Morufu Oseni’s magic wand

August 29, 2025 by Oladapo Sofowora

When Morufu Oseni was appointed as the Managing Director and Chief Executive Officer of Wema Bank, one of Nigeria’s oldest indigenous banks, perceptions of his capability were mixed. However, those who once cast doubt on his competence are now reflecting on their skepticism with regret and offering their praise for his exceptional leadership. Since taking the helm, Oseni has not only proved his critics wrong but has also orchestrated a remarkable turnaround in the bank’s fortunes, earning accolades from both investors and former detractors alike. Today, critics are silenced, as Wema Bank consistently showcases innovative solutions that effectively address various banking issues.

Many doubted Oseni’s ability to navigate the complex challenges posed by the Central Bank of Nigeria’s recapitalization exercise. However, he approached these hurdles with remarkable efficiency, solving problems that seemed daunting with relative ease, showcasing his expertise in the banking sector.

Recently, Oseni achieved a significant milestone in Wema Bank’s recapitalization efforts by raising $103 million through a rights issue. This marks the successful completion of the first phase of the capital-raising program, which is critical for strengthening the bank’s balance sheet in accordance with the Central Bank of Nigeria’s directives. By enhancing its capital base, Wema is now well-positioned for the next phase of growth and expansion.

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The rights issue aimed to elevate qualifying capital above the CBN’s requirement of approximately $130.98 million. It closed with remarkable subscriptions amounting to about $103.1 million, currently undergoing regulatory verification. Once this approval is obtained, Wema Bank’s qualifying capital will exceed $137.61 million, providing a substantial buffer above the regulatory threshold.

Following the successful completion of the first phase, the bank has initiated a N50 billion ($32.74 million) private placement, which has already attracted robust interest from investors. This offer, running for a duration of 10 days, is expected to further bolster the bank’s financial position. Experts indicate that this recapitalization drive will not only enhance Wema’s lending capabilities but will also enable more substantial investments in digital technology and improvements in customer service.

Under Oseni’s stewardship, Wema Bank’s financial performance has seen significant progress. In the first half of 2025, the bank reported an impressive net profit of N87.52 billion ($57.32 million), a staggering increase from the N26.6 billion ($17.4 million) recorded in the same period the previous year. Oseni remains committed to driving the bank’s success, continuously working to ensure the satisfaction of both customers and investors while further enhancing the bank’s standing in the competitive financial landscape.

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