News
Wema Bank’s Robust Performance: Profits Double and Rights Issuance to Commence in Q3

Wema Bank announces its unaudited results for Half Year ended 30th June 2023.
The commercial bank achieved improved performance including Gross Earnings of ₦89.09bn, a y/y increase of 49% (H1 2022: ₦59.59bn). Interest Income up 53% y/y to ₦76.11bn (H1 2022: ₦49.75bn). Non-Interest Income up 32% y/y to ₦12.98bn (H1 2022: ₦9.85bn). Profit before Tax (PBT) was ₦12.05bn a y/y increase of 97% over the ₦6.13bn reported in H1 2022. Profit after Tax (PAT) also increased y/y by 97% to ₦10.48bn (₦5.30bn in H1 2022).
The bank grew its deposit year to date by 19% as at H1 2023 to ₦1,392.85bn from ₦1,165.93bn reported in FY 2022. Loans and Advances also grew by 20% to ₦627.01bn in H1 2023 from ₦521.43bn in FY, 2022.
Income statement (N’bn) H1 2023 H1 2022 (∆)
Commenting on the result, the Managing Director/Chief Executive Officer of the bank, Mr. Moruf Oseni said, ‘Our H1 2023 results saw significant upsides with profit before and after tax growing strongly by about 97%. The management team at Wema Bank is focused on driving the execution of our current corporate strategy. Our embrace of technology is helping us deliver seamless best in class services while offering compelling value propositions to customers. Hence, we are seeing record breaking returns across board. Finally, we continue to see improvements in our corporate, commercial, and retail businesses as evidenced by our strong loan growth.’
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Also speaking on the result, the Managing Director communicated that, with the improved stability in the operating environment, the Banks earlier approved Rights Issuance will be commencing this 3rd quarter of 2023.
“It has been a good half year performance for Wema Bank with gross earnings growing by 49% year on year and earnings per share at 163.0 kobo,”. In addition, our cost to income ratio at 72.71% has witnessed significant improvement from the previous period.
“We have also succeeded in making Wema Bank an integral part of the Fintech ecosystem in Nigeria with our ubiquitous fintech infrastructure support play”.
News
Just In! Sam Larry In Police Custody Over Mohbad’s Death

In a surprise development, Naijanewsngr reports that socialite Sam Larry is under police custody in connection with the tragic death of artist Mohbad.
The Lagos Police Command confirmed the arrest and reported Sam Larry’s cooperation with their investigation.
The circumstances surrounding Mohbad’s death remain unclear, causing a stir in the entertainment world. Updates are eagerly awaited as authorities continue their inquiry.
Stay tuned for more details as the investigation progresses.
News
Govt, Labour Congress meeting ends in deadlock.

Govt, Labour Congress meeting ends in deadlock.
Details of the meeting between the Federal Government and the Nigeria Labour Congress (NLC) have emerged.
The meeting ended in a deadlock on Monday.
The Minister of Labour and Employment, Simon Lalong, called the meeting, which failed to address any of the issues raised by the Union.
However, the minister expressed optimism that the issues raised by the Nigerian workers would be addressed.
He said the FG would resolve the issues before the deadline.
“We must also recognize the economic realities that confront us.
“As we address the concerns of our workforce, we must be mindful of striking a balance that promotes economic growth and secures sustainable progress for our nation.
“Today, I call upon each one of you to join hands in an open-minded and constructive dialogue, enabling us to bridge any gaps that may exist between the interests of workers and the ultimate goal of driving economic advancement,” he said.
NLC President Ajaero said: “In the ultimatum we gave and in the NEC resolution, the issue of NURTW was clearly stated, and at the time, the issue had not degenerated the way it is now. That was why we had to bring it along.
“On the other issues, you can see that there was no agreement on any; there is no CNG anywhere, and refineries are not working, nor gas.
“Nothing has been done on the issue of wage awards, cash transfers, or the ASUU issues. However, we believe that between now and the next few days, when the ultimatum expires, something will happen.”
Ajaero said there was no going back on the planned indefinite strike if no progress was made before the expiration of the union’s ultimatum.
News
Breaking News: Dramatic Rescue as Fire Engulfs Lekki Shanty

In a heart-wrenching incident that unfolded earlier today, a shanty settlement in the upscale area of Lekki, Lagos, was engulfed in flames, leaving residents scrambling for safety and hope.
The fire, a relentless force of destruction, threatened to consume everything in its path, but amidst the chaos and despair, two lives were miraculously saved.
The Lekki shanty, like many informal settlements around the world, was a tightly-knit community where people, despite facing severe economic hardships, found a sense of belonging and resilience. However, this morning, their lives took an abrupt turn as plumes of thick, acrid smoke filled the sky, darkening the once-vibrant neighborhood.
The response from local authorities and good Samaritans was swift. Firefighters from the Lagos State Fire Service rushed to the scene, battling against the raging inferno.
Their courage and determination were on full display as they fought valiantly to contain the blaze and prevent it from spreading further.
As they worked tirelessly, the streets echoed with the panicked cries and prayers of those who had lost everything.
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Amidst the chaos, the heroism of two individuals shone brightly. Mr. Ade, a middle-aged resident of the shanty, emerged as a true savior.
Risking his own life, he braved the flames to rescue his neighbors trapped in their burning homes. With unwavering resolve, he helped carry an elderly woman and a young child to safety, earning the gratitude and admiration of the entire community.
The rescued woman, Mrs. Okonkwo, spoke tearfully of her harrowing experience. She expressed her gratitude to Mr. Ade and the firefighters who had come to their rescue. Her story serves as a poignant reminder of the strength and resilience of ordinary people in the face of adversity.
As the hours passed, the firefighters’ efforts finally paid off, and the flames were brought under control. While the shanty had suffered extensive damage, the worst had been averted.
Thanks to the rapid response of the authorities and the bravery of Mr. Ade, the community had not suffered any casualties, save for the trauma of witnessing their homes reduced to ashes.
The aftermath of this devastating fire serves as a sobering reminder of the vulnerabilities faced by informal settlements and marginalized communities. It underscores the urgent need for improved safety measures and infrastructure in such areas to prevent such disasters in the future.
In the midst of tragedy, the resilience and heroism displayed by the residents of the Lekki shanty, as well as the valiant efforts of the firefighters, provide a glimmer of hope.
It is a testament to the strength of the human spirit and the power of unity in the face of adversity.
While the road to recovery will be long and challenging, the Lekki community will undoubtedly emerge stronger, their bonds forged even tighter in the crucible of this fiery trial.
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