank had in its portfolio of about 41 million customer accounts, an extraordinary 276 per cent lift from its 2015 record. The figure is about 30 per cent of total bank accounts held by Nigerian banks. Customer depositors also jumped by as much as 153 per cent to 10.6 trillion.
The growth seen is also robbing off on the bottom line with the profit before tax (PAT) increasing by N137 billion in the period. That translates to over 1300 per cent, probably contributing majorly to the sudden spike in the share of the bank.
Perhaps, owing to its long history dating back to when banks were mostly associated with corporate and public sector financial infrastructure, FirstBank was mostly seen as a go-to for savers and borrowers. But that seems to have changed with its many smart digital channels. For its management, that is deliberate.
“Our goal is to transform the bank from lending-based to a transaction-based financial institution,” the chief executive pointed out.
Yes, its transformation is no longer a dream. From zero share of corporate e-bill payments, it has shoved its competitors behind to take hold of 42 per cent of the market. The bank, in the words of its managing director, has pivoted from brick and mortar to “brick and click”, making payment seamless and a click away for individuals, corporate as well as public entities.
“We have built a very formidable trade and cash management platform that we call FirstDirect, which allows corporate banking customers, from the comfort of their home, to initiate a trade transaction and complete it. You have a single view, giving you an interface where you can add your different accounts and transact,” Adeduntan explained.
FirstMobile, a standalone digital bank, has also emerged as a household name in the financial technology ecosystem. In 2015, when the platform was still at its teething age, its users were about 60,000 a number that soared to over six million (a growth of over 10,000 per cent). That has contributed immensely to the changing tradition of banking with FirstBank, as about 85 per cent of its transactions are now initiated via digital windows.
FirstMobile appears to have hit the bull’s eye in the bank’s reinvention drive and effort to appeal to younger demographics. But the platform itself is merely one of the potpourris of telecommunication-driven initiatives it has taken on to get the young depositors on board. FirstOnline users have also grown from about 90,000 to over one million within the timeframe just as its USSD, which targets feature phone users, is even more successful with users increasing by close to 3,000 per cent in seven years to 14.7 million.
Overall, its digital banking has evolved in both volume and public impression. Ease, convenience and reliability have moved the customer base from its tiny 0.6 million to 22 million.
Indeed, FirstBank is transmuting into a transaction-led institution. Last year, the volume of transactions hit 17 million, 8.5 times what it was in 2015 when it experienced some corporate turbulence. But the growth is not only in volume terms, as its non-interest income ratio hit 40.6 per cent for the first time last year, which aligns with the strategic direction of the current management in weaning the group from excessive credit risk exposure.
Over the years, most Nigerian banks have consolidated their global outlook. FirstBank has led the pack with its 40-year United Kingdom subsidiary, which is bigger than some of its competitor wholesale operations back home. But some of the pro-offshore Nigerian banks had been accused of extroversion and ego-seeking as most of the outposts were nothing but cost centres.
In the past few years, the assumption has been deflated; and the performance of the African subsidiaries of FirstBank is among what could be changing the tide. Before the 2015 change of the guard, the subsidiaries’ operations left had created a gaping hole in the PBT of the consolidated account. Last year, they contributed a combined 21.3 per cent to the group’s pre-tax profit.
But that was not because there was no risk out there. In the heat of the Ghanaian government debt crisis, Adeduntan revealed, FirstBank took the least impairment among Nigerian banks that were exposed to the crisis “not because we saw it coming but because we have consistently done the right thing and adopted best risk management practice”.
There is also a humane side to his management approach. Today, FirstBank is among the highest-paying Nigerian banks and offers the most attractive conditions of service, including training, accelerated career growth and many more. In 2021, its efforts were compensated with the Great Place to Work Award. Today, the once-touted conservative bank is attracting young and upwardly mobile professionals with the average age of its employees estimated at 39 years.
Being the longest-serving managing director of the pre-colonial financial behemoth, Adeduntan has the leverage of time and experience to enforce its transformational agenda. But he had also prepared for the job. At KPMG where he co-pioneered the firms’ financial risk management advisory services, he trained in almost all areas of human endeavors – presentation, people management, business writing and all sorts. On assumption of office, he was bold and firm in his decision to headhunt, institute new work culture, clear career growth blockages and challenged the status quo.
His courageous outing in the past seven and half years has transformed an institution once considered one of least prepared for the age of “brick and click” banking into the Usain Bolt of the emerging financial technology space.
