By Nkiruka Nnorom
Wema Bank Plc has declared N1.16 million dividend, translating to N0.03 per share for its shareholders, for the year ended December 31, 2018, after 15 years of non-dividend payment.
Addressing shareholders at the Annual General Meeting, AGM, in Lagos, Babatunde Kasali, Chairman, Wema Bank, said the bank owed its ability to finally reward its shareholders through dividend payment to the capital reconstruction it undertook in 2017 as well as the launch of ALAT, Africa’s first digital bank, which saw the bank’s savings deposit grew by 26.2 per cent to N62.89 billion in 2018 from N49.83 billion in 2017.
Kasali noted that the journey to recapitalise Wema Bank return it to profitability and consistent growth had been an arduous one for the management of the bank and the shareholders alike, who year after year had to put up with the bank’s reasons for not paying a dividend. He said shareholders were, nevertheless, strong in their belief on the path the bank…