Wema Bank has said that it will file a lawsuit in response to rumours that the Central Bank of Nigeria is about to revoke its banking license.
This was disclosed in a statement by the Head of Brands and Marketing Communications, Mabel Adeteye, on Tuesday.
Adeteye underlined that its success in the previous years and the first quarter of 2024 demonstrated its financial strength, given the difficult operating environment.
There have been rumours that the apex bank will cancel more licenses after Heritage Bank’s license was revoked on June 2.
However, the CBN had repeatedly denied and stressed the stability of the country’s financial sector.
Wema Bank is one of the commercial banks that were allegedly in danger of losing their banking licenses, according to a WhatsApp message that went viral.
Wema Bank reiterated, “We categorically confirm that this claim is false and contrary to the reality of Wema Bank’s financial strength. Wema Bank is in sound financial health and at no risk of licence seizure or closure. Our financial performance showcases financial strength and stability, as validated by stakeholders and auditors at our 2023 annual general meeting; a feat we have achieved despite Nigeria’s economic fluctuations.
“In addition, we are moving ahead to meet the N200bn minimum capital requirement stipulated by the Central Bank of Nigeria for a commercial bank license with national authorisation. We have raised an additional N40bn in fresh capital over the past months and are on the path to meet the target within 18 months.”
It added, “With confidence in our financial standing and stable outlook, we have petitioned the security officials and will be taking legal action on the perpetrator(s) of this libellous statement. Wema Bank is firm in its commitment to providing optimum returns for every stakeholder, and we will not condone the circulation of false information that could potentially cause panic in the country.
“As we follow through with stringent measures to hold the creators(s) of this allegation accountable, we take this moment to confirm categorically that Wema Bank is well equipped to continue serving our customers as a commercial bank with national banking authorisation, keep up the positive trends as we expand our reach and continue to provide all our shareholders and stakeholders with optimum returns.”
Wema Bank reported a 196% increase in profit before taxes, from N14.75 billion to N43.59 billion, and a 70.63% growth in gross earnings, from N132.30 billion to N225.75 billion, in its 2023 annual reports.
It was reported earlier that the bank’s rating was upgraded to Bbb+ with an ESG score of 2, and the stable outlook was confirmed by Pan-African rating agency Agusto & Co.