Access Bank PLC Expands Global Footprint with launch of French Subsidiary
Access Bank PLC, the flagship company of Access Holdings PLC, has officially launched its subsidiary in Paris, France. The Bank’s operations will focus on trade finance, initially capitalising on flows between Africa and France, particularly Francophone Africa.
Herbert Wigwe, Group Chief Executive Officer of Access Holdings PLC, speaking on the purpose of the Bank’s strategic expansion efforts said, “Access Bank PLC, today, has a very strong presence in the United Kingdom, but coming on the heels of Brexit, there was a need for us to establish a presence in another country in Europe and France provides a very strong platform for us to do so. Beyond that, Access Bank has a great presence in the Francophone world that relies significantly – in terms of trade – on France, so, Access Bank in Paris will work to support trade possibilities and trade finance solutions to businesses in those regions, ranging from large conglomerates to SMEs and more.
“Our range of banking products and services will be a valuable asset for businesses looking to trade internationally, while our corporate and investment banking services will help businesses access capital, manage their cash flow, and mitigate risk. Furthermore, we are confident that the Bank’s trade finance solutions will help businesses to navigate the complexities of cross-border trade, and at the same time, our digital capabilities will make banking more convenient and efficient for all our customers,” he reiterated.
Recognising the critical role of the Bank’s various stakeholders in making the expansion drive successful, Wigwe stressed the value of its customers, shareholders, regulators, and the communities it operates.
“Our successes over the years would be footnotes but for the relationships we have fostered with these critical contributors. In recognition of this, we are committed to building long-term partnerships with all our stakeholders in France – based on trust, transparency, and mutual respect,” he added.
Access Bank’s presence in France represents an important step towards achieving its goal of bridging worlds and connecting opportunities for African businesses. The Bank’s latest stride also lays a marker for realising its recently unveiled 5-year strategic growth plan.
“Over the years, we have demonstrated a strong commitment to deepening the Bank’s presence across Africa and beyond,” remarked Roosevelt Ogbonna, Managing Director, Access Bank PLC, at the launch. “Today, we are proud to have a presence in 18 countries across four continents, serving millions of customers and businesses. Indeed, our expansion drive has been guided by our vision to become the world’s most respected African bank, and by building on our strong track record of innovation, customer service, and social responsibility, we have come one step closer to achieving this goal.
“We remain committed to building a bank that is truly global in scope, yet locally relevant in its approach, and we are excited about the opportunities that lie ahead as we continue to grow and expand our footprint in new markets,” Ogbonna concluded.
Access Bank UK, led by Jamie Simmonds, will oversee the operations of the Paris subsidiary and will effectively become the umbrella company for other representative offices in the country.
With the launch of its operations in France, Access Bank is uniquely positioned to create opportunities for scaled economic growth and development across Africa while helping international investors see the continent as a viable market to do business. To facilitate the flow of capital, goods, and services across borders and support economic growth and development in both regions of focus, the Bank will leverage its expertise in cross-continental trade and its strong network of partners and clients.
Seplat Energy Crisis Deepens as Court Suspends the Chairman, CEO and Others
There’s no indication that the crisis rocking Seplat Energy Plc may abate anytime soon. The crisis took a turn for the worse, yesterday, as a Federal High Court sitting in Abuja, suspended the company’s Chief Executive Officer, Mr. Roger Brown, and Board Chairman, Mr. Basil Omiyi, pending the determination of the Motion on Notice for Interlocutory Injunction filed by some aggrieved shareholders of the company.Suspended by the court, also, were Seplat’s Independent Non-Executive Directors (INEDs): Ms. Emma Fitzgerald, Dr. Charles Okeahialam, Professor Fabian Ajogwu, Mr. Rabiu Bello, and Mrs. Bashirat Odenewu, as well Company Secretary, Mrs. Edith Onwuchekwa, and Chief Operating Officer, Mr. Samuel Ezeugwuorie, who were listed as second to 10th defendants alongside the CEO and the Chairman.The court consequently ordered the Securities and Exchange Commission (SEC) to immediately appoint suitable persons to run the affairs of the company, pending the determination of the Motion on Notice filed by the applicants.
The orders were made by Justice Inyang Ekwo, sequel to an ex-parte motion filed by Juliet Ebere Gbaka, Margret Awobusuyi Funmilayo, and Clement Akaeme, Plaintiffs, against the company, its board and management, with SEC, Datamax Registrars Limited, and PriceWaterHouseCoopers as Respondents in the lawsuit marked FHC/ABJ.CS/626/2023.Ekwo made the order, stating, “Order is hereby made restraining the second to the 10th Defendants, their agents, privies, assigns, personal representatives, anyone acting on their behalf or instruction, from operating or functioning as officers of the First Defendant (Seplat Energy), pending the hearing and determination of the Motion on Notice for Interlocutory Injunction filed by the Applicants.
