Wema Bank has denied claims that it is distressed just as Union Bank of Nigeria says it is not shutting down operations on Friday (today).
In a statement, Wema Bank said that there was no truth to the claims made in some sections of the media.
“Rather than bow to pressure from some peddlers of distasteful news, it has been receiving praises and commendations from customers and shareholders nationwide following its unprecedented 2023 financial performance as captured in the bank’s Q3 2023 Financial Results,” Wema Bank said.
The lender noted that the 2023 third-quarter report of Wema Bank filed with the Nigerian Exchange Limited showed its Profit Before Tax rose by 130 per cent to N21.76bn against the previous year’s N9.46bn.
It said its gross earnings increased by 61 per cent from N93.86bn to N150.90bn at the end of Q3, 2023.
Speaking on its efforts to ensure the security of depositors’ funds, the bank said that it reported legal claims in the sum of N8bn and recorded the least reported fraud losses in the sum of N239.92m in 2023, which marked 73 per cent reduction in comparison to previous figures.
Also, in a mail to its customers on Thursday, Union Bank said, “Please disregard any text message claiming we are shutting down operations. Union Bank remains strong and your finds are safe with us. We assure you of our unwavering dedications to providing you with simpler and smarter solutions.”
The text message being refuted read, “Dear Customer, as directed by the CBN, Union Bank Nig will cease operation with the effect from 19 January, 2024. You are hereby advised to move your funds out with immediate effect. We are sorry for the inconvenience.”
UBN was one of the banks whose board was dissolved by the Central Bank of Nigeria, following the report of the special investigator, which alleged that the former CBN governor, Godwin Emefiele, bought the banks using fronts.
The special investigator urged the Federal Goverment to reverse the sale of Keystone, Polaris Bank and Union Bank, take them over, strengthen them and sell them off.
