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Wema Bank Sort Codes Across Nigeria

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wema bank - Investors King

List of Wema Bank Sort Codes in Nigeria

A Wema bank sort code identifies both the bank and the branch where an account is domiciled. A Wema bank sort code is a 9-digit number with the first 3 digits identifying the bank’s code, while the next digit represents the location and the last 5 digits tell the branch.

Below is the complete list of Wema Bank sort codes and branches across Nigeria.

S/N SORT CODES  BRANCHES
1 035230544 ABA
2 035010971 EKET
3 035011158 UYO
4 035020631 ONITSHA
5 035031138 BAUCHI
6 035321505 YENOGOA
7 035051147 MAKURDI
8 035061098 MAIDUGURI
9 035071198 CALABAR
10 035241724 ASABA
11 035240945 WARRI
12 035041186 BENIN
13 035041458 BENIN      (2)
14 035041681 UNIBEN
15 035340890 ADO EKITI
16 035341417 ADO EKITI  (2)
17 035340557 AIYEDUN EKITI
18 035341239 ARAMOKO
19 035340159 IGBARA ODO
20 035341802 IKERE-EKITI
21 035341747 ISE-EKITI
22 035341815 OMUO-EKITI
23 035340612 UNAD
24 035251167 ENUGU
25 035080778 ABUJA
26 035081421 ABUJA    (2)
27 035080862 ABUJA INT AIRPORT
28 035081528 LE MERIDIEN
29 035080804 WUSE
30 035101178 OWERRI
31 035111045 KADUNA
32 035111430 KADUNA  (2)
33 035111511 KADUNA NNPC
34 035111443 JAJI
35 035120382 KANO
36 035131122 KATSINA
37 035140605 ILORIN
38 035141011 NNPC   ILORIN
39 035150475 ABULE EGBA
40 035151335 AGEGE
41 035150747 AJAO ESTATE
42 035150815 ALABA
43 035151319 ALLEN
44 035150569 APAPA
45 035151306 APAPA   (2)
46 035150966 ASPAMDA
47 035151636 BADAGRY
48 035150792 BROAD ST
49 035151283 BROAD STREET   (2)
50 035151296 DAVIES STREET
51 035150077 DOPEMU
52 035151241 DOPEMU CASH OFFICE
53 035150080 EBUTE META
54 035150954 EGBEDA
55 035151623 GBAGADA/BARIGA
56 035150103 HEAD OFFICE
57 035150116 IBD
58 035150226 IJEDE
59 035150624 IJORA
60 035150271 IKEJA
61 035151254 IKORODU
62 035151212 IKOYI
63 035150598 IPONRI
64 035150750 ISOLO
65 035150938 JIBOWU
66 035151610 LAGOS AIRPORT HOTEL
67 035150297 LAPAL
68 035150721 LAWANSON
69 035150925 MARINA
70 035150695 MARYLAND
71 035150323 MUSHIN
72 035151021 NAHCO
73 035150831 NPA APAPA PORT
74 035151322 OBA AKRAN
75 035150488 OGBA
76 035151050 OJOTA
77 035150763 OKE ARIN
78 035150734 OKOKOMAIKO
79 035150352 ORILE
80 035150983 ORILE CASH (COKER)
81 035150705 OSHODI
82 035150666 PELEWURA
83 035150420 TINUBU
84 035150844 UNILAG
85 035151270 VICTORIA ISLAND  (2)
86 035161082 MINNA
87 035091110 YOLA
88 035170015 ABEOKUTA
89 035171344 ABEOKUTA     (2)
90 035170031 AGO- IWOYE
91 035170057 AJILETE
92 035170044 AYETORO
93 035171496 BABCOCK
94 035170099 EWEKORO
95 035170125 IDI IROKO
96 035170141 IFO
97 035170196 IJEBU IGBO
98 035170206 IJEBU MUSHIN
99 035171069 IJEBU ODE
100 035171645 ILARO
101 035170219 ILISHAN
102 035171263 OKE-ILEWO
103 035170345 OSU CAMPUS
104 035170361 OTTA
105 035170332 OWODE
106 035170905 PANSEKE
107 035170413 SHAGAMU
108 035170675 WAPCO
109 035180063 AKURE
110 035181392 AKURE  (2)
111 035180500 FUTA
112 035180160 IGBARA OKE
113 035180238 IJU
114 035181677 IKARE AKOKO
115 035180584 ONDO
116 035181033 ORE
117 035181790 OWO
118 035291774 EDE
119 035290513 EDUN ABON
120 035290241 IBOKUN
121 035290131 IFETEDO
122 035291389 ILESHA
123 035290254 IRAGBIJI
124 035290652 IWO
125 035291651 JABU, ARAKEJI
126 035290306 MODAKEKE
127 035290872 OAU
128 035291758 OKUKU
129 035290717 OSOGBO
130 035291363 OSOGBO (2) MAIN
131 035190024 AGODI
132 035191353 AGODI    (2)
133 035190574 APATA
134 035190684 BODIJA
135 082190820 DUGBE
136 035190642 GBAGI
137 035190176 IGBETI
138 035190189 IGBOHO
139 035191667 IGBO-ORA
140 035190396 KISHI
141 035190312 MOKOLA
142 035191007 NNPC  APATA
143 035191761 OGBOMOSHO
144 035190435 OLUBADAN
145 035190379 POLY IBADAN
146 035190406 SANGO
147 035201104 JOS
148 035211547 HAPPY BITE
149 035210852 PORT HARCOURT
150 035211466 PORT. HARCOURT  (2)
151 035221074 SOKOTO

