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Addressing False Information Alleging Impending Commercial Banking License Seizure and Bank Closure

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*Addressing False Information Alleging Impending Commercial Banking License Seizure and Bank Closure* Recent industry occurrences have given rise to an influx of false information and propaganda targeted at causing unrest in the Nigerian financial services industry. Among this fake news is a WhatsApp messages alleging that a number of commercial banks stand at risk of losing their banking license and being closed; one of the banks mentioned was Wema Bank. We categorically confirm that this claim is FALSE and contrary to the reality of Wema Bank's financial strength.   THE PREMISE In a statement allegedly signed by The National Secretary of the Nigeria Union of Pensioners/Federal Civil Service Pensioners (NUP/FCSP), Abuja Branch, Wema Bank was mentioned as one of the commercial banks slated for impending license seizure by the CBN. The statement further urged pensioners and by extension the public, to relinquish their Wema Bank accounts and adopt other banks not listed in the statement, as a “proactive step against being caught in the web of the impending closure of the mentioned banks”. THE TRUTH Wema Bank is of sound financial health and at no risk of license seizure or closure. Our financial performance showcases financial strength and stability, as validated by stakeholders and auditors at our 2023 Annual General Meeting (AGM); a feat we have achieved despite Nigeria’s economic fluctuations. In addition, we are moving ahead to meet the N200bn minimum capital requirement stipulated by the Central Bank of Nigeria for a commercial bank license with national authorization. We have raised an additional N40bn in fresh capital over the past months and are on the path to meet the target within 18 months. Our financial strength is evident not only in our 2023 financial report and Q1 2023 financial results but also in our growth trends over the past years, which ascertain that we are equipped to continue thriving. As reported in our FY 2023 Audited financial results, our financials grew strongly in the past year with a 196% increase in Profit Before Tax (PBT) from N14.75bn to N43.59bn, 220.4% increase in Profit After Tax (PAT) from N11.21bn to N33.66bn, 70.63% increase in Gross Earnings from N132.30bn to N225.75, 53.64% increase in Loans disbursed from N521.43bn to N801.10bn, 26% increase in Capital Adequacy Ratio from N12.74bn to N16.04bn and a remarkable 220.53% increase in Earnings per share from N87.2 to N279.5, among other successful upturns. Our Non-Performing Loan rate also stands at 4.31%, one of the lowest in the industry. Furthermore, our stable financial future has been recently verified by the Pan-African rating agency Agusto & Co, who recently upgraded our rating to Bbb+ with ESG Score of 2 and confirmation of stable outlook. Despite financial headwinds, our Q1 2024 financial results show that we are on track to equal and/or surpass our 2023 results by the end of 2024. In view of our positive financial record and solid financial standing, the claims made are not only 100% false but also unsubstantial and have no grounds or basis for consideration.   MEASURES TAKEN With confidence in our financial standing and stable outlook, we have petitioned the security officials to invite NUP for questioning and will be taking legal action on the perpetrator(s) of this libelous statement.  Wema Bank is firm in its commitment to providing optimum returns for every stakeholder, and we will not condone the circulation of false information that could potentially cause panic in the country.   As we follow through with stringent measures to hold the creators(s) of this allegation accountable, we take this moment to confirm categorically that Wema Bank is well equipped to continue serving our customers as a commercial Bank with National banking authorization, keep up the positive trends as we expand our reach and continue to provide all our shareholders and stakeholders with optimum returns.

 

 

 

Recent industry occurrences have given rise to an influx of false information and propaganda targeted at causing unrest in the Nigerian financial services industry. Among this fake news is a WhatsApp messages alleging that a number of commercial banks stand at risk of losing their banking license and being closed; one of the banks mentioned was Wema Bank. We categorically confirm that this claim is FALSE and contrary to the reality of Wema Bank’s financial strength.

