Business

Wema Bank Celebrates 78th Anniversary, Eyes Tier-1 Status

Published

2 years ago

May 3, 2023

Editor

Wema Bank yesterday marked 78 years in the banking industry, saying that its next objective is to attain tier-1 bank status.

The bank also celebrated the 6th anniversary of Alat, a digital bank application which enables customers to perform banking activities.

Speaking at the event in Lagos, Managing Director/Chief Executive Director, Wema Bank, Mr. Moruf Oseni, noted that the biggest milestone was that the institution was brought back to the height of banking.

“For us as an institution that lasted for 78 years where many of its peers have disappeared, it’s a great feat. This is our 8th decade and as we push to our 9th decade, I think obviously there will be much bigger celebration when we hit 80. And hopefully in another 80 years, we pray that Wema is alive.

“The biggest milestone so far is that we brought the bank back to the very height of banking in Nigeria. Six years ago, we launched a grand breaking product called Alat and over the past six years it’s testament both locally and internationally as a world class product. So as far as we are concerned it brought us back to the heart of banking in Nigeria.

“Our best is yet to come. We set N30 billion and it is a fantastic number. But honestly we did N30 billion this year, first N30 billion this year and we will do much more next year. This bank is a confluence of two great banks, Wema and National and at the time, those two banks were in the top five banks in Nigeria.

“The aim is to take this bank to that height. This bank must go back to tier one.”

Oseni appreciated the past and present executives and staff of the bank as well as customers of the bank for their unrelenting support towards seeing the institution thrive.

Business

Nigerian Stock Market Hits 10th Consecutive Uptrend As investors Gain N308bn

Published

7 hours ago

October 10, 2025

Editor

The Nigerian Stock Market recorded its 10th consecutive uptrend as investors raked in N308 billion gain on Thursday.

This comes as the Nigerian Exchange Limited, NGX, market capitalisation, which opened at N92.490 trillion, appreciated by 0.33 per cent to close at N92.798 trillion on Thursday.

Also, the All-Share Index added 0.33 per cent, or 485.25 points, to close at 146,204.34, compared with 145,719.09 recorded on Wednesday.

Increased trading in Eunisell Interlinked, Caverton Offshore Support Group, Sunu Assurances, Industrial and Medical Gases, Mecure, and 27 other advancing stocks boosted market performance on Thursday.

To this end, the market breadth also closed positive with 32 gainers and 21 losers.

Further analysis showed that Eunisell Interlinked and Caverton Offshore Support Group led the gainers’ chart by 10 per cent each, closing at N44 and N6.93 per share, respectively, while FTN Cocoa Processors led the losers’ table by 6.67 per cent, closing at N5.60 per share.

Market activity showed a decline in the number of deals and volume traded but an improvement in trade value.

Accordingly, a total of 346.99 million shares worth N27.43 billion were traded in 24,691 deals, compared with 525.72 million shares worth N13.61 billion exchanged in 25,597 deals on Wednesday.

Fidelity Bank topped the activity chart with 42.01 million shares valued at N861.54 million.

According to DAILY POST, NGX has continued its bullish run from last month’s end to date.

Business

CBN Sets POS Maximum Transactions In Fresh Guidelines

Published

2 days ago

October 8, 2025

Editor

The Central Bank of Nigeria has rolled out fresh guidelines for agent banking, known as Point of Sales, across the country.

The apex also in the guidelines pegged daily POS transactions at N1.2 million per agent and N100,000 per individual.

CBN disclosed this in a circular signed by its Director of the Payments System Management Department, Musa Jimoh.

The guidelines further mandate all financial institutions to publish the list of all their POS agents on their website and to display it in their branches.

CBN noted that the guidelines would take effect from April 1, 2026.

“The Guidelines aim to establish minimum standards for operating agent banking in Nigeria, enhancing agent banking to provide financial services and promoting financial inclusion, encouraging responsible market conduct and improving service quality in agent banking operations.

“This circular takes effect from the date of release, while the implementation of agent location and agent exclusivity shall be in effect from April 1, 2026.

“POS agents are restricted to a maximum of N1.2 million per day. Individual customers are limited to N100,000 in daily transactions.

“These limits are intended to curb misuse, enhance financial integrity, and protect consumers within the agent banking framework,” it stated.

Business

Naira Records First Appreciation Against US Dollar At Official Market

Published

2 days ago

October 8, 2025

Editor

The Naira recorded appreciation on Wednesday against the United States dollar at the official market, the first time in three days this week.

The Central Bank of Nigeria’s exchange rate data showed that the Naira strengthened to N 1,470.62 per dollar on Wednesday, up from N1,471.09 traded on Tuesday.

This means that the country’s currency firmed up slightly by N0.47 against the dollar on a day-to-day basis.

Monday and Tuesday, the Naira recorded negative sentiment at the official foreign exchange market.

However, at the black market, the Naira remained unchanged at N1,500 per dollar on Wednesday, the same rate exchanged on Tuesday.

The apex bank data indicated that the country’s external reserves, a determinant of the exchange rates, stood at $42.57 billion as of October 7, 2025.