Wema Bank Plc’s stocks emerged as the best-performing financial stocks on the Nigerian Exchange during the 2022 financial year.
In a report titled “The Best Performing Stocks in Nigeria in 2022,” Nairametrics compiled and analyzed the best-performing stocks in 2022, comparing their share prices as of December 31st, 2021, and December 30th, 2022. The analysis considered all 159 publicly listed companies during the period.
According to the report, Wema Bank’s share price appreciated by a whopping 441.7 percent. This helped it to close the 2022 year at N3.9, down from the 72 kobo recorded at the end of 2022. The bank recorded a healthy 51% increase in gross earnings in the first nine months of 2022 and a 31% increase in post-tax profit. Investors rallied around the bank’s stocks despite a general downturn in most banking stocks during the year.
Similarly, Wema Bank declared a final dividend of 24 kobo per ordinary share to its shareholders in 2021.
This fuels speculation that increased profitability in 2022 could suggest a better dividend payout to shareholders. The Nigerian equity market rallied by 19.98% in 2022, higher than the 6.07% recorded in the previous year.
After many years of dividend freezes, the bank has resumed dividend payments to shareholders in the last three years. Wema has modernized its processes and has increasingly leveraged digital technologies to serve its customers, boosting efficiency and productivity in the process.
Additionally, the bank enjoyed a profitable year in terms of its financial performance and equity performance. Nairametrics ranked the bank as the best-performing commercial bank in the first half of 2022 based on metrics from its financial statements. Wema Bank also won the “Highest Dividend Yield” award at the Pearl Awards in 2022.
Multiverse Mining Company was another of last year’s best-performing stocks. Meyer Plc, Thomas Wyatt Plc, and Academy Press Plc, among others.
Zenith Bank Refunds N3.23m To Angry Customer Chiamaka Agim
A leading Nigerian commercial bank, Zenith Bank has returned N3.23 million to Chiamaka Agim, a Lagos State resident whose N4.039 million was erroneously deducted on January 9.
According to reports, Zenith Bank had previously informed Agim that she would only receive N800,500 of the N4,039,900 that had been debited.
But on Monday, January 16, in the evening, the bank sent back N3,239,400.
Recently, the Zenith Bank client shared a post about the refund on her Twitter page.
Agim reported that on that Monday, the bank contacted her to provide an update on the refunded money.
“After the event, they had to put my account on pause, so I didn’t get any alerts,” the user said. I was told to visit the bank the next day,” she recalled.
“They had credited my account with N3,239,400 around 7.30 pm on Monday,” the customer said. “My account statement was printed when I got to the bank.”
She claimed to have discovered that Access, one of the two banks to which the funds were transferred, still held the remaining N800,500.
Zenith Bank stated that Access Bank is now withholding the funds and that it is not their fault at this time. They said Access Bank stated that the funds would not be released without a court order.
UBA Appoints Abiola Bawuah CEO,UBA Africa
The Board of Directors of the United Bank for Africa Plc has announced the appointment of Mrs. Abiola Bawuah, as Chief Executive Officer (CEO) of UBA Africa.
According to a statement y the bank, Bawuah will also join the Group Board as an Executive Director, overseeing the Group’s operations across the African continent, outside Nigeria.
Bawuah, a Ghanaian national, is the first female CEO of UBA Africa.
Prior to her appointment, she was Regional CEO, West Africa, supervising the Group’s operations in nine subsidiaries, including Benin, Burkina Faso, Cote d’Ivoire, Ghana, Guinea, Liberia, Mali, Senegal, and Sierra Leone. She previously held the role of CEO, UBA Ghana.
Speaking on the new appointment, the Group Board Chairman, Mr Tony O. Elumelu, said, “Abiola has contributed significantly to the growth of UBA Africa for close to a decade. She brings a wealth of experience in commercial banking, and stakeholder engagement. It also gives me great pleasure that with her appointment, the UBA Group Board has now become a majority female board.”
The UBA Group also announced other appointments.
Chris Ofikulu was appointed the Regional CEO of UBA West Africa.
A statement by the bank said Ofikulu has over two decades of banking experience spanning corporate, commercial, and retail banking.
Similarly, Uzoechina Molokwu was appointed as Deputy Managing Director (DMD) of UBA Ghana, subject to local regulatory approvals. He was previously the Executive Director, Business Development – UBA Côte d’Ivoire and has over 23 years banking experience.
Ayokunle Olajubu was also announced as the Managing Director/CEO UBA Liberia, subject to local regulatory approvals. He currently drives compliance across Africa subsidiaries and comes with 30 years banking experience in Nigeria and other African countries, including Sierra Leone, Cote D’Ivoire and the Gambia.
Other appointments include that of Theresa Henshaw who was appointed as CEO of UBA UK, subject to local regulatory approvals. She was previously the DMD, Business Development, UBA America and joined the Group as ED, Business Development at UBA UK.
Usman Isiaka, currently CEO, UBA Sierra Leone, has also been appointed the Deputy CEO in UBA America, subject to local regulatory approvals.
Adeyemi Adeleke, the former CEO of UBA, UK is now the Group Treasurer. Adeleke will be working to unlock the immense value in the Group’s multi-jurisdictional balance sheet, leveraging on its presence in 24 countries within and beyond Africa.
In addition to the executive appointments, UBA has announced the retirement of High Chief Samuel Oni, an independent non-executive Director, from the board following the expiration of his tenure. He joined the UBA Group in January 2015 and served on the Board of the Group for eight years.
The Group Chairman, Mr Elumelu, expressed his appreciation to High Chief Oni, for his commitment, leadership and extensive contributions to the UBA Group and on behalf of the Board, wishes him the very best in all his future endeavours.
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