Wema Bank gets National Licence

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Segun Oleketuyi MD Wama Bank Plc.

One of Nigeria first generation bank, Wema Bank Plc has been granted license to operate as a national bank by the Central Bank of Nigeria (CBN).

This is coming after embarking on strategic repositioning exercise in 2010, when the new management dowsclaed to operate only within its core areas of business, which where South South, South West and FCT Abuja.

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With a capital base of N43.8 billion at present, the bank has met the regulatory requirements for the national banking licence as stipulated by the CBN.

This development makes Wema Bank the first bank to be granted a national banking license having previously operated with a regional licence.

The bank Chief Executive Officer, Segun Oloketuyi, said “This approval represents a milestone for the bank in the delivery of its Project LEAP commitments. Six years ago, we took a decision to refocus the Bank operations on its areas of strength and build a sustainable institution. We took advantage of the new licensing regime and applied for a regional authorisation with a pledge to expand in the near future, once the turnaround project was completed. The bank transformation was implemented in three phases; first to stabilise the bank, second to prepare the building blocks for growth and third to go for growth. We are now within the third phase of the transformation project”

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