Wema Bank reopens Minna branch


Wema Bank Plc has reopened its branch in Minna, Niger State.

This comes barely a year after the bank obtained a national banking licence from the Central Bank of Nigeria (CBN).

Speaking about the reopening of the branch, Mr Adeyemi Oshundiya, Regional Operations Executive, South West & Abuja, said, “After Mr Segun Oloketuyi took over the management of Wema Bank in 2009, the first phase of his turnaround strategy was to scale down operations to the South West and South South regions. Minna branch was shut down as a result of this.

“Now in the final phase of the turnaround plan, Wema Bank is stronger and poised for more growth, hence the opening of new branches and the reopening of some old branches.”

However, Oshundiya emphasized that Wema Bank, in its quest for growth, would only expand to places with compelling business opportunities.

In its 2016 half year financials, Wema Bank reported an 11 per cent rise in profit and a 15 per cent rise in turnover. Operating expenses only grew by 2.7 per cent, a testament to the bank’s disciplined and innovative approach towards keeping cost of doing business low.

“The 2016 financial year has been characterized by deceleration on a number of economic indicators coupled with increasing energy costs, intensified by rising inflation, all within a tough operating environment,” said Mr Oloketuyi following the release of Wema Bank’s half year financials.

“In spite of these challenges, Wema Bank has been able to deliver a modest improvement in the first half of the year. We commence the second half of the year with a sense of cautious optimism; well aware that the economic fundamentals point to an economy heading for further slowdown, yet hopeful that additional fiscal initiatives will be implemented to stimulate growth.”