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WEMA BANK concludes 1st tranche of Capital Raise Programme

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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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Professor Olusegun Adeyemi Appointed as Member Governing Councils of CUSTECH, KSU

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Professor Olusegun Adeyemi Appointed as Member Governing Councils of CUSTECH, KSU

Professor Olusegun Adeyemi Appointed as Member Governing Councils of CUSTECH, KSU  

 

 

Ife Olukotun in Yagba East LG of Kogi state Born Professor, Segun Adeyemi has been Appointed as Member of the Governing Council of Kogi State University, Kabba and Confluence University of Science and Technology (CUSTECH), Osara. By the Executive Governor of Kogi State Ahmed Usman Ododo.

 

 

Professor Olusegun Adeyemi Appointed as Member Governing Councils of CUSTECH, KSU

During the inauguration of the Governing Council members,The Governor of Kogi state said the inauguration of these Governing Councils is a pivotal moment in our quest to provide quality education for our youths. We are committed to equipping our universities with the necessary resources and leadership to foster innovation and academic rigor,”

 

Professor Segun Adeyemi began his Career after Graduating with his First and master decree from Usmanu Danfodio University Sokoto.

He has Lectured in Bayero university Kano state, Kogi State University Ayingba, Presently a professor of fishery at Federal University Oye Ekiti state.

Professor Olusegun Samuel Adeyemi is also a Member, Technical Advisor Group TETFund.

 

He is a lover of Sport, Prof Adeyemi is a FIFA bagged Referee with 0ver 30years of Experience, He is Married with children.

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PROFILE: JESSICA AMARACHI OKU BY CHINEDU NSOFOR

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PROFILE: JESSICA AMARACHI OKU

BY
CHINEDU NSOFOR

 

Jessica Amarachi Oku is an accomplished Senior Treasury and Finance professional with 12 years of distinguished experience in enhancing liquidity, managing debt, optimizing investments, driving process efficiency, and comprehensive financial reporting for multi-million dollar portfolios. Her career is marked by a proven track record of inspiring finance teams to drive value creation, achieve outstanding results, mentorship and coaching talent within organizations.

Educational and Professional Development

Jessica’s academic and professional development journey showcases her commitment to excellence and continuous improvement. In June 2011, she earned her Bachelor of Science degree in Business Management with an impressive Upper Class (4.1 GPA) from the University of Nigeria, an achievement assessed by the World Education Services (WES). Continuing her educational pursuits, she completed a Project Management Training at Astute Trainers Consulting in June 2014, equipping her with essential project management skills. By December 2020, she had obtained an International Post Graduate Diploma in Strategic Management from the Metropolitan School of Business and Management, UK, further enhancing her strategic planning and management capabilities. Most recently, in October 2021, Jessica attended the Corporate Treasury Management program at the New York Institute of Finance (NYIF), where she honed her skills in advanced treasury operations and financial strategies. She is also a Certified Business Analysis Professional (CBAP) and is finalizing her Master of Business Administration (MBA) program at a recognized institution in Canada.

Awards and Recognition

Jessica’s exceptional contributions to her field have been recognized through several prestigious awards. In June 2020, she was honored with an Award for Outstanding Performance, reflecting her exceptional achievements and contributions. Following this, in April 2021, she received the Professional Achievers Award, acknowledging her outstanding performance and dedication to excellence. Additionally, she emerged as a top linked voice in Treasury Management in 2024.

Professional Trajectory

Jessica’s career trajectory is marked by significant roles and achievements in various esteemed organizations. At Guaranty Trust Bank Plc., from 2013 to 2016, Jessica served as a Commercial Banking Account Officer. In this role, she prepared budgets, income statements, and balance sheets. Additionally, she was instrumental in acquiring new customers, managing client relationships, and providing financial advisory services. Her analytical skills and dedication to customer service paved the way for her next position at Coronation Merchant Bank Limited. From 2016 to September 2019, as a Corporate Banking Relationship Manager and Team Lead for FMCG Sector, she drove business development initiatives with the primary aim of building the banks income, prospected new customers, and managed existing client relationships. Jessica also excelled in financial analysis, preparing cash flow forecasts, and overseeing credit management processes.

In September 2019, Jessica transitioned to Seven Up Bottling Company Limited as the Assistant Treasury Manager, a role she held until 2020. Here, she managed the company’s cash and debt portfolio, prepared financial reports, and forecasted cash flow requirements, maintaining vital banking relationships. Due to her exceptional performance, she was promoted to Head of Treasury, a position she held from 2020 to 2023. In this role, she was responsible for strategic cash flow planning, working capital optimization, and liaising with banks and lenders to structure financing solutions. Her financial acumen and impact investing led her to the Women’s Health Coalition of Canada in Alberta, where she currently serves as the Director of Fund Development since 2023. Jessica leads strategic planning and coordination of fund development initiatives and oversees treasury operations.

Conclusion

Jessica Amarachi Oku’s journey in the treasury and finance sector is a testament to her expertise, dedication, and leadership. Her extensive experience, combined with her continuous pursuit of professional development, positions her as a leading figure in the field. Her ability to drive strategic initiatives, manage complex financial operations, and inspire teams underscores her invaluable contributions to every organization she has been a part of.

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FIRS Expands Tax Net With 170,000 New Taxpayers

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FIRS Expands Tax Net With 170,000 New Taxpayers

The Federal Inland Revenue Service, FIRS, said it has expanded the country’s tax net with the capturing of more than 170,000 new taxpayers through the introduction of new business modules and simplifying tax payment processes.

 

Executive Chairman of FIRS, Dr. Zacch Adedeji, who disclosed this at a media chat in Lagos, noted that the agency recorded a 56 percent, year-on-year (YoY), increase in revenue collection to N3.94 trillion in the first quarter of 2024 (Q1’24) compared to the N2.52 trillion collected in Q1’23.

 

Represented by the Special Adviser on Tax Policy, Femi Olarinde, he noted that FIRS achieved 81 percent of its Q1’24 target.

He stated: “In 2023 FIRS had a target of 11.5 trillion, beyond that target, we were able to surpass it and we achieved N12.3 trillion collections.

 

“In 2024, the government has given us a target of N19.4 trillion, and by the end of Q1’24, we had collected 81 percent of the target for the quarter.

“Tax is somehow, we have the peak period and the off peak period. Q1 is one of the off peak periods. We are going to do better, June is the peak period and we are certain to go beyond Q2 target.”

 

He attributed the 107 percent revenue target achieved in 2023 to hard work and innovations.

“This is by sheer hard work, by making things right, and by making things easy for Nigerians. One of the principles of taxation is making it as convenient as possible to reduce the cost of compliance.

 

“Government cannot function without taxes, so the government needs strong institutions like the FIRS, to be able to contribute to the government and bring that desired infrastructure that the citizens talk about.

“We integrated nine new modules on our novel technology called the Tax Promax, it is a technology we use to administer tax. Was designed that technology in house because we encourage innovation.

“Within one year we expanded that module with nine other modules because of the drastic investment in innovation. We are revolutionalising tax office into the streamlined one stop shop; it reduces the cost of administration and reduces cost of compliance. We have improved customers satisfaction by over 70 percent.

“We achieved remarkable success in simplifying tax processes and we have increased new tax payers by 170,000,” he said.

Earlier, Special Adviser to FIRS on Media, Dare Adekanbi, said: “We cannot talk about nation building without revenue; it is the oil that keeps the economy going”

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