 

*Addressing False Information Alleging Impending Commercial Banking License Seizure and Bank Closure* Recent industry occurrences have given rise to an influx of false information and propaganda targeted at causing unrest in the Nigerian financial services industry. Among this fake news is a WhatsApp messages alleging that a number of commercial banks stand at risk of losing their banking license and being closed; one of the banks mentioned was Wema Bank. We categorically confirm that this claim is FALSE and contrary to the reality of Wema Bank's financial strength. THE PREMISE In a statement allegedly signed by The National Secretary of the Nigeria Union of Pensioners/Federal Civil Service Pensioners (NUP/FCSP), Abuja Branch, Wema Bank was mentioned as one of the commercial banks slated for impending license seizure by the CBN. The statement further urged pensioners and by extension the public, to relinquish their Wema Bank accounts and adopt other banks not listed in the statement, as a “proactive step against being caught in the web of the impending closure of the mentioned banks”. THE TRUTH Wema Bank is of sound financial health and at no risk of license seizure or closure. Our financial performance showcases financial strength and stability, as validated by stakeholders and auditors at our 2023 Annual General Meeting (AGM); a feat we have achieved despite Nigeria’s economic fluctuations. In addition, we are moving ahead to meet the N200bn minimum capital requirement stipulated by the Central Bank of Nigeria for a commercial bank license with national authorization. We have raised an additional N40bn in fresh capital over the past months and are on the path to meet the target within 18 months. Our financial strength is evident not only in our 2023 financial report and Q1 2023 financial results but also in our growth trends over the past years, which ascertain that we are equipped to continue thriving. As reported in our FY 2023 Audited financial results, our financials grew strongly in the past year with a 196% increase in Profit Before Tax (PBT) from N14.75bn to N43.59bn, 220.4% increase in Profit After Tax (PAT) from N11.21bn to N33.66bn, 70.63% increase in Gross Earnings from N132.30bn to N225.75, 53.64% increase in Loans disbursed from N521.43bn to N801.10bn, 26% increase in Capital Adequacy Ratio from N12.74bn to N16.04bn and a remarkable 220.53% increase in Earnings per share from N87.2 to N279.5, among other successful upturns. Our Non-Performing Loan rate also stands at 4.31%, one of the lowest in the industry. Furthermore, our stable financial future has been recently verified by the Pan-African rating agency Agusto & Co, who recently upgraded our rating to Bbb+ with ESG Score of 2 and confirmation of stable outlook. Despite financial headwinds, our Q1 2024 financial results show that we are on track to equal and/or surpass our 2023 results by the end of 2024. In view of our positive financial record and solid financial standing, the claims made are not only 100% false but also unsubstantial and have no grounds or basis for consideration. MEASURES TAKEN With confidence in our financial standing and stable outlook, we have petitioned the security officials to invite NUP for questioning and will be taking legal action on the perpetrator(s) of this libelous statement.  Wema Bank is firm in its commitment to providing optimum returns for every stakeholder, and we will not condone the circulation of false information that could potentially cause panic in the country. As we follow through with stringent measures to hold the creators(s) of this allegation accountable, we take this moment to confirm categorically that Wema Bank is well equipped to continue serving our customers as a commercial Bank with National banking authorization, keep up the positive trends as we expand our reach and continue to provide all our shareholders and stakeholders with optimum returns.

 

 

THE PREMISE
In a statement allegedly signed by The National Secretary of the Nigeria Union of Pensioners/Federal Civil Service Pensioners (NUP/FCSP), Abuja Branch, Wema Bank was mentioned as one of the commercial banks slated for impending license seizure by the CBN. The statement further urged pensioners and by extension the public, to relinquish their Wema Bank accounts and adopt other banks not listed in the statement, as a “proactive step against being caught in the web of the impending closure of the mentioned banks”.

THE TRUTH
Wema Bank is of sound financial health and at no risk of license seizure or closure. Our financial performance showcases financial strength and stability, as validated by stakeholders and auditors at our 2023 Annual General Meeting (AGM); a feat we have achieved despite Nigeria’s economic fluctuations. In addition, we are moving ahead to meet the N200bn minimum capital requirement stipulated by the Central Bank of Nigeria for a commercial bank license with national authorization. We have raised an additional N40bn in fresh capital over the past months and are on the path to meet the target within 18 months.

