Connect with us

Business

Wema Bank Is Standing On Strong Financial Fundamentals – CEO, Ademola Adebise

Published

on

Wema Bank

 

Wema Bank, Nigeria’s leading innovative and digital-driven financial institution has
reassured its esteemed customers and shareholders that it remains standing on
strong financial fundamentals and reliable performance metrics, riding on the back
of seasoned and astute leadership.

 

 

 

The bank gave this reassurance, through its Managing Director/Chief Executive
Officer, Ademola Adebise, while reacting to a recent publication in the media
purportedly alleging a dip in its liquidity status following the unaudited report for
2020 with the MD/CEO saying the report is only a deliberate campaign to create
panic among its stakeholders using false news, and therefore should be
discountenanced,

 

 

He said, “The strength and viability of financial institutions are not measured on the isolated performance of one outlier year. The said report based a lot of its false
allegations on the unaudited 2020 financial year. But that was a year when COVID-
19 induced a lockdown and a disruption of such magnitude that negatively impacted
businesses, industries and economies the world over.

 

 

“Wema Bank has continually exhibited not just resilience, but admirable viability
over the years with a 30.95% increase in earnings recorded in just 2019. Then came
2020, and in spite of the difficulties, we succeeded in achieving impressive results in key areas such as net earnings from fees and commissions, while growing the
Bank’s asset base significantly.
“That’s not all, customer credibility in the bank was also accentuated with a massive
increase in customer deposits over the previous year. This is an audacious show of
confidence from the customers of Wema Bank

 

 

 

“These performance metrics amongst others, are testament to our smart balance
sheet optimization approach which will be affirmed by the time the audited and
official 2020 Financial Report is released in the coming weeks “

The CEO also referenced how well the Bank’s performance in the said 2020 makes it
one of the best performing financial institutions in the land.
“We won the BusinessDay award for the Best SME Bank of the Year for 2020. A
recognition of our unrivalled support for small and medium scale businesses
through loans, business advisory, and ease of payments and transactions.
“Also, the recently published 2020 KPMG Customer Experience Survey, showed
Wema Bank making significant growth in the retail category, climbing up ten (10)
places from the previous year to 2nd position, with an above industry average of
74.6% Customer Experience score. This achievement is a mark of dedication to
excellent customer service and refreshing support for all our customer categories.”
The KPMG Customer Experience Survey grades banks over six universal pillars of
Personalization, Integrity, Expectations, Resolution, Time & Effort and Empathy, and
Wema Bank has showed a mastery of these pillars and have been outstanding at all
of them.
Furthermore, in line with the bank’s sustainability goal of developing digital
solutions for societal impact, it successfully organized the second edition of
Hackaholics, a radical gathering of developers, web designers and creative thinkers
to develop solutions around key themes of Education, Health, Agriculture, Fintech,
Gaming & Betting.
These are intentional measures put in place to sustain an institution’s legacy of
economic evolution and social inclusion.
“We are a responsible corporate citizen with empathy as a core pillar of our
personality. Thus, we stood by the nation in the trying times of the COVID-19
pandemic with significant support for governments at both the federal and state
levels.
“Particularly to prevent severe food shortages and align with the SDG of Zero
Hunger, we supported State Governments with food palliatives donation which
alleviated the conditions of over 80,000 households of the most vulnerable
segments of the population.”

With all these financial and non-financial performance metrics, it is not in doubt that
Wema Bank is not only standing strong, it is also among the best performing
financial institutions in Nigeria, in 2020.
“I’ll take this opportunity to commend our customers for their sustained trust in us.
A support that has remained a critical pillar of our stability and growth over the
years, especially as we celebrate our 76th anniversary.
For us as a responsible and visionary organization, we are staying committed to our
corporate purpose of making life easier and better through innovation and digital-
driven lifestyle solutions for Nigerians and their businesses.” Adebise concluded.

 

Business

Dangote Hails Tinubu on Impact of Crude for Naira Swap Deal

Published

on

Dangote Hails Tinubu on Impact of Crude for Naira Swap Deal

 

 

…As Dangote Refinery partners MRS to sell PMS at N935 per litre nationwide at its retail outlets

 

 

Sahara Weekly Unveils That The Foremost entrepreneur and President of the Dangote Industries Limited, Aliko Dangote has commended President Bola Ahmed Tinubu for the positive impact of the naira for crude swap deal on the Nigerian economy, which has led to reduction in prices of petroleum products in the country.

 

Dangote Hails Tinubu on Impact of Crude for Naira Swap Deal

 

To provide succour to Nigerians, Dangote recently reduced the price of Premium Motor Spirit (PMS) from N970 to N899.50 at its Refinery loading gantry and provided generous credit terms to marketers.

