Nigeria’s fifth oldest bank marks 79th birthday

Wema Bank, one of Nigeria’s oldest surviving banks, clocks 79 years today. Its history is one of a rise from humble beginnings to the top of banking in Nigeria.

Established by Late Chief Mathew Adekoya Okupe as a private limited liability company under the name Agbonmagbe Bank Limited, it ran branches in Ebute-Metta, Sagamu, Abeokuta, and Ijebu-Igbo A big contrast to its current presence across major cities in the country and beyond.

Even under the leadership of its founder, the bank flourished before it was later acquired by the Western Nigeria Marketing Board.

Forty-two years after its establishment, the old walls of Agbonmagbe transformed into what is to be referred to today as Wema Bank. The move kickstarted a new phase in the rise to prominence.  The same year, it obtained a commercial banking licence and launched operations in the same year.

In 1987, the bank became a public limited liability company, and its listing on the Nigerian Stock Exchange in 1990 under the symbol WEMABANK followed.

While the bank sticks to its early promise, the major shift to its operations did not come until February 2001 when the Central Bank of Nigeria granted it a Universal Banking Licence. Since then, it has continued to grow, expanding its base in the financial landscape.

In 2015, the bank was elevated from a regional banking licence to a national licence.

Wema Bank PLC’s growth over the years is worth celebrating. From a modest establishment, its products across the 150 business offices and digital platforms now provide retail, SME, trade, treasury, business advisory, and corporate banking services to millions of Nigerians and foreigners.

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

For Oseni, while the past 79 years have been remarkable, the future will be even more inspiring.

“As we mark our 79th year today, we reaffirm our commitment to empowering lives through innovation and exceeding our customers’ expectations with unparalleled banking experiences tailored to their needs.

“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 said.