“Order is hereby made restraining the second to the 10th Defendants from taking decision or any action whatsoever in respect to the day-to-day running of the First Defendant, pending the hearing and determination of the Motion on Notice for Interlocutory Injunction filed by the Applicants.
“Order is hereby made suspending the second to 10th Defendants as directing minds and secretary of the 1st Defendant, pending the hearing and determination of the Motion on Notice by the Applicants,” Justice Ekwo ruled after hearing Dr. A.I Layonu (SAN), counsel for the plaintiffs.
In a separate ex-parte order, Ekwo, among others, granted the applicants the leave to serve their Originating Summons and their frontloaded court processes dated 8th May, 2023, Motion on Notice for Interlocutory Injunction dated 8th May, 2023, all orders made in respect of the suit and all subsequent Court processes filed by the Applicants on second to 10th Defendants by delivering a copy of the court processes to the registered address of the Seplat at 16A, Temple Road, Ikoyi, Lagos State.
The court adjourned the matter to May 23, 2023, for hearing of the Motion on Notice.
The crisis rocking the foremost indigenous energy company had resulted in a floodgate of litigations, with the Corporate Affairs Commission (CAC) pulling out of the firm’s Wednesday’s Annual General Meeting (AGM), citing an order of the Federal High Court, Abuja, restraining the embattled directors of Seplat from conducting the exercise.
The CAC had, in a letter signed by Mr. Lugman Salman, for the Registrar-General, stated, “As you may be aware, the Commission is the 10th Respondent in Suit No: FHC/ABJ/PET/8/2023 between Boniface Okezie & 4 Ors Vs. Seplat Energy PLC & 9 Ors. As you may also be aware, the court had on the 28th April 2023 ordered that parties should not tamper with the res until issues are resolved.
“In view of the order of the court referred to above, the Commission, being a party to the suit, is under the obligation to obey the order. The Commission will therefore neither attend the AGM nor give cognisance to any resolution that may arise therefrom.”
However, in a swift reaction to the court order, Seplat vowed to take immediate steps to counter the court order.
Seplat, in a statement issued last night, signed by Mrs. Chioma Afe, of its Communications and External Affairs Directorate, said the company had immediately filed an appeal to counter the interim orders against its officers.
It said as a law-abiding entity, it had defended the Interim Orders by immediately filing an Appeal and a Motion for Stay of Execution of the Orders.
Seplat Energy explained that it had been advised by its legal team that the interim orders, which were yet to be served on the company or its officers, could not be enforced until the Court of Appeal had heard and determined the appeal and application for Stay of Execution.
The statement read, in part, “Seplat Energy is aware of certain media publications that the Federal High Court, per Hon. Justice I. E. Ekwo, sitting in Abuja in suit number FHC/ABJ/CS/626/2023 – Juliet Gbaka & 2 others v. Seplat Energy Plc & 13 others granted ex parte Interim Orders against Seplat Energy and some of its Officers.
“The interim orders, which are yet to be served on the company or any of the affected officers, primarily restrain the Board Chairman, the named Independent Non-Executive Directors, the Chief Operating Officer and the Company Secretary from operating or functioning as officers of Seplat Energy in any capacity, or otherwise conducting the affairs of the Company.
“The company, as a law-abiding entity, has defended against the Interim Orders by immediately filing an Appeal and a Motion for Stay of Execution of the Orders.
“Seplat Energy has been advised by its legal team that the Interim Orders, which are yet to be served on the Company or its officers, cannot be enforced until the Court of Appeal has heard and determined the Appeal and application for Stay of Execution.
“This petition is a third in the series of duplicative petitions filed by purported minority shareholders between March and April 2023, as part of orchestrated attempts to damage the Company in response to its unrelenting efforts to improve corporate governance by eliminating related party transactions and implementing other corporate governance initiatives.”
The Seplat statement further read, “The company previously announced that: The Federal High Court in Lagos, per Hon. Justice Aneke, in Moses Igbrude & 4 ors V. Seplat Energy & 2 ors, has vacated the ex parte Interim Orders that required the Company’s CEO to step aside.”
The Federal High Court in Abuja, per Hon. Justice Ekwo, V. Seplat Energy & 8 ors, had formally dismissed the Immigration Charge against the Company and some of its Officers, and fully discharged all named Officers.
