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Wema Bank Plc refutes AMCON Take-over News

Category: Money Market

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Wema Bank Plc refutes AMCON Take-over News

Friday, September 06, 2013 / Press Release


Our attention has been drawn to a spurious publication in The Nation Newspaper of Wednesday, September 4, 2013 with the title, “SEC set to okay AMCON’s takeover of Wema Bank”. The publication is also fraught with irregularities and misrepresentation of facts relating to our recently concludedN40billion Special Private Placing.


As a result of this misleading publication, we are thus compelled to state without equivocation for the benefit of the general and investing public that the Assets Management Company of Nigeria is not taking over Wema Bank plc as alleged by the said publication.


Wema Bank Plc recently concluded a successful Special Private Placing in the sum of N40 billion with a number of private and institutional investors, duly approved by the relevant regulatory bodies  including the Central Bank of Nigeria, Securities and Exchange Commission and Nigeria Stock Exchange.


Over the past four years, the Board and management of the Bank have successfully repositioned Wema Bank by creating a strong platform for sustainable superior financial performance through quality personnel, improved systems and processes, and an enhanced capital base. Also, the Bank’s performance in the last four years under the new management has been in line with our medium term projections and repositioning programme as evidenced in our return to profitability this year with a half-year profit before tax of N481 million. For us, this is a key milestone as it has gone a long way to validate the efficacy of our repositioning strategies for the bank. The shareholding structure of the bank is quite diverse and no single investor has a controlling shareholding in the bank.


At Wema Bank, we remain committed to the principles of transparency, integrity and openness in our dealings with all stakeholders including the press. We are also resolute in ensuring the responsible use of publicly available and verifiable information regarding the Bank and its transactions in a bid to protect our customers, stakeholders and most importantly, our brand.


Finally, we wish to restate for the avoidance of doubt that neither the Asset Management Company of Nigeria (AMCON) nor any of the other parties to the recently concluded special private placement is taking over Wema Bank in any form as erroneously reported by The Nation Newspaper. We therefore enjoin our customers, the general and investing public to completely disregard the said publication.

Related News:
SEC set to okay AMCON's takeover of Wema Bank | The Nation 

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