Our financial strength is evident not only in our 2023 financial report and Q1 2024 financial results but also in our growth trends over the past years, which ascertain that we are equipped to continue thriving. As reported in our FY 2023 Audited financial results, our financials grew strongly in the past year with a 196% increase in Profit Before Tax (PBT) from N14.75bn to N43.59bn, 220.4% increase in Profit After Tax (PAT) from N11.21bn to N33.66bn, 70.63% increase in Gross Earnings from N132.30bn to N225.75, 53.64% increase in Loans disbursed from N521.43bn to N801.10bn, 26% increase in Capital Adequacy Ratio from N12.74bn to N16.04bn and a remarkable 220.53% increase in Earnings per share from N87.2 to N279.5, among other successful upturns. Our Non-Performing Loan rate also stands at 4.31%, one of the lowest in the industry.

Furthermore, our stable financial future has been recently verified by the Pan-African rating agency Agusto & Co, who recently upgraded our rating to Bbb+ with ESG Score of 2 and confirmation of stable outlook. Despite financial headwinds, our Q1 2024 financial results show that we are on track to equal and/or surpass our 2023 results by the end of 2024.

In view of our positive financial record and solid financial standing, the claims made are not only 100% false but also unsubstantial and have no grounds or basis for consideration.

MEASURES TAKEN

With confidence in our financial standing and stable outlook, we have petitioned the security officials to invite NUP for questioning and will be taking legal action on the perpetrator(s) of this libelous statement.

Wema Bank is firm in its commitment to providing optimum returns for every stakeholder, and we will not condone the circulation of false information that could potentially cause panic in the country.
As we follow through with stringent measures to hold the creators(s) of this allegation accountable, we take this moment to confirm categorically that Wema Bank is well equipped to continue serving our customers as a commercial Bank with National banking authorization, keep up the positive trends as we expand our reach and continue to provide all our shareholders and stakeholders with optimum returns.

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Afro-Asian Entrepreneurs Conference 2024 Set to Unite Continents in Delhi

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*Afro-Asian Entrepreneurs Conference 2024 Set to Unite Continents in Delhi*

 

The Mediapreneur Network, a prominent non-governmental organization based in Nigeria, is collaborating with the Nigeria-India Business Council (NIBC) and other stakeholders to organize the Afro-Asian Entrepreneurs Conference 2024. Scheduled for Saturday, July 6th, 2024, at the prestigious Indraprastha Institute of Information Technology, Delhi, the event aims to foster global innovation and sustainable entrepreneurial success under the theme “Uniting Continents.”

 

 

Led by Abisola Williams, a 24-year-old Nigerian student based in India, the Mediapreneur Network has been at the forefront of promoting digital skills, mentorship, and entrepreneurial growth among youth. Williams, nominated for the 25Under25 CEO’s Award in Nigeria’s Social Enterprise and Development category, has a commendable track record of organizing impactful conferences across Nigeria, impacting over 1,500 individuals.

The conference enjoys the support of esteemed organizations such as mentors Global, TiE Delhi-NCR, RevUp Life Skill, Payomatix Technologies, Edudite Consultancy and others. It anticipates participation from over 500 delegates, including distinguished speakers, ambassadors, high commissioners, and more than 30 awardees. The gathering promises to offer a dynamic platform for collaboration, creativity, and actionable insights.

Key objectives of the conference include contributing significantly to global economic empowerment, promoting peace-building initiatives, and facilitating the creation of new businesses and employment opportunities. It underscores strategic partnerships across private, public, and civil sectors to enhance bilateral relations and foster investment opportunities between Nigeria and India.

For media inquiries, partnership opportunities, and registration details, interested parties are encouraged to visit the official conference website at www.afroasianmediapreneur.com or contact Abisola Williams directly at +91 9675997319 or +2348133659873.

