Pan-African rating agency, Agusto & Co, has upgraded Wema Bank’s rating to “A-” from “Bbb+”, reaffirming a stable outlook for the Bank.
This decision, effective June 17, 2025, reflects Wema Bank’s improving business risk profile, driven by sustainable profitability, operating efficiency, good liquidity, and strong shareholder support.
According to Agusto & Co, Wema Bank’s profitability has shown marked improvement over the last three years, with the Bank’s liquidity profile considered good and its ability to refinance deemed satisfactory.
It noted that the bank’s commitment to environmental, social, and governance issues has also been recognised, with the Bank contributing positively to socially impactful sectors and fostering inclusion and community development across Nigeria.
“The Bank continues to contribute positively through credit disbursements to socially impactful sectors such as agriculture, power and energy, education, water supply, transportation and healthcare, which collectively represented about 16 per cent of its loan portfolio.
“In addition, Wema Bank’s ongoing partnership with the Enterprise Development Centre (EDC) and Mastercard to train 50,000 women, alludes to the Bank’s commitment to fostering inclusion and supporting community development across Nigeria. In the near term, we anticipate improved profitability supported by business growth from additional capital”.
Wema Bank’s Managing Director/CEO, Moruf Oseni, commended Agusto & Co for the objective assessment, noting the bank’s long-term aspiration of attaining Tier-1 status and taking indigenous Nigerian institutions global.
According to him, “As a Bank, we are honoured by the level of trust our customers place in us, the confidence with which our shareholders continue to support the business and the determination with which our employees continue to fuel our growth. It is a privilege we do not take for granted, and I take this opportunity to say, ‘Thank You’. This is the clear result of 80 years of impact, the hard work that has gone into forging this formidable financial institution.”
“At this point, we can agree that Wema Bank’s capacity to transcend time is beyond question. We have done it for 8 decades, and now standing stronger at 80 years, we are prepared to keep the flag flying for centuries to come. It is time for the world to see the stuff that ‘Nigerian-owned’ is made of, and we are proud to pioneer this movement.
“I extend our sincere gratitude to Agusto & Co for acknowledging the growth and sharing in our vision for the future. To every stakeholder of Wema Bank, from the large entities partnering with us to the smallest business owner that has placed their trust in us, our promise is that Wema Bank will never let you down. We will continue to exceed all expectations, raise the standards, and consistently deliver optimum value to you; as we journey with you, all the way”, Oseni concluded.
This upgrade follows similar ratings upgrades from other agencies, including Fitch and GCR, affirming Wema Bank’s strong financial condition and capacity to meet its obligations. With 80 years of experience, Wema Bank continues to empower lives and businesses, leveraging innovation to drive productivity and efficiency in the African banking ecosystem.
