Wema Bank Plc

Annual Report

December 31, 2021

Wema Bank // Annual report 2021

For the year ended December 31, 2021


About Wema Bank


Corporate governance


Corporate Sustainability Report


Wema Bank Compliance Risk Management Framework


Management of customer complaints and comments


Chairman’s Statement


Directors’ report


Audit committee report


Statement of Directors’ Responsibilities


Corporate Responsibility Statement for Financial Statements


Reports of the external consultant on the evaluation of the Board


The independent auditor’s report


Statement of net income and other comprehensive income


Statement of financial position


Statement of changes in equity


Cash flow statement


Notes to the financial statements


Overview of risks


Other National Disclosure


Financial summary


About Wema Bank

Regarded as the most resilient bank in Nigeria and the oldest indigenous financial institution in Nigeria, Wema Bank Plc has over the years diligently offered a range of value added banking and financial advisory services to the Nigerian public for 75 years old. Incorporated in 1945 as a private limited company under the former name of Agbonmagbe Bank Limited, it began its banking operations in Nigeria in the same year. Wema Bank then converted into a Public Limited Company (PLC) in April 1987 and was listed on the Nigerian Stock Exchange (NSE) in January 1990. On February 5, 2001, Wema Bank Plc was granted a Universal Banking License by the Central Bank of Nigeria (CBN), thereby enabling the Bank to provide the Nigerian public with a diverse portfolio of financial and business advisory services.

In 2009, the Bank undertook a strategic repositioning exercise which culminated in the decision to operate as a regionally licensed commercial bank. After a successful turnaround, the Bank applied to the Central Bank of Nigeria (CBN) and was granted a National Banking License in 2015.

Wema Bank offers retail banking, SME banking, corporate banking, treasury, business services and financial advice to its growing customer base. Operating a network of over 150 trade offices supported by a robust ICT platform across Nigeria, we are committed to ensuring the long-term sustainability of our business while maintaining the highest standards of social responsibility, corporate governance and company and diversity in our operations.

Our brand

The Wema Bank brand reinforces our unique proposition to empower lives through innovation. It is a unique concept that guides the understanding of the new direction of the Wema Bank brand. It personifies the behavior and the product we create.

To drive this proposition, we develop an intimate relationship with our customers, putting us in a position to recognize their requirements and priorities. Our approach is based on partnership, progress, service, innovation and efficiency. We seek to understand our clients’ activities and goals, so that we can anticipate and meet their needs as they achieve their financial goals and aspirations.

We believe in people and societal values.

We believe in the common good and lasting success.

We measure success not only by what is earned, but by the reciprocal value added to lives and businesses. We strive to create lasting value as well as elevate human dignity and collective well-being.

Succeeding for us means succeeding with all our stakeholders, all moving forward and creating value. Our vision of the business philosophy

To be the dominant digital platform in Africa offering transparent financial services.


Empowering lives through innovation.


Think Passion Think Partnership Think Progressive Think A Lot Think Play

Corporate governance

The bank is committed to the highest standards of corporate governance and proactively embeds sound corporate governance practices throughout its operations, ensuring compliance with the requirements of corporate governance codes. of the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) and the Nigerian Code of Corporate Governance (NCCG).

The Bank emphasizes the core values ​​of fairness, independence, credibility, transparency and accountability for performance at all levels, thereby enhancing value for its shareholders and protecting the interests of all parties. stakeholders.

At Wema Bank, we see ourselves as fiduciaries of our shareholders and recognize our responsibility to them, to maintain their trust and protect their investment. The Bank’s performance in corporate governance is regularly monitored and reported. Each year, the Bank obtains an independent report on the effectiveness of its members and the Board. The board engaged an independent governance consultant to conduct an independent assessment of board performance in 2021 and the outcome of the assessment was presented to the board at the March 8, 2022 meeting. The report which confirmed the transparency and the competence of the Board of Directors and its members is contained in this annual report and accounts for the year 2021.

The Bank will continue to embed corporate governance principles in all aspects of its business, as we are committed to aligning ourselves with global best practices.

Governance structure

Board size and composition

Our Board of Directors is composed of an appropriate mix of executive and non-executive directors in order to maintain its independence and to separate its governance functions from those of management.

The Board is composed of 12 directors as indicated below:

Executive Directors


Non-executive directors

7 (including 2 independent directors)

Four (4) of the twelve (12) Board members are women until the resignation of Folake Sanu on March 31, 2021.

Board changes

During the year ended December 31, 2021, four directors retired from the board and three directors were appointed. The details are as follows:





Folake Sanu

Executive Director

Retired March 31, 2021

Samuel Durojaye

Non-executive director

Resigned March 22, 2021

Adebode Adefioye

Non-executive director

Retired since May 20, 2021

Omobosola Ojo

Independent Director

Retired August 15, 2021

Emeka Obiagwu

Executive Director

Appointed April 1, 2021

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Marianne R. Winn