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

Banking Sector

CBN Reports 136% Increase in Q1 Forex Inflows Over 2023 Total

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Dr. Olayemi Michael Cardoso

The Governor of the Central Bank of Nigeria (CBN), Dr. Olayemi Cardoso, announced that foreign exchange (forex) inflows in the first quarter of 2024 were 136% higher than the total inflows recorded in 2023.

This remarkable increase is attributed to recent economic reforms and market liberalization efforts.

Dr. Cardoso made this announcement at the Vanguard Economic Discourse in Lagos on Thursday, an event themed “Reforms in The Era of Global Economic Uncertainties: Whither Nigeria.”

Represented by Blaise Ijebor, Director of Risk at CBN, Cardoso highlighted the bank’s commitment to utilizing all orthodox monetary policy tools to address inflation and enhance market transparency.

“We remain committed to using all the orthodox monetary policy tools available to us to address inflation,” Cardoso stated.

“We have also embarked on major reforms to liberalize the foreign exchange market, which has enhanced transparency, reduced arbitrage opportunities, promoted stability, and improved liquidity.”

One of the pivotal reforms included the settlement of all valid FX forwards, which Cardoso identified as a crucial factor in boosting stakeholder confidence.

This settlement has been instrumental in increasing forex flows into the country. The governor emphasized that the substantial growth in Q1 2024 forex inflows is a direct result of these reforms.

The CBN has taken proactive steps to sanitize and stabilize the forex market. This includes issuing multiple circulars to streamline operations and recently licensing 14 new International Money Transfer Operators (IMTOs) to bolster remittance inflows.

These measures aim to double remittance flows within the year, a target set by the CBN Governor.

“Our target, of course, is to double remittance flows within the year,” Cardoso remarked. “We have started that process to ensure that it happens.”

Cardoso also addressed the broader economic challenges posed by global uncertainties. He noted that global financial tightening has led to increased risk aversion, impacting investment flows into developing economies like Nigeria.

These challenges, coupled with domestic issues such as food inflation driven by rising transport costs, infrastructure constraints, and security concerns, have compounded economic pressures.

“The financial tightening that we have seen globally has been a result of monetary authorities taking steps to rein in inflation,” Cardoso explained. “This has had an impact on developing economies as investments shift to safer markets amidst uncertainties.”

The CBN Governor reaffirmed his commitment to repositioning the bank to deliver sustainable, data-driven solutions aimed at stabilizing the Nigerian economy. He emphasized the importance of collaboration between monetary and fiscal authorities to address the nation’s economic challenges.

“We have embarked on tightening the bank’s monetary policy to address inflationary pressure on the economy,” Cardoso noted. “I believe that the results will become evident in the near term, as we are already seeing a deceleration in inflation.”

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Finance

Labour Proposes N497,000 Minimum Wage, Rejects Government’s N57,000 Offer

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Nigeria Labour Congress - Investors King

The tripartite committee tasked with reaching a consensus faced a deadlock as labour representatives rejected the government’s proposed offer of N57,000.

Instead, labour unions put forth a counterproposal of N497,000, further complicating the negotiation process.

The meeting, which took place in Abuja on Wednesday, May 22nd, concluded without a resolution, prompting the committee to adjourn until the following Tuesday, May 28th.

