Wema Bank Plc has undertaken a significant reshuffle at the upper echelon of its corporate governance structure, appointing Mr. Olukayode Bakare as an Executive Director and re-electing Mrs. Bolarin Okunowo, Prince Olusegun Adesegun, and Dr. (Mrs) Oluwayemisi Olorunshola as part of resolutions passed at its 2024 Annual General Meeting (AGM) held virtually on 22 May 2025.
The board changes, which were unanimously ratified by shareholders, come at a pivotal time for Nigeria’s oldest indigenous bank as it accelerates its digital banking initiatives and prepares to meet heightened regulatory capital thresholds.
Strategic Leadership Enhancements
The appointment of Mr. Bakare, a seasoned financial services executive, signals Wema Bank’s commitment to deepening its operational capabilities. His career spans several decades in fintech and commercial banking, aligning with Wema’s reputation as a digitally-forward institution.
In a statement, Wema Bank described the appointments as “a measured continuation of its leadership vision, designed to balance innovation with governance.”
Board Continuity and Oversight
Re-elected to the board were:
Mrs. Bolarin Okunowo, Independent Non-Executive Director, with a strong pedigree in investment banking and risk governance.
Prince Olusegun Adesegun, Non-Executive Director and former deputy governor of Ogun State, who brings political acumen and strategic insight.
Dr. (Mrs) Oluwayemisi Olorunshola, Independent Non-Executive Director and respected academic, known for her contributions to corporate ethics and governance reform.
Strengthening Internal Oversight
Shareholders also approved the election of three new members to the bank’s Statutory Audit Committee: Mr. Ogbonna Joe Anosikeh, Professor Oyelakin Samuel Awobode, and Mrs. Omobola Esther Osijo. Board representation on the committee will continue through Mrs. Okunowo and Mrs. Yewande Zaccheaus.
Governance Amendments and Capital Strategy
A notable governance reform was approved, altering the threshold for shareholder nominations to the board. Clause 93(iii) of the bank’s Articles of Association was amended, raising the minimum shareholding requirement from 5% to 10%.
Simultaneously, shareholders backed a capital raise of ₦50 billion via private placement. The move is aimed at satisfying a portion of the Central Bank of Nigeria’s minimum recapitalisation mandate for national banks.
Remuneration and Dividends
The board’s total annual remuneration was fixed at ₦144.5 million for the 2024 financial year. Additionally, a dividend of ₦1.00 per share was declared, payable to shareholders on record as of 1 May 2025.
Outlook
Wema Bank’s chairman lauded the resolutions as critical to enhancing stakeholder confidence and sustaining growth. “With this board composition, we are well-placed to deliver strategic objectives and scale our retail and digital platforms,” he said.
The director changes, alongside regulatory adaptations and capital raising, underscore Wema Bank’s ambition to remain competitive and resilient in an evolving financial landscape.
