Wema Bank says it is exploring opportunities in the power sector and the blue economy, including mining, as part of efforts to diversify its investment portfolio.
The update was shared during the group’s FY 2025 analyst and investor conference call led by Managing Director and CEO, Moruf Oseni.
Responding to questions on delivering shareholder value after meeting regulatory capital thresholds, Chief Risk Officer Sylvanus Eneche discussed balancing expansion with risk discipline.
- “With significant capital that has come in now, we need to deploy; however, we are selective in the kind of assets we invest in, being risk aware,” he said.
He noted that the bank sees opportunities in the power sector and the blue economy, adding that it has begun to position itself to participate in those areas.
What the executives are saying:
In addition to these sectors, the Chief Risk Officer said the bank is assessing potential relationships with larger counterparties it has not previously engaged.
He noted that any capital deployment to such players would be done selectively, with a continued focus on risk controls and asset quality.
- “We are looking at larger A-tier players we have not engaged before, and we are set to deploy capital to them in a risk-aware manner, leveraging the opportunities,” he said.
On tier-one ambitions, Managing Director and CEO Moruf Oseni said the bank’s growth has been solid, as reflected in its financial results.
- “To pole vault ourselves into tier one, we will grow organically and efficiently, and we are also looking for opportunities to scale up operations within the bank,” he stated.
He added that achieving tier-one status is a priority, with a two to three-year timeline considered feasible if ongoing initiatives deliver as expected.
He also noted that the bank’s longer-term plans extend beyond tier one, while customer deposits have increased from N804 billion in 2020 to N3.2 trillion in 2025.
Get up to speed
For the 2025 financial year, Wema Bank Plc reported a profit before tax of N221.8 billion in its audited results, broadly unchanged from the unaudited N222 billion figure.
The audited performance marked a 116.44% increase from N102.5 billion in 2024, largely supported by higher interest income, which remains the primary driver of earnings.
- Interest income rose to N576 billion from N354.6 billion, with loans and advances contributing 60.4%, investment securities 35.5%, and cash holdings accounting for the balance.
- Non-interest income was supported by net gains on fair value investment securities of N993.2 million and fee and commission income of N75.5 billion, up from N55.5 billion.
Additional contributions from trading income of N8.3 billion and other sources lifted total operating income to N420.6 billion, while operating expenses increased to N198.7 billion, resulting in pre-tax profit of N221.8 billion.
What you should know
Wema Bank has recorded a year-to-date performance of over 28% in 2026, with more than 2.4 billion units traded on the Nigerian Exchange so far.
The group’s total assets currently stand at about N5.07 trillion, up from N3.5 trillion, with loans and advances to customers at N1.7 trillion, forming the largest share of the asset base.
The bank also met the CBN’s N200 billion capital requirement through a N150 billion rights issue, while an additional N50 billion private placement is still progressing through final regulatory approvals.
