Today marks the 79th anniversary of Wema Bank, a resilient financial institution with a remarkable history of growth and success in Nigeria.
Founded by Late Chief Mathew Adekoya Okupe as Agbonmagbe Bank Limited, the bank started with branches in Ebute-Metta, Sagamu, Abeokuta, and Ijebu-Igbo, before expanding its presence across major cities in Nigeria and beyond.
Under the leadership of its founder, the bank prospered, eventually being acquired by the Western Nigeria Marketing Board.
Transforming from Agbonmagbe Bank to Wema Bank 42 years after its establishment marked a new beginning for the bank. It obtained a commercial banking license and started operations in the same year.
In 1987, Wema Bank became a public limited liability company and was listed on the Nigerian Stock Exchange in 1990 with the symbol WEMABANK.
The pivotal moment for the bank came in February 2001 when the Central Bank of Nigeria granted it a Universal Banking License, leading to significant growth and expansion in the financial sector.
By 2015, Wema Bank had transitioned from a regional to a national license, further solidifying its position in the industry.
Wema Bank PLC’s journey of growth and success is commendable. With a wide range of products and services offered through its 150 business offices and digital platforms, the bank serves millions of customers with retail, SME, trade, treasury, business advisory, and corporate banking services.
Mr. Moruf Oseni, the MD/CEO of Wema Bank, emphasized the bank’s commitment to innovation and customer satisfaction, paving the way for continued success in the future.
As Wema Bank celebrates 79 years of excellence, Oseni expressed optimism for the future, promising unparalleled banking experiences and continuous support to customers in their journey towards growth and success.