From Agbonmagbe to Wema Bank: Nigeria’s fifth oldest financial institution marks 79th birthday

Wema Bank, certainly one of Nigeria’s oldest surviving banks, clocks 79 years at this time. Its historical past is certainly one of an increase from humble beginnings to the highest of banking in Nigeria.

Established by Late Chief Mathew Adekoya Okupe as a non-public restricted legal responsibility firm below the title Agbonmagbe Bank Limited, it ran branches in Ebute-Metta, Sagamu, Abeokuta, and Ijebu-Igbo An enormous distinction to its present presence throughout main cities within the nation and past.

Even below the management of its founder, the financial institution flourished earlier than it was later acquired by the Western Nigeria Marketing Board.

Wema Bank
The previous Agbonmagbe Bank

Forty-two years after its institution, the previous partitions of Agbonmagbe remodeled into what’s to be referred to at this time as Wema Bank. The transfer kickstarted a brand new part within the rise to prominence.  The identical 12 months, it obtained a industrial banking licence and launched operations in the identical 12 months.

In 1987, the financial institution turned a public restricted legal responsibility firm, and its itemizing on the Nigerian Stock Exchange in 1990 below the image WEMABANK adopted.

While the financial institution sticks to its early promise, the main shift to its operations didn’t come till February 2001 when the Central Bank of Nigeria granted it a Universal Banking Licence. Since then, it has continued to develop, increasing its base within the monetary panorama.

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In 2015, the financial institution was elevated from a regional banking licence to a nationwide licence.

Wema Bank PLC’s development over time is price celebrating. From a modest institution, its merchandise throughout the 150 enterprise places of work and digital platforms now present retail, SME, commerce, treasury, enterprise advisory, and company banking providers to hundreds of thousands of Nigerians and foreigners.

According to the MD/CEO of Wema Bank, Mr. Moruf Oseni, the financial institution’s evolution has been a real story of resilience and transformation.

For Oseni, whereas the previous 79 years have been exceptional, the longer term will be much more inspiring.

“As we mark our 79th 12 months at this time, we reaffirm our dedication to empowering lives by innovation and exceeding our prospects’ expectations with unparalleled banking experiences tailor-made to their wants.

“We pledge to stand by our customers through every stage of life, offering enabling platforms to accelerate their growth and propel them to extraordinary heights,” he mentioned.



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