“This discharge followed the Notice of Withdrawal/Discharge filed by the Director Legal of the Nigeria Immigration Service and the Company’s cooperation with the immigration authorities.
The Federal High Court in Abuja, per Hon. Justice Ekwo, in Boniface Okezie & 4 ors. V. Seplat Energy & 9 ors, refused to grant to the petitioners’ request to grant ex parte Interim Orders restraining the Company from holding its AGM.”
The company noted that it remained relentless in its commitment to governance and operational excellence.
Seplat maintained that it would continue to, “diligently defend against these deliberate court actions, and remains confident and hopeful that the courts will appropriately address these unending litigations on the same subject matter in short order. It is imperative to state again that the company and the affected officers are yet to be served with any order of the court apart from the media report.”
WEMA BANK UNVEILS LATEST BRAND JINGLE FOR ALAT BY WEMA
L-R: Sounds of ALAT Judges, Cobhams Asuquo, Alpha Ojini, MD/CEO, Wema Bank, Moruf Oseni, Sounds of ALAT, Judge,Omawumi Megbele,Event Host,Tobi Bakre; Head, Brand and Marketing Communications, Wema Bank, Mabel Adeteye; at the bank’s anniversary party held at Harbour Point, Lagos.
Wema Bank, Nigeria’s leading innovative bank, has unveiled the latest brand jingle for its digital banking application, ALAT by Wema which is set to become an instant hit with customers and music lovers alike. The new jingle is part of the bank’s continuous efforts to connect with its target audience while staying true to its core values of innovation, excellence, and customer satisfaction.
The jingle, which was created by the winner of its Sounds of ALAT competition, Onyelisigwe Bright and produced by one of Nigeria’s biggest talents in the entertainment industry, Cobhams Asuquo, features an upbeat, catchy tune with lyrics that reflect the bank’s commitment to providing top-notch financial services to its customers. It is designed to evoke a sense of positivity, energy, and optimism, reflecting the bank’s vision of a brighter future for all its stakeholders.
Commenting on the new jingle, Wema Bank’s Head of Brand & Marketing Communication, Mabel Adeteye, said: “We are thrilled to unveil our latest brand jingle, which we believe captures the essence of our brand and what we stand for. We wanted a jingle that would resonate with our customers and make them feel proud to be associated with Wema Bank. We are confident that this new jingle will do just that and more.”
The new jingle is already generating buzz on social media, with many customers and music lovers praising its catchy tune and positive message. It will be featured in all the bank’s marketing campaigns, including television and radio commercials, online ads, and social media.
Wema Bank has a long history of innovation and excellence in the Nigerian banking industry, and the new jingle is just the latest example of the bank’s commitment to staying ahead of the curve and delivering value to its customers. Customers can download the jingle.
Wema Bank Launches Upgraded ALAT for Business Digital Banking App
Wema Bank, Nigeria’s leading innovative bank, has launched the upgraded version of its corporate digital banking application, ALAT for Business 2.0. The launch took place on May 3rd, 2023, during the bank’s Digital Week activities themed “Changing The Digital Dynamics In Nigeria” in celebration of the bank’s anniversary.
During the virtual event, Samuel Robson, the Product Owner, expressed his excitement to announce the launch of the new and improved ALAT For Business. He explained that the upgraded version offers an intuitive and seamless experience with enhanced security features and greater functionality. The app’s fresh new look and feel make it more user-friendly and engaging, while the omnichannel experience allows users to access their account from any device with ease.
As a sole proprietor, ALAT for Business 2.0 offers an on-boarding feature to make opening and managing an account easier. The app is also accessible to multiple users, enabling account access sharing with team members or family members and revoking it with ease.
During the virtual event, Oyindamola of Total Data Limited and Dr. Mark of Jendol Superstore shared their positive experiences using the application. They praised the app’s user-friendly interface, which aided the ease of making bulk payments to various vendors and sorting out payroll for various businesses without any hassle.
The Chief Digital Officer, Olusegun Adeniyi, highlighted Wema Bank’s commitment to the future of banking by developing tailored solutions and ensuring the bank covers various verticals beyond the financial ecosystem.
The upgraded ALAT for Business is now available on various app stores, offering an improved user-friendly interface, interbank & intrabank transfers, multiple user accessibility, bulk transfer to over 6,000 accounts, and access to stamped e-statements. ALAT for Business is the financial partner every business owner should have. Wema Bank continues to improve the application, with plans to add artificial intelligence and multi-languages for the Diaspora market and offshore banking, among other improvements.
