Business – Page 85 – Sahara Weekly Magazine

Data breach: FG slams N400m fine on four banks, others

The Nigeria Data Protection Commission has said more than 1000 financial institutions, schools, insurance companies, and consultancy firms are currently undergoing investigations for various degrees of...

Bank2 years 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...

At Labule, we are committed to raising the standards of our local delicacies- Binta Adisa, MD, Roots Foods Limited

Business2 years ago

At Labule, we are committed to raising the standards of our local delicacies- Binta Adisa, MD, Roots Foods Limited

The Managing Director/ Chief Chef, Roots Foods Limited, the parent company of Labule Restaurants, Binta Adisa, has reiterated the commitment of the company to...

*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.

Bank2 years 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...

Bank2 years ago

Fidelity Bank leads trading as equities gain N324b

Fidelity Bank leads trading as equities gain N324b Fidelity Bank Plc was the most active stock on Monday, 10 June 2024 at the Nigerian stock market...

Sterling Bank Implements Blockchain Solution for SPPG

Business2 years ago

Sterling Bank Implements Blockchain Solution for SPPG

Sterling Bank Implements Blockchain Solution for SPPG Sterling Bank, a leading financial institution committed to driving innovation and progress, has partnered with the School of...

Business2 years ago

OGUN MOVES TO HARMONISE TAXES, LEVIES TO ADDRESS DOUBLE TAXATION

The Ogun State Government has said that it is working round the clock to ensure harmonization of taxes and levies to reduce the incidence...

Business2 years ago

Lagos Govt Orders Additional 100 Trucks from Dangote’s Trucks Assembly Plant as Akpabio Commissions new CKD Plant

…Gov, Senators hail Dangote on impactful facility Leadership of the Senate at the weekend unveiled the multi-million dollar world-class Dangote Sinotruk West Africa Ltd CKD...

Business2 years ago

Fitch Upgrades Fidelity Bank’s Rating to ‘Positive’

Fitch Ratings has revised the outlook on Fidelity Bank PLC’s LongTerm Issuer Default Rating (IDR) to Positive from Stable, while affirming the rating at ‘B-‘....

Kano Business Community Laud Optiva Capital on Innovative Investment Immigration and International Real Estate Solutions

Business2 years ago

Kano Business Community Laud Optiva Capital on Innovative Investment Immigration and International Real Estate Solutions

Optiva Capital Partners Showcases Investment Immigration and International Real Estate Opportunities to Kano Business Community Businessmen and Professionals in Kano have commended Optiva Capital...

Sahara Weekly Magazine

Data breach: FG slams N400m fine on four banks, others

GTCO Notice Of Proposed Offering

At Labule, we are committed to raising the standards of our local delicacies- Binta Adisa, MD, Roots Foods Limited

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

Fidelity Bank leads trading as equities gain N324b

Sterling Bank Implements Blockchain Solution for SPPG

OGUN MOVES TO HARMONISE TAXES, LEVIES TO ADDRESS DOUBLE TAXATION

Lagos Govt Orders Additional 100 Trucks from Dangote’s Trucks Assembly Plant as Akpabio Commissions new CKD Plant

Fitch Upgrades Fidelity Bank’s Rating to ‘Positive’

Kano Business Community Laud Optiva Capital on Innovative Investment Immigration and International Real Estate Solutions

Recent Stories

APO Group

Africa Newsroom