The Executive Director of WEMA Bank Plc, Tunde Mabawonku, has identified technological and cyber risks as major threats to the advancement of the banking sector in the country.
He made this known in his address at a programme organised by the WEMA Bank Ex-Group, tagged Oluyole 80, in Ibadan at the weekend.
Mabawonku added that while armed robbery attacks on banking institutions are declining, the threat of cyberattacks is on the increase.
He disclosed that no record of armed robbery attacks on financial institutions has been reported this year.
According to him, “In 2024, we could count the number of banks that were attacked by robbers. In fact, it is declining.
“In 2025, no bank has recorded armed robbery attack cases, but what is happening now is cyber risk.
“Some young men will sit down with their computers and hack into the bank systems.
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“Recently, one telecommunications organization raised the alarm over an attempt to hack their database by unscrupulous elements.
“However, as stakeholders and ex-colleagues, we must make sure that what we have been able to build over the past 80 years is protected.
“Presently, we have our presence in 28 states of the Federation, and we will keep on moving.
“In order to keep the bank afloat, we require another N130 billion capital base based on the Central Bank of Nigeria (CBN) directive.
“Also, we are in the market to raise N150 billion through a Rights Issuance.
“Our appeal to ex-colleagues and stakeholders is to ensure the sustenance of the legacy that has been built over the years.”
In his address, the Chairman, Wale Adedapo, disclosed that the membership has grown to 400 members.
According to him, “Our coming together as a group started in 2017, and it has been beneficial to all of us in so many ways: constantly keeping in touch with former colleagues; financial members have benefited immensely from our insurance scheme.
“The group has also supported the weddings of our members’ children in cash and with our attendance.
“The purpose of the reunion is to interact with former colleagues on issues of interest, dance together, eat, drink, have fun, and, to crown it all, celebrate the 80th Anniversary of this great bank too.
“It is important to let you know that our colleagues in the diaspora — UK, US, Canada, etc. — are virtually part of this event.
“They will also interact with us live in the course of the programme.”
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