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Wema Bank Records 135% Profit Growth 

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Wema Bank has recorded a profit before tax of N102.51 billion. This marks an increase of 135 per cent compared to the N43.59 billion recorded in 2023.

The bank has proposed a dividend of N1.00 per share following its strong financial performance in 2024.

In a statement by the bank on Sunday, its balance sheet remains structured, diversified, and resilient, with total assets growing by 60 per cent to N3.

585 billion in 2024.

Total assets had stood at N2.240 billion in 2023. The bank also grew its deposit base year-on-year by 36 per cent to N2.523 billion from N1.860 billion.

Loans and advances increased by 50 per cent, reaching N1.201 billion in 2024 from N801.

10 billion in 2023. Non-performing loans stood at 3.86 per cent at year-end.

The bank recorded improved year-on-year performance, with gross earnings growing by 92 per cent to N432.34 billion, compared to N225.75 billion in 2023.

Interest income rose by 92 per cent year-on-year to N353.54 billion from N184.48 billion, while non-interest income increased by 91 per cent to N78.80 billion.

The bank reported a Return on Equity of 43.60 per cent, a Return on Assets of 2.96 per cent, and a Capital Adequacy Ratio of 19.67 per cent.

Its Cost-to-Income ratio stood at 56.23 per cent, highlighting the commercial bank’s resilience and financial strength.

Managing Director Moruf Oseni attributed the strong 2024 performance to strategic execution in risk management, customer relationships, and digital banking.

“Our people remain committed to supporting Nigerian businesses and individuals with innovative banking products and services,” he said.

He highlighted ALAT, the bank’s flagship digital platform, as a leader in digital banking adoption among Nigeria’s young population.

“One example is ALAT XPlore, Nigeria’s first licensed banking app for teenagers aged 13 to 17, designed to build financial skills and responsibility,” Oseni said.

In spite of a challenging operating environment, the bank continues to grow across all financial indices, demonstrating the workforce’s resilience and expertise.

“The standout performance is Profit Before Tax, which surged by 135 per cent,” he added.

Oseni noted that the 92 per cent rise in gross earnings, 60 per cent growth in total assets, and 483.20 kobo earnings per share strengthened the balance sheet.

“Our Cost-to-Income ratio of 56.23 per cent has significantly improved from the previous period,” he stated.

He also announced that the bank’s Capital Raise Programme would begin in April 2025 with a N150 billion rights issue. (NAN)

NEWS

Armed Herders Kill Five, Displaced Many in Renewed Attack on Benue Community

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From Attah Ede, Makurdi

Suspected armed herdsmen has launched a renewed attack on Tse Ameen community in Mbapa Council Ward of Gwer West Local Government Area in Benue State, killing at least five persons.

A local sources disclosed that the incident occurred on early hours of Sunday when armed herders attacked the community at about 1:am.

One of the sources who spoke on condition of anonymity, told our correspondent on phone in Makurdi on Monday, disclosed that five bodies were recovered while many others remained missing.

“The corpses recovered after the attack included three males and two females,” the resident said.

Contacted, the Police Public Relations Officer (PPRO), DSP Udeme Edet, confirmed the incident to our correspondent on phone in Makurdi, Monday.

Edet said, “Four dead bodies were recovered.”

The PPRO did not disclosed further information.

Meanwhile, Governor Hyacinth Alia has sympathise with the people of Gwer West where the attack occured on Saturday night.

He appealed to all security heads to ensure those perpetrators are also apprehended.

He however called on all communities to join forces with government and security agents to comb forests of evil elements.

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NEWS

Over 25 Die in Firecracker Factory Blast in India

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At least 25 people have been killed in an explosion at a firecracker factory in the southern Indian state of Tamil Nadu, with four others seriously injured.

The blast occurred at the Vanaja Fireworks Industry in Virudhunagar on Sunday evening.

The factory was supposed to be closed but about 50 workers were inside at the time, officials said.

A second explosion occurred while rescue operations were on, injuring 13 more people, though none sustained serious burns, District Collector NO Sukhaputra told ANI news agency.

The cause of the blast is not yet known and an investigation is under way

An eyewitness, who is being treated for injuries, said that around 25 people were working in the veranda in front of the factory when the fire broke out, damaging at least three rooms and reducing parts of the building to rubble.

Rescue operations – which have now concluded – were then significantly slowed down as firecrackers continued to explode inside the building.

A complaint has been filed against the factory owner and foreman, both of whom are absconding, police said, adding that four special teams have been set up to trace and arrest them.

Meanwhile, efforts to identify the victims continued on Monday. District officials said that 22 of the 25 dead had been identified so far – most of them are women.

Some reports say the force of the blast left several bodies charred beyond recognition.

Accidents at fireworks factories in India are not uncommon.

The industry supplies firecrackers for weddings, festivals and other ceremonies and has faced repeated scrutiny over safety standards.

As the investigation continues, questions are being raised about possible safety violations.

Speaking to reporters, district collector Sukhaputra said the factory should not have been operating on a Sunday, calling it a “first violation”.

He added that it held a valid licence, but that checks into other possible breaches were under way.

The tragedy also prompted swift responses from politicians.

Prime Minister Narendra Modi described it as “deeply distressing” and offered condolences to the families of those killed.

Tamil Nadu Chief Minister MK Stalin said the deaths had caused “immense sorrow” and that he had instructed officials to ensure all necessary assistance.

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Education

FG begins Nationwide Review of Outdated Agric Curricula

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The Federal Government has commenced a comprehensive review of agricultural curricula in polytechnics and colleges of education to address widening skills gaps and revive youth interest in agriculture.

The Chairman of the Agriculture Curriculum Review Implementation Committee, Prof.

Idris Bugaje, disclosed this at a two-day national workshop on agricultural curriculum review on Monday in Abuja.

Bugaje, who is also the Executive Secretary of the National Board for Technical Education (NBTE), said many agricultural programmes had remained unchanged for more than 15 years.

He said the outdated curricula had become unattractive to young Nigerians and misaligned with industry needs.

According to him, the review will cover all 33 National Diploma (ND) and Higher National Diploma (HND) agricultural curricula, alongside more than 32 National Occupational Standards.

Bugaje said past funding for curriculum review was grossly inadequate.

He noted that about N50 million was previously allocated annually to review over 320 curricula and more than 100 occupational standards nationwide.

“The work before this committee is critical because agriculture remains the mainstay of Nigeria’s economy.

“It employs a large number of Nigerians and contributes significantly to the Gross Domestic Product (GDP).

“Unfortunately, admissions into agricultural programmes have been declining because the curricula are no longer attractive or responsive to current realities,” he said.

Bugaje added that the review would prioritise practical, industry-driven training rather than purely academic content.

He said private sector participation would be strengthened to ensure graduates acquire relevant skills aligned with modern agriculture and global best practices.

The NBTE boss said four thematic groups covering crops and agronomy, livestock, fisheries, and forestry would develop implementation timelines.

He added that the groups would also recommend industry resource persons for the exercise.

Bugaje noted that undergraduate agricultural programmes under the National Universities Commission (NUC) would not be reviewed immediately.

He said this was in line with the commission’s five-year curriculum review cycle.

He added that the exercise would instead focus on programmes supervised by NBTE and the National Commission for Colleges of Education (NCCE).

Bugaje commended the Ministers of Education, the Minister