Wema Bank Plc Sets the Record Straight on False and Misleading Publication by NDIC on Legacy Transactions Involving Defunct Gulf Bank Plc

 

General Comments

Wema Bank Plc has noted with concern recent media publications containing false, misleading, and wholly unsubstantiated allegations regarding the sale of certain Banana Island properties purportedly linked to the defunct Gulf Bank Plc. We unequivocally reject these claims, which are inaccurate, malicious, and clearly intended to distort the true position. For the benefit of our stakeholders—shareholders, customers, regulators, and the general public—we set out below the factual background to the transaction.

The Original Exposure and Default

In 2002, Wema Bank Plc (the Bank) made an inter-bank placement with Gulf Bank Plc in the sum of ₦4.6 billion. By August 2004, that exposure had been reduced to approximately ₦1.2 billion, after which the outstanding obligation became delinquent. In seeking to recover depositors' and shareholders' funds, Wema Bank pursued lawful recovery steps, which ultimately dovetailed into a criminal investigation of the then Managing Director of Gulf Bank Plc.

Promasidor Nigeria Marks International Day of Families, Advocates Child Well-Being and Stronger Family Support Systems

 

Promasidor Nigeria, a leading player in Nigeria’s fast-moving consumer goods (FMCG) industry, is commemorating this year’s International Day of Families with a renewed call for stronger support systems that promote child well-being and help reduce inequalities affecting families across the country.

Observed globally on May 15, this year’s theme, “Families, Inequalities and Child Wellbeing,” highlights the urgent need to address disparities in access to nutrition, education, care, and opportunity factors that continue to shape the future of millions of children.

US Federal Court Jails Nigerian‑Born Professor For 5 Years And 10 Months Over $1.4m Donor Fund Theft

 A United States federal district court in Michigan has sentenced Nkechy Ezeh, a former executive director at the Early Learning Neighbourhood Collaborative (ELNC), to 70 months in prison for orchestrating a scheme that diverted $1.4 million in taxpayer and donor funds meant for vulnerable preschool children.

British man hauled out of Italian bar when he was meant to be in quarantine for hantavirus

 A British man in his 60s has been detained in a bar in Italy despite being under strict quarantine orders linked to the growing hantavirus outbreak connected to the MV Hondius cruise ship.

The man and his travelling companion were apprehended in Milan before being transferred to hospital facilities at Sacco Hospital. Authorities had ordered the pair to remain in isolation until June 6 as part of a 42-day quarantine period following possible exposure to the virus.

Iran's Parliament speaker issues ultimatum to U.S. over peace proposal

 

On Tuesday, May 12, Iranian Parliament Speaker Mohammad Bagher Ghalibaf issued a firm ultimatum to the United States, demanding the acceptance of Tehran’s 14-point peace proposal or the prospect of continued "failure."

This defiant message follows US President Donald Trump’s rejection of Iran’s latest counteroffer, which the U.S. president slammed as “TOTALLY UNACCEPTABLE!”, stating that a fragile ceasefire in place since April 8 was on “life support.”

Ghalibaf asserted that Washington must acknowledge the "rights" of the Iranian people to resolve the more than two months of conflict, warning in a post on X that “There is no alternative but to accept the rights of the Iranian people as laid out in the 14-point proposal.

Aare Adetola EmmanuelKing Felicitates Olofin of Ilisan Remo on 86th Birthday

The Borokinni of Ilishan Remo, Sir Aare Adetola EmmanuelKing KOF, has extended warm birthday felicitations to the Olofin of Ilisan Remo, His Royal Majesty, Oba (Dr.) Barr. Michael Olufemi Mojeed Sonuga Daniyan II, as the revered monarch celebrates his 86th birthday anniversary.

In a statement released to commemorate the royal father’s birthday, Aare Adetola EmmanuelKing described the monarch as a symbol of peace, wisdom, progress, and exemplary royal leadership, whose reign has continued to bring honor and development to Ilisan Remo.

Rite Foods Celebrates Mother’s Day, Honouring the Strength, Resilience, and Everyday Impact of Women

Rite Foods Limited, Nigeria’s leading food and beverage company, is celebrating this year’s Mother’s Day by recognizing the extraordinary strength, resilience, sacrifice, and nurturing spirit of women and mothers whose everyday contributions continue to shape homes, workplaces, communities, and the nation at large.