 

 

“To ensure that this price reduction gets to the end consumer, we have signed a partnership with MRS to sell petrol from its retail outlets nationwide at N935 per litre” he added. This price has already commenced in Lagos, and it will be offered nationwide from Monday.

 

 

In his statement, he called on other oil marketers such as the NNPC Retail and all other marketers, “to work with us to ensure that Nigerians enjoy high-quality petrol at discounted prices.”

 

 

According to him, “The Dangote Refinery is for the benefit of Nigeria and Nigerians. We will therefore continue to work with various value chain players to deliver high quality petrol at cheaper prices. Our aim is for all Nigerians to have ready access to high quality petroleum products that are good for their vehicles, good for their health, and good for their pockets.

 

 

Recall that in September, the Federal Executive Council (FEC) under the leadership of Mr. President approved the sale of crude to local refineries in Naira and corresponding purchase of petroleum products in Naira. The move, which commenced on October 1, led to reduced pressure on the dollar and ensured the stability of the local currency.

 

 

Dangote thanked Nigerians for their unwavering support and the government for creating an enabling environment for the domestic refining industry.

Continue Reading

Business

Port Harcourt Refinery Stays Active: NNPC Denounces Sabotage Rumors

Published

on

Port Harcourt Refinery Stays Active: NNPC Denounces Sabotage Rumors

NNPC Debunks Shutdown Rumors, Confirms Port Harcourt Refinery Fully Operational

 

The Nigerian National Petroleum Company Limited (NNPC Ltd) has dismissed reports circulating in certain media outlets claiming that the Old Port Harcourt Refinery, which was re-streamed two months ago, has been shut down.

In a statement released by Olufemi O. Soneye, the Chief Corporate Communications Officer of NNPC Ltd, the company clarified that the refinery is fully operational. The statement noted that the facility’s operational status was recently verified by former Group Managing Directors of NNPC during a site inspection.

“Preparation for the day’s loading operation is currently ongoing,” the statement confirmed, emphasizing that allegations of the refinery’s shutdown are baseless and intended to create panic or artificial scarcity in the fuel market.

NNPC Ltd urged members of the public to disregard such misleading reports, labeling them as the work of those seeking to exploit Nigerians.

The Old Port Harcourt Refinery has been in operation since its re-streaming, and the company remains committed to ensuring stability in the supply of petroleum products across the country.

Continue Reading

Business

Nigerian Banks Donate Multimillion Naira Relief Materials to Jigawa Flood Victims

Published

on

Nigerian Banks Donate Multimillion Naira Relief Materials to Jigawa Flood Victims

In a show of solidarity, the Committee of Banks in Nigeria has extended a helping hand to victims of the September 2024 floods in Jigawa State. On Thursday, a high-profile delegation led by Dr. Oliver Alawuba, Chairman of the Committee and Group Managing Director/Chief Executive Officer of United Bank for Africa Plc (UBA), visited Dutse, the state capital, to present relief materials to the state government.
The donated items, worth several million Naira, included essential food supplies such as rice and cooking oil, along with mattresses and beverages. Dr. Alawuba highlighted that the gesture aimed to alleviate the hardship faced by flood victims and support critical institutions, especially public hospitals, in their efforts to assist those affected.
“We stand in solidarity with the people and government of Jigawa State during this difficult time. This donation is our way of expressing empathy and supporting those who have lost loved ones, properties, and livelihoods,” Dr. Alawuba stated.
The delegation included notable banking leaders such as Mr. Roosevelt Ogbonna of Access Bank Plc, Dame (Dr.) Adaora Umeoji of Zenith Bank Plc, and Dr. (Mrs.) Nneka Onyeali-Ikpe of Fidelity Bank Plc, among others. Their collective presence underscored the banking sector’s commitment to corporate social responsibility and national development.
Governor Malam Umar A. Namadi expressed profound gratitude for the donation, describing the visit as a rare and commendable act of compassion. He assured the delegation that the relief materials would be judiciously distributed to the intended beneficiaries, emphasizing the importance of partnerships in rebuilding lives and communities.
The Committee of Banks also reiterated their commitment to supporting Nigerians during emergencies, drawing attention to previous interventions, including relief efforts during the 2011 and 2013 floods, the COVID-19 pandemic, and security initiatives like the Lagos State Security Trust Fund.
This humanitarian gesture reflects the collective resolve of Nigeria’s financial institutions to foster social and economic growth, making a meaningful impact in times of need.
Nigerian Banks Donate Multimillion Naira Relief Materials to Jigawa Flood Victims

Continue Reading

Cover Of The Week

Trending