One of Nigeria’s oldest financial institution, WEMA bank Plc, has just concluded a successful Annual General Meeting with some of its shareholders who have contributed so much to the growth of the bank.
The AGM which took place at the Civic centre, Lagos, had the board of directors in attendance with the Chairman, Babatunde Kasali, taking his time to appreciate everyone that were able to travel far and near to ensure they meet up with the bank to discuss way forward.
Mr Kasali, who happens to handle his first AGM as chairman of the bank, stated that the year 2017, marked the long road to recovery for the country as the economy exited a year long recession.
He further pointed out that despite the challenges of 2017, the year was a positive one for the economy and the banking industry as the economy returned to growth with WEMA bank being able to deliver on a substantial proportion of its strategic goal for 2017 while undertaking bold steps to ensure that they consolidate on earlier gains.
Kasali went on to celebrate the bank by stating that year on year, the bank has continued to record significant achievements in various areas like the launch of ALAT, Nigeria’s fully digital bank.
According to him, “your bank in 2017, recorded significant success stories which we are especially proud of. In spite of the challenges faced as a bank, the bank continues to maintain both its international and domestic Long-Term National Credit Rating at investment grade (BBB-) with a stable outlook.”
During the question and answer session with shareholders, they expressed their displeasure over the bank’s inability to pay their dividend for the past 13 and half years as they added that they were last paid their dividend on the 30th October, 2004.
Despite pointing out the challenges they have with the bank, the shareholders went on to appreciate the bank’s effort at clearing the debt they were owing the Central Bank of Nigeria. Mr Kasali and his banking team were admonished to tap into the Agricultural sector which will help create employment opportunity to the many youths and graduates in the country.
While thanking everyone for a successful meeting, Mr Kasali, boldly promised the shareholders of immediate payment of their dividends as soon as possible.