Wema Bank Plc has received shareholder approval to raise an additional ₦50 billion via private placement, alongside endorsing key corporate governance and financial resolutions at its 2024 Annual General Meeting (AGM) held electronically on Thursday, May 22, 2025.
At the meeting, chaired virtually in compliance with regulatory standards and corporate transparency measures, shareholders ratified all eight resolutions presented by the Board, reinforcing confidence in the bank’s strategic direction and financial outlook.
Dividend Declaration and Shareholder Reward
A key highlight of the AGM was the approval of a ₦1.00 dividend per ordinary share, to be paid to shareholders whose names appeared in the register of members as of May 1, 2025. The dividend will be paid on May 22, 2025, with applicable withholding tax deductions.
This move reflects the bank’s sustained profitability and commitment to rewarding shareholder loyalty, following a strong performance for the financial year ended December 31, 2024.
Leadership and Board Strengthening
The meeting also confirmed the appointment of Mr. Olukayode Bakare as an Executive Director of the bank. Additionally, shareholders re-elected three directors retiring by rotation:
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Mrs. Bolarin Okunowo, as Independent Non-Executive Director
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Prince Olusegun Adesegun, as Non-Executive Director
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Dr. (Mrs.) Oluwayemisi Olorunshola, as Independent Non-Executive Director
These reappointments signal continuity and board stability as Wema Bank advances its medium-term growth strategy.
Audit and Oversight Resolutions
Shareholders authorized the Board of Directors to determine the remuneration of the bank’s auditors. They also elected members of the Statutory Audit Committee.
Shareholder representatives include Mr. Ogbonna Joe Anosikeh, Professor Oyelakin Samuel Awobode, and Mrs. Omobola Esther Osijo, while Mrs. Bolarin Okunowo and Mrs. Yewande Zaccheaus will serve as the Board’s representatives.
Director Remuneration and Governance Amendments
The meeting approved total director fees of ₦144.5 million for the 2024 financial year. In a governance-related decision, shareholders endorsed the amendment of Clause 93 (iii) of the bank’s Articles of Association, increasing the threshold for a shareholder to nominate a director from 5% to 10% of the issued and paid-up share capital.
Recapitalization Strategy
Crucially, the shareholders authorized the bank to raise ₦50 billion via private placement to meet part of the Central Bank of Nigeria’s (CBN) new minimum capital requirements for a National Licensed Bank.
The capital raise positions Wema Bank to strengthen its balance sheet and scale operations amid tightening regulatory expectations.
According to the Company Secretary, Johnson Lebile, all resolutions were passed with strong majority support, reinforcing investor confidence in the bank’s governance and financial stewardship.
Wema Bank remains focused on innovation-led banking and expanding its national footprint while maintaining strong compliance, risk management, and shareholder value creation.
