Wema Bank assures shareholders of achieving growth targets via “Project LEAP

Wema Bank has assured shareholders that it is confident of achieving growth targets via the implementation of Project LEAP growth initiative while continuously delivering value to them.

The bank at the annual general meeting held Wednesday in Lagos said it will continue to play in the commercial and retail space. “Your bank will remain nimble and responsive as we explore new frontiers in business development, service delivery and settlement platforms. We are particularly confident that the opportunities for growth and expansion within the industry abound and will continue to target the unbanked and ever growing retail sector of the economy,” Adeyinka Asekun, chairman, said.

Shareholders of Wema Bank – Nigeria’s oldest indigenous financial institution, applauded the bank’s financial performance for the year ended December 31, 2013, which saw operating income up by 68 percent and a return to full profitability by the bank.

The chairman attributed the bank’s 2013 performance to the success of the management’s turnaround plan, adding that despite the challenging operating environment, Wema Bank achieved a significant milestone as it returned to full profitability following concerted efforts in implementing the first phase of the bank’s turnaround project. He also thanked shareholders for their unquantifiable support and contributions over the years.

In his remarks, Segun Oloketuyi, managing director of the bank, said “Wema Bank has emerged as a bank to reckon with, especially within the retail and SME business segments and will continue to differentiate itself in the industry by the quality of its service, product offerings and best-in-class alternative channels.

“With the focused and continuous execution of our transformation plan – “Project LEAP,” we are expanding gradually and efficiently and establishing our presence in areas that have significant growth potential. We have started work on repositioning our brand, re-tooling our workforce and aggressively deploying alternative channels.”

In their responses, various shareholders praised the management’s strategy, which has witnessed a positive turnaround in the bank’s fortunes since their transformation project began in 2009. They also pledged their continued loyalty and support for the bank’s long-term objectives while reiterating their confidence in the ability of the bank’s management towards driving the institution to its goal of being a best-in-class institution in the Nigerian banking sector.

HOPE MOSES-ASHIKE & IFEOMA OKEKE