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Business News

Wema bank appoints Ademola Adebise as Acting Managing Director

Wema Bank Plc has announced the appointment of Ademola Adebise as Acting Managing Director.

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Moruf Oseni, Ademola Adebise, Wema Bank

In a notice sent to the Nigerian Stock Exchange (NSE) today, Wema Bank Plc has announced the appointment of Ademola Adebise as Acting Managing Director.

His appointment takes effect from the 1st of July 2018, subject to regulatory approval. Prior to this, he was the Deputy Managing Director (DMD). Segun Oloketuyi, the current Managing Director will be retiring, having completed 10 years in office. CBN rules limit bank MDs to a maximum of 10 years in office.

From June, 2009 to December, 2016, Adeise was an Executive Director. From October 2005 to May 2009, he worked with Accenture in its Lagos Office as Head, Finance & Performance Management Practice at Accenture.

He also worked in Chartered Bank from May, 1988 to November 2000 as an Assistant General Manager, and the defunct National Bank of Nigeria as General Manager between December, 2000 to September, 2005.

He attended the University of Lagos between 1983-1987, where he obtained a Bachelor’s degree in Computer Science. He then attended the Lagos Business School, graduating with a Master’s degree in Business Administration.

He is a member of several professional bodies including the Institute of Chartered Accountants of Nigeria (ICAN), Chartered Institute of Taxation and Computer Professionals (Registration Council of Nigeria), Chartered Institute of Bankers of Nigeria (CIBN) and Institute of Directors (IOD).

Wema Bank shares are currently trading at N0.73 in today’s session on the Nigerian Stock Exchange (NSE). Year to date the shares are up 34.16%.

Results for the first quarter ended March 2018 show Gross Earnings increased from N15.2 billion in 2017 to N16 billion in 2018. Profit before tax increased from N849 million in 2017 to N883 million in 2018. Profit after tax also increased from N722 million in 2017 to N764 million in 2018.

The bank during its Annual General Meeting (AGM) held this year, indicated it would raise N20 billion through a bond raise. Proceeds of which will be used to boost the bank’s Capital Adequacy Ratio (CAR).

The Capital Adequacy Ratio (CAR) is the ratio of a bank’s qualified capital (equity) as a percentage of its total risk assets (money lent out by the bank).

In simple terms, the ratio measures a bank’s ability to shoulder loans should they go bad. The Central Bank of Nigeria (CBN) set a CAR of 10% for commercial banks and 15% for commercial banks that have a foreign subsidiary.

Wema Bank was incorporated in 1945 under the name Agbonmagbe Bank Limited. It later transformed into a public limited company in April, 1987 and was listed on the Nigerian Stock Exchange (NSE) in January 1990.

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training.He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE).He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy.You can contact him via [email protected]

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Real Estate

FG to unveil dedicated portal for sale of houses to Nigerians

The Federal Government has announced plans to launch a dedicated web portal for the sale of buildings to Nigerians in the next few weeks.

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Nigeria needs N1.5 trillion within the next 3 years to fix roads - Fashola

The Federal Government has announced plans to launch a dedicated web portal for the sale of buildings to Nigerians in the next few weeks.

The platform is expected to help contributors to the National Housing Fund (NHF) access mortgage loans on a first-come, first-serve basis.

This disclosure was made by the Minister of Works and Housing, Babatunde Raji Fashola while speaking at the ninth meeting of the National Council on Lands, Housing and Urban Development in Jos, Plateau State.

Fashola, who was represented by the Minister of State for Works and Housing, Abubakar Aliyu, pointed out that the ministry is currently at the completion stages of the first phase of the national housing programme in 34 states of the federation, which provided land for it.

He said, “We urge the state governments to alert their residents to this opportunity for interested persons to apply.”

Fashola commended the Federal Mortgage Bank of Nigeria (FMBN) for being at the forefront of the cooperative housing initiative at the federal level, adding that it has the advantage of allowing cooperative members to choose what they design and build to fit their budgets.

They can leverage their members to get group discount for the purchase of building materials as well as the engagement of contractors.

Fashola disclosed that FMBN as the driver of the housing initiative has engaged 86 co-operatives in projects; approved N35, 784 billion cumulatively; disbursed N10.95 billion; and processed as at January, 57 co-operative housing development loans.

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Fashola emphasized that what the Federal Government can do directly in housing is limited compared to what states can do, just as state governments are also limited, compared to what the private sector and individuals can do.

He said, “The majority of houses available for sale or rent belong to individuals and private companies compared to what states or Federal Government has available. Therefore, many of the tenants who owe rent, who face eviction or who seek to rent or buy property are dealing with private citizens or companies and less so with government agencies.’

My recommendation for improving access and affordability to housing in the Covid-19 era is for private companies and individuals to give back some of what they control to citizens in the way the Federal Government has given back to citizens some of what it controls.’’

He explained, “for example in cases where the rent of businesses or individuals are due for renewal, the private landlords can give back, by accepting monthly, quarterly or half-yearly rent instead of one year, two or three years rent in advance.”

Bottom line

Nigeria has been bedevilled by a housing crisis that has left Africa’s most populous nation ill-equipped to properly provide accommodation for its citizens and inhabitants.

Some of the housing problems in the country include unresolved rent tenure arrangements, high cost of building materials, access to infrastructure, deficiency of housing finance arrangements, stringent loan conditions from mortgage banks, time to process legal documents and inadequate government housing policies.

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Coronavirus

Covid-19: Nigeria committed to procuring 29 million J&J vaccines

The Nigerian Government is still committed to acquiring 29.59 million doses of Johnson & Johnson covid-19 vaccines through the Afrixem Bank AVAT initiative. 

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AstraZeneca suspends COVID-19 vaccine final stage trial over safety concerns, COVID-19: J&J starts vaccine trials on humans after success on monkeys

The Nigerian Government says it is still committed to acquiring 29.59 million doses of Johnson & Johnson covid-19 vaccines through the Afrixem Bank AVAT initiative.

This was disclosed Mrs Zainab Ahmed, Minister of Finance at the recent ‘Collaborative Africa Budget Reform Initiative (CABRI) General Assembly webinar.

What the Minister said

“Therefore, the supplementary budget for COVID-19 vaccines will cover the cost of additional vaccines over and above those provided by COVAX, as well as the full cost of operations and logistics for delivering the vaccines around the country.

Already, the sum of N29.1 billion has been released from the Routine Immunization budgetary provision (Service Wide Vote) to the National Primary Healthcare Development Agency (NPHCDA) as an advance for the operational cost of deployment of the COVID-19 vaccines. The N29.1 billion represents about 52 percent of the amount required over 2021-22,” she said.

She added that FG plans to vaccinate 70 percent of eligible (18 years and above) Nigerians over the 2021 and 2022 fiscal years, with the COVAX agreement willing to cover 43.1 million of the eligible population.

In case you missed it

The World Health Organization (WHO)  announced the approval of China’s Sinopharm vaccine for Covid-19 vaccination. The vaccine is reported to have 79% efficacy against covid.

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