Sources privy to the discussions revealed that initial deliberations saw the government maintain its stance on a proposed N54,000 minimum wage, citing financial constraints.

However, following a brief recess, both government officials and representatives from the organised private sector (OPS) revised their offer to N57,000.

Despite this adjustment, labour unions stood firm on their demand for a significantly higher minimum wage, expressing discontent with the proposed figure.

In a surprising move, they presented a counteroffer of N497,000, signaling a wide gap between the two parties’ positions. As a result, the meeting ended without consensus.

Key figures in the negotiations, including Governors Obaseki and Uzodinma as well as Governor Soludo, who participated remotely via Zoom, emphasized the need for the government to demonstrate seriousness in addressing the labour unions’ concerns.

The failure to bridge the divide between labour’s expectations and the government’s offer highlights the complexity of the issue and the urgency of finding a mutually acceptable solution.

Responding to the outcome of the meeting, a senior official from the Nigeria Labour Congress (NLC) expressed disappointment, describing the negotiation process as discouraging.

Despite the government’s modest increase from N54,000 to N57,000, labour unions found the proposal inadequate, resulting in the impasse witnessed during the meeting.

The adjournment of further deliberations to the following week underscores the need for both parties to reassess their positions and explore avenues for compromise.

The minimum wage negotiation process, initiated by President Tinubu through Vice President Kashim Shettima, commenced in January 2024 with the inauguration of the tripartite committee.

Charged with recommending a new minimum wage ahead of the expiration of the current N30,000 wage, the committee comprises representatives from the federal and state governments, the private sector, and organised labour.

Despite early optimism surrounding the committee’s formation, the divergence in proposed minimum wage figures highlights the challenges of addressing the diverse economic realities across different regions of Nigeria.

As the negotiation process enters a critical phase, stakeholders are urged to approach the discussions with openness and flexibility to facilitate a mutually beneficial outcome.

The adjournment of the committee’s meeting underscores the need for constructive dialogue and collaborative efforts to reach a consensus that addresses the concerns of all parties involved.

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Banking Sector

Fidelity Bank Sets N60m Compensation for Chairman, N40m for Non-Executive Directors

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fidelity bank - Investors King

Fidelity Bank’s shareholders have approved a substantial compensation package for its chairman and non-executive directors.

The decision, disclosed in a document filed with the Nigeria Exchange Group titled ‘Resolutions from the 36th annual general meeting on Monday,’ outlines the bank’s plans for remuneration for the fiscal year 2024.

According to the resolution, Fidelity Bank’s chairman is set to receive a compensation package of N60 million annually.

Also, each non-executive director is slated to earn N40 million per annum.

The resolution further stipulates that these compensation figures will remain in effect for succeeding years until reviewed by the company during its annual general meeting.

This provision underscores the bank’s commitment to regular evaluation and adjustment of its compensation policies to align with evolving market dynamics and shareholder expectations.

The decision comes amidst Fidelity Bank’s proposal for a final dividend payout of 60 kobo per share to shareholders for the 2023 financial year.

This announcement reflects the bank’s robust financial performance and its commitment to delivering value to shareholders.

Fidelity Bank’s financial report for the year 2023 reveals impressive growth, with profit before income tax soaring by 131.49% to N124.26 billion from N53.68 billion in 2022.

This remarkable performance underscores the bank’s resilience and agility in navigating challenging economic conditions while capitalizing on emerging opportunities in the financial sector.

While the decision to allocate such substantial compensation packages to its leadership team may raise eyebrows among some stakeholders, proponents argue that it is essential to attract and retain top talent in a competitive industry landscape.

They contend that adequately remunerating key personnel is crucial for driving sustainable growth, fostering innovation, and maintaining stakeholder confidence.

However, critics may question the optics of such generous compensation packages, particularly in light of the broader socioeconomic challenges facing the country. With concerns over income inequality and calls for greater corporate accountability, Fidelity Bank may face scrutiny over its executive compensation practices and their alignment with broader societal interests.

As Fidelity Bank forges ahead with its ambitious growth agenda, navigating the delicate balance between rewarding leadership and addressing stakeholder concerns will remain a key priority for the institution.

As the banking industry continues to evolve, ensuring transparency, accountability, and fairness in compensation practices will be essential for maintaining trust and credibility in the eyes of shareholders and the public alike.

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