Nigeria: Wema Bank ratings upgraded by Fitch, GCR
The upgrades reflect the bank's strong performance and resilience in the face of industry challenges.
Fitch upgraded Wema Bank's National Long-Term Rating to 'A-(nga)' from 'BBB(nga)', with a Positive outlook, while affirming its Long-Term Issuer Default Rating (IDR) at 'B-'.
GCR also upgraded the bank's national scale long- and short-term issuer ratings to BBB+(NG)/A2(NG) from BBB(NG)/A3(NG), with a Stable outlook.
The upgrades are a testament to Wema Bank's commitment to delivering value to its customers and shareholders.
The bank's deliberate approach to banking has earned it a reputation as Nigeria's most innovative bank, with a legacy of impact, resilience, empowerment, innovation, and excellence.
Wema Bank's Managing Director and CEO, Moruf Oseni, commended Fitch and GCR for their objective assessments and projections of the bank's promising future.
He reiterated the bank's commitment to its customers and shareholders, asserting that Wema Bank's journey has just begun at 80 years.
According to him, 'Wema Bank is more than just a provider of financial services. This great institution represents a bold and firm statement to the world, 'Nigerian-owned can stand the test of time'. Wema Bank was founded on the precipice of catering to the needs of Nigerians when no one else would. 80 years later, that legacy lives on and we are more fueled than ever to keep that timeless legacy thriving.
'Wema Bank has navigated every challenge, bounced back with an unquenchable thirst to keep going, and consistently developed solutions that accelerate progress across various industries beyond banking. Today, Wema Bank stands stronger than ever at 80 years. This is what happens when you devote your 'all' to self-improvement and delivering value to the people you serve. 80 years seems like a lot—and it is, but it is nothing compared to what lies ahead.
'These upgrades are very significant and represent good news for us as a bank. It stands as a strong testimony to the great work we have all put in in the last one year. Wema Bank will continue to exceed all expectations, support the people on all levels and never relent in our promise to keep delivering optimum value to every stakeholder,' Oseni concluded.
The upgrades align with previous positive ratings Wema Bank has received, including a rating upgrade from Agusto & Co to Bbb+, with an ESG Score of 2 and a Stable outlook in 2024. The bank's solid performance and resilience have earned it recognition both nationally and internationally.
'2024 also saw GCR upgrade Wema Bank Plc's national scale long-term issuer ratings to BBB(NG) from BBB-(NG) and affirm the short-term issuer rating of A3(NG), with the Outlook revised to Stable; while Fitch affirmed the bank at 'B-' with Outlook, Stable.
'Wema Bank's commitment to delivering value and generating positive impact on individual, industry, national, and global levels is evident in its continued growth and innovation. The bank's legacy of 80 years is a testament to its ability to adapt and thrive in a rapidly changing banking landscape.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
15 hours ago
- Zawya
Furthering Implementation of the Peace Agreement Between the Democratic Republic of the Congo and the Republic of Rwanda
In support of implementation of the Peace Agreement Between the Democratic Republic of the Congo (DRC) and the Republic of Rwanda (Rwanda) signed in Washington, D.C. on June 27, 2025, the United States hosted two sets of meetings on July 30 through August 1, 2025, focused on implementation of the security aspects of the agreement and building a framework for regional economic growth opportunities, which together are critical to achieving long-term stability and durable peace in the Great Lakes region. This bilateral initiative is designed to unlock the immense economic potential of the Great Lakes region made possible only through the implementation of the Peace Agreement. On August 1, representatives from the DRC and Rwanda, facilitated by the United States, initialed the text of the Regional Economic Integration Framework Tenets, a requirement outlined in the Peace Agreement. Through joint coordination in areas including energy, infrastructure, mining, national park management and tourism, and public health, the DRC and Rwanda will drive economic progress and improve the lives of people and the communities where they live across the Great Lakes region. Also on July 31, DRC and Rwandan delegations held the first meeting of the Joint Oversight Committee to support implementation of the Peace Agreement Between the DRC and Rwanda, observed by the United States, the State of Qatar, the Republic of Togo (as the African Union facilitator) and the African Union Commission. The Committee serves as a platform for implementing the Peace Agreement and resolving disputes. At its first meeting, participants appointed Chairpersons to the Commission, agreed to governing terms, and prepared for the launch of the Joint Security Coordination Mechanism. This week's meetings represent a significant step forward in implementing the Peace Agreement, with the DRC and Rwanda taking meaningful actions to advance security and economic cooperation. The United States reaffirms its commitment to supporting these efforts and, as the parties make progress implementing the Peace Agreement, looks forward to hosting the Summit of the Heads of State in Washington, D.C., to drive peace, stability, and economic prosperity. Distributed by APO Group on behalf of Department of State, United States of America.
Zawya
a day ago
- Zawya
Ambassador Gao Wenqi Attends the Working Meeting between Leaders of Export-Import Bank of China and Ministry of Finance and Economic Planning of Rwanda
AFRICA On July 31, Ambassador Gao Wenqi attended the working meeting betweenYang Dongning, Vice Governor of Export-Import Bank of China and Hon. Yusuf MURANGWA, Minister of Finance and Economic Planning of Rwanda. Both sides exchanged views on promoting the trade, economic and financial cooperation between China and Rwanda. Distributed by APO Group on behalf of Embassy of the People's Republic of China in the Republic of Rwanda. Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an 'as is' and 'as available' basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release. The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk. To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages. © ZAWYA 2025
Zawya
a day ago
- Zawya
South Africa: Cooperative Governance and Traditional Affairs (COGTA) Chairperson Concerned by Closure of Emfuleni Local Municipality Client Service Centre
The Chairperson of the Select Committee on Cooperative Governance and Public Administration (Traditional Affairs, Human Settlements and Water&Sanitation), Mr Mxolisi Kaunda, is concerned by reports of the closure of the Emfuleni Local Municipality client service centre due to unpaid rent. 'The closure of the client service centre negatively impacts the ability of the municipality to collect rates and taxes, a key driver of municipal revenue. The inability to collect revenue will have an unintended negative impact on the ability to deliver quality services to the people,' Mr Kaunda said. The 6th Parliament select committee visited the municipality and criticised the lack of progress in resolving material risks of governance and financial control within the municipality, which exacerbate the already dire state of poor service delivery. Furthermore, the continued attachment of the municipality's bank accounts by service providers, such as Eskom and Rand Water, due to non-payment for services requires a focused and deadline-driven approach. 'While it is not sustainable that the accounts of the municipality are attached, it is also unsustainable that the municipality does not pay for services. The residents of the municipality deserve better basic services in line with the objects of municipalities as envisioned in Section 152 of the Constitution,' Mr Kaunda suggested. The Chairperson also highlighted the importance of government departments paying the municipality for services to improve cash flow management and enable the municipality to provide services. The Chairperson called on the municipality and the provincial executive to find a workable solution to ensure that the client service centre is reopened and that service providers are paid on time. Distributed by APO Group on behalf of Republic of South Africa: The Parliament.
