Wema Bank Plc Shareholders Authorise Potential Commercial Bank Acquisition

Wema Bank Plc shareholders have approved a final dividend of N1.25 per share and authorised the bank’s board to pursue the acquisition of a licensed commercial bank or other strategic business combinations as part of its long-term growth strategy.

The resolutions were passed during the bank’s 2025 Annual General Meeting held electronically on May 20, 2026.

Under the approved dividend resolution, shareholders on the bank’s register as of April 29, 2026 will receive the payout from the profit generated during the financial year ended December 31, 2025, subject to applicable withholding tax deductions.

In a major strategic decision, shareholders also authorised the directors to take necessary steps toward acquiring a licensed commercial bank or entering into other business combinations aimed at strengthening Wema Bank’s market position and expanding its operational footprint.

The resolution empowers the board to appoint professional advisers and execute all necessary processes required to complete such transactions.

Market analysts said the move signals Wema Bank’s intention to accelerate growth amid increasing competition within Nigeria’s banking industry and ongoing recapitalisation pressures across the financial sector.

Shareholders also ratified the appointment of Engr. Wilson Agu as an Independent Non-Executive Director of the bank.

Additionally, Mrs. Abolanle Matel-Okoh was re-elected as a Non-Executive Director while Mrs. Ibiye Ekong retained her position as an Independent Non-Executive Director. Mr. Adeyemi Adefarakan was also re-elected as a Non-Executive Director.

The meeting further approved the authorisation of the board to determine the remuneration of the bank’s external auditors.

For the statutory audit committee, shareholders elected Mr. Ogbonna Joe Anosikeh, Professor Oyelakin Samuel Awobode and Mrs. Omobola Esther Osijo as shareholder representatives.

Mrs. Bolarin Okunowo and Mrs. Yewande Zaccheaus were appointed as board representatives on the committee.

Shareholders also approved total annual fees of N144.5 million for Non-Executive Directors for the 2025 financial year.

The approvals come as Nigerian banks continue to position for stronger capital bases, digital expansion and strategic consolidation following evolving regulatory expectations and rising operating costs within the financial services sector.