Witness the unfolding of a transformative journey towards global innovation and sustainable entrepreneurial success at the Afro-Asian Entrepreneurs Conference 2024.

*Contact Information:*
Abisola Williams
Email:

[[email protected]]

(mailto: [email protected])

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Why You should Patronize Mariah Scent

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Why You should Patronize Mariah Scent

 

Spray perfumes to tell your story! Like they say Perfume is the only way to turn any boring day into an enigmatic one. And one of the surest plugs to get quality perfume is Mariah Scent.

 

Why You should Patronize Mariah Scent

Known for quality perfume, Mariah Scent is the leading plug to give you sure confidence by smelling nice.

 

 

That’s why a lot of dignitaries patronize Mariah Scent. There delivery service too is topnotch.

Run by delectable Maria Bambi, patronize Mariah Scent for quality perfume branda at cheaper price.

 

Contact her on 0704 868 9404 and IG handle @mariah_scent

 

Why You should Patronize Mariah Scent

 

 

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Harmony Gardens MD, Saheed Mosadoluwa Tackles Nigeria’s Housing Deficit As BHDSummit2024 Holds in July

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Come July 2nd 2024, Harmony Gardens and Estate Development Ltd, under the leadership of Hon. Dr Saheed Mosadoluwa better known as Mr Ibile will be hosting Bridging Housing Deficit Summit 2024 “BHDSummit2024”, coinciding with the grand launch of Lekki Aviation Town. This summit will bring together 7,000 Nigerians to discuss solutions to the housing deficit and affordability obstacles, showcasing Mosadoluwa’s commitment to addressing these critical issues.

Hon. Dr. Saheed Mosadoluwa, a prominent businessman and entrepreneur, is making significant strides in tackling Nigeria’s housing deficit and national airline challenges. As the chairman of Harmony Gardens and Estate Development Ltd, Mosadoluwa has established himself as a leading figure in sustainable real estate development in Lagos State.

Founded in 2019, Harmony Gardens and Estate Development Ltd has grown into a major player in the Nigerian real estate industry. With a portfolio that includes seven developing estates, such as HarmonyVille, Granville, CrestView, Oju-Alaro Estates, and Lekki Aviation Town, the company aims to provide housing for up to 750,000 Nigerians. The acquisition of 1,412 hectares of land valued at $860 million underscores the firm’s ambition and capability.

Mosadoluwa’s journey began in the aviation and logistics sectors, where he catered to Hajj operations and freight forwarding. His expertise led to the founding of Royal Crystal Airways in 2019, after serving as Director of Operations for airlines including Saudi Gulf, White Airways, and Nigeria’s defunct Kabo Airline. His aviation ventures have contributed to a diversified portfolio that spans logistics, events, hospitality, and manufacturing, with a global footprint across Europe, Asia, the Middle East, and Africa.

Mr. Ibile’s impact extends beyond real estate. His commitment to public service and sustainable development has earned him recognition as one of the most influential young entrepreneurs in West Africa. Despite facing numerous challenges, he has consistently demonstrated a strong work ethic and visionary leadership.

In addition to his business achievements, Mosadoluwa has addressed the pressing issues of Nigeria’s housing deficit and national airline challenges. He believes that overcoming these obstacles requires a willingness to let go of trade-offs and embrace innovative solutions. His vision for Lekki Aviation Town, a hub for aviation services, training, and innovation, aims to position Lagos State as a key player in the global aviation industry.

Harmony Gardens and Estate Development Ltd’s success is a testament to Mosadoluwa’s innovative approach to urban living. The company’s flagship project, Harmony Gardens Estates, sets new standards for luxury and sustainability in Lagos. Notable developments include the acquisition of land for Lekki Aviation Town and the launch of multi-billion-naira estates in the Lekki area.

Hon. Dr. Saheed Mosadoluwa’s dedication to excellence, sustainable development, and innovation continues to inspire a new generation of leaders and entrepreneurs. His efforts to transform Nigeria’s housing and aviation sectors highlight his role as a visionary leader committed to making a lasting impact on the nation’s development.

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