ZENITH BANK FETES SHAREHOLDERS WITH UNPRECEDENTED DIVIDEND PAYOUT OF N100.47 BILLION
Founder and Chairman of Zenith Bank Plc, Dr. Jim Ovia, CFR, flanked by the Group Managing Director/Chief Executive of Zenith Bank, Dr. Ebenezer Onyeagwu (Left) and the Company Secretary, Mr. Micheal Otu (Right) during the bank’s 32nd Annual General Meeting (AGM) held virtually from the Civic Centre, Victoria Island, Lagos, yesterday.
At the 32nd Annual General Meeting (AGM) of Zenith Bank Plc, held virtually from the Civic Centre, Victoria Island, Lagos, on Tuesday, 2 May 2023, shareholders of the bank unanimously approved the proposed final dividend payment of NGN2.90 per share. This brings the total dividend for the 2022 financial year to NGN3.20 per share, with a total value of NGN100.47 billion.
In his opening statement at the AGM, Jim Ovia, CFR, Founder and Chairman of Zenith Bank Plc, expressed his gratitude to the shareholders for their unwavering loyalty, commitment, and support, which have been instrumental in the bank’s outstanding performance since its inception.
Group Managing Director/Chief Executive, Dr. Ebenezer Onyeagwu, extolled the Founder and Chairman, Jim Ovia, CFR, for establishing the legacy and providing the template for the bank’s continued superior performance. He also highlighted the Board and Management’s determination to maintain the bank’s growth trajectory in the coming years, with an emphasis on digital and retail banking.
Speaking at the AGM, Dr. Faruk Umar, President of the Association of the Rights of Nigerian Shareholders (AARNS), commended the Board and Management of Zenith Bank for consistently delivering value to shareholders, despite the challenging economic environment. He also praised the bank’s staff for their loyalty and dedication.
Chief Timothy Adesiyan, President, Shareholders Solidarity Association of Nigeria,expressed delight at the dividend payout and thanked the Board and Management for the outstanding performance that led to approving both an interim and final dividend during the year.
Also speaking, Mrs. Adenike David, National Coordinator of the Esteemed Shareholders Association of Nigeria, congratulated the bank and Chairman on their exceptional performance, as evidenced by the numerous awards received during the 2022 financial year. She also praised the bank for paying an interim dividend of 30 kobo and a final dividend of 2.90 kobo.
Despite challenging macroeconomic conditions, Zenith Bank Group achieved a 24% growth in gross earnings, from NGN765.6 billion in the previous year to NGN945.5 billion in 2022. This was driven by a 26% YoY growth in interest income and a 23% YoY growth in non-interest income. Customer deposits grew by 39%, reflecting the bank’s market leadership and customers’ trust. Net-Interest-Margin (NIM) increased from 6.7% to 7.2%, positively impacted by the elevated yield environment. Operating expenses grew by 17% YoY, though still below the inflation rate. Total assets rose by 30%, primarily due to growth in customer deposits.
In 2023, Zenith Bank Group plans to expand its reach and reorganise into a holding company structure, adding new verticals to its businesses and pursuing growth in all chosen markets, locally and internationally.
Zenith Bank’s track record of excellent performances has continued to earn the brand numerous awards including being recognised as the Number One Bank in Nigeria by Tier-1 Capital, for the 13th consecutive year, in the 2022 Top 1000 World Banks Ranking published by The Banker Magazine; Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020 and 2022; Best Bank in Nigeria, for three consecutive years from 2020 to 2022, in the Global Finance World’s Best Banks Awards; Best Commercial Bank, Nigeria 2021 and 2022 in the World Finance Banking Awards; Best Corporate Governance Bank, Nigeria in the World Finance Corporate Governance Awards 2022; Best in Corporate Governance’ Financial Services’ Africa, for three consecutive years from 2020 to 2022, by the Ethical Boardroom; Best Commercial Bank, Nigeria and Best Innovation In Retail Banking, Nigeria in the International Banker 2022 Banking Awards. Also, the bank emerged as the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2020 and 2021, and Retail Bank of the year, for three consecutive years from 2020 to 2022, at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards. Similarly, Zenith Bank was named as Bank of the Decade (People’s Choice) at the ThisDay Awards 2020, Most Innovative Bank of the Year 2019 by Tribune Newspaper, Bank of the Year 2020 by Independent Newspaper, Bank of the Year 2021 by Champion Newspaper, Bank of the Year 2022 by New Telegraph Newspaper, and Most Responsible Organisation in Africa 2021 by SERAS Awards.
