Naija News Today & Breaking News|Saharaweeklyng December 22, 2024

Fidelity Bank eyes oversubscription to N127.1 billion combined offers

Fidelity Bank eyes oversubscription to N127.1 billion combined offers Against the background of groundswell of supports and enthusiasm for the bank’s ongoing offers, Fidelity...

ZENITH BANK’S HYBRID RIGHTS ISSUE AND PUBLIC OFFER HOLDS IMMENSE VALUE FOR INVESTORS

Bank6 months ago

ZENITH BANK RETAINS BEST COMMERCIAL BANK IN NIGERIA AND BEST CORPORATE GOVERNANCE AWARDS AT WORLD FINANCE 2024 AWARDS

ZENITH BANK RETAINS BEST COMMERCIAL BANK IN NIGERIA AND BEST CORPORATE GOVERNANCE AWARDS AT WORLD FINANCE 2024 AWARDS Zenith Bank Plc has emerged as...

Bank6 months ago

FIRSTBANK POWERS NIGERIA’S DIGITAL LENDING CHARGE WITH FIRSTCREDIT

FIRSTBANK POWERS NIGERIA’S DIGITAL LENDING CHARGE WITH FIRSTCREDIT In the fast-evolving world of digital banking, Nigeria stands on the brink of a financial revolution. As the...

Bank6 months ago

Polaris Bank Partners NCF on Land Restoration, Tree Planting

Polaris Bank Partners NCF on Land Restoration, Tree Planting In pursuit of its Corporate Social Responsibilities (CSR), Polaris Bank Limited, is partnering the...

Business6 months ago

Wema Bank Donates Brand-New Car to Winner of Outstanding MSME Clinic of the Year at National MSME Awards 202

Wema Bank Donates Brand-New Car to Winner of Outstanding MSME Clinic of the Year at National MSME Awards 202 Wema Bank, Nigeria’s foremost innovative bank...

Business6 months ago

Sterling HoldCo Delivers To Shareholders

…Receives Commendations At Inaugural AGM Major shareholders of one of Nigeria’s leading financial conglomerates, Sterling Financial Holdings Company PLC., expressed their delight with...

Bank6 months ago

Rivers: ALGON Disowns Planned Protest By NASS Members Loyal To Wike, Former LG Chairmen*

*Rivers: ALGON Disowns Planned Protest By NASS Members Loyal To Wike, Former LG Chairmen* The Association of Local Governments of Nigeria (ALGON), Rivers State...

Business6 months ago

Union Bank Advocates for Environmental Restoration; Commemorates World Environment Day

Union Bank Advocates for Environmental Restoration; Commemorates World Environment Day Lagos, Nigeria—Union Bank, one of Nigeria’s foremost financial institutions, has reemphasised the need to...

Business6 months ago

GTCO Notice Of Proposed Offering

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO ANY JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL...

*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.

Business6 months ago

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...

Sahara Weekly Magazine

Fidelity Bank eyes oversubscription to N127.1 billion combined offers

ZENITH BANK RETAINS BEST COMMERCIAL BANK IN NIGERIA AND BEST CORPORATE GOVERNANCE AWARDS AT WORLD FINANCE 2024 AWARDS

FIRSTBANK POWERS NIGERIA’S DIGITAL LENDING CHARGE WITH FIRSTCREDIT

Polaris Bank Partners NCF on Land Restoration, Tree Planting

Wema Bank Donates Brand-New Car to Winner of Outstanding MSME Clinic of the Year at National MSME Awards 202

Sterling HoldCo Delivers To Shareholders

Rivers: ALGON Disowns Planned Protest By NASS Members Loyal To Wike, Former LG Chairmen*

Union Bank Advocates for Environmental Restoration; Commemorates World Environment Day

GTCO Notice Of Proposed Offering

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

APO Group