The Company also celebrates the remarkable women within its workforce who seamlessly balance professional excellence with the responsibilities of motherhood, bringing dedication, compassion, and strength to every role they occupy.

Mother’s Day, observed globally on Sunday, 10th May, is a moment to honour women whose firm commitment forms the foundation upon which families thrive, and societies grow. From nurturing dreams and raising future leaders to providing stability, care, and emotional support, mothers remain the quiet force powering everyday life.

Power Sector Has No Quick Fix, Reforms Will Be Transparent Under My Watch – New Minister of Power, Joseph Tegbe

 

The Ministerial-Designate for Power, Joseph Olasunkanmi Tegbe, has pledged to transform the power sector through high levels of transparency in his reforms to resuscitate the sector, which has been plagued by incessant national grid collapses and power failures

Tegbe, who spoke during the Senate screening on Wednesday, 6th May, 2026, acknowledged persistent challenges across the power value chain, noting that while there is no “quick fix,” there is a “disciplined path to solving it,” anchored on execution discipline and measurable progress.

“We will not do things the way we used to do before. I will not promise what I cannot deliver. We must close the metering gap and ensure Nigerians can track performance through a transparent public dashboard,” he said.

ALAT at 9: Wema Bank Celebrates Nine Years of Redefining Digital Banking in Nigeria

Wema Bank Plc is celebrating the 9th anniversary of ALAT by Wema, Africa’s first fully digital bank, marking nine years of transforming how Nigerians experience banking.

Launched in 2017, ALAT by Wema was introduced as a bold response to the limitations of traditional banking, long queues, physical barriers, and slow processes. By eliminating these constraints, Wema Bank redefined banking as a fully digital, instant, and accessible experience, enabling customers to open accounts, transact, and manage their finances seamlessly from anywhere.

Over the past nine years, ALAT has evolved beyond convenience into a comprehensive digital ecosystem designed to meet the changing needs of individuals, businesses, and a new generation of financially aware users. From enabling structured savings through features like ALAT Goals to simplifying payments and expanding access to financial services, the platform has consistently delivered solutions that empower users and drive financial inclusion at scale.

WEMA BANK CELEBRATES 81ST ANNIVERSARY AND 9TH ANNIVERSARY OF ALAT …Set to Reward Hundreds of Customers, Launch 5 for 5 Season 5

 

Wema Bank, Nigeria’s oldest indigenous national bank, most innovative and pioneer of Africa’s first fully digital bank, ALAT, has simultaneously marked its 81st anniversary and the 9th anniversary of ALAT on Saturday, May 2nd, 2026.

 

Adopting a different approach from its grand 80th anniversary celebration in 2025, Wema Bank is set to celebrate its 81st anniversary this year by giving back to its customers. The Bank’s anniversary celebration features rewards for customers on the ALAT App in celebration of ALAT at 9 as well as rewards for Wema Bank customers at the launch event for the 5th Season of the Bank’s 5 for 5 Reward Initiative, happening on the Bank’s anniversary day, May 2nd 2026.

 

Wema Bank Meets Central Bank of Nigeria’s Recapitalisation; Retains National Banking License

Wema Bank, Nigeria’s oldest indigenous national bank and pioneer of Africa’s first fully digital bank, ALAT, has successfully met and surpassed the Central Bank of Nigeria’s (CBN) recapitalisation requirements, reaffirming its status as a National bank. This achievement represents a critical milestone in the Bank’s growth journey, reflecting its ability to meet regulatory expectations and its deliberate strategy to scale sustainably, strengthen its balance sheet, and reinforce its position within Nigeria’s banking sector.

The milestone follows the Bank’s successful completion of a ₦150 billion Rights Issue and an additional ₦50 billion special placement in 2025, bringing its Total Qualifying Capital to ₦264.7 billion, well above the regulatory minimum. This achievement was concluded six months ahead of the CBN’s stipulated deadline, further reinforcing the Bank’s strong financial position, shareholder confidence, and long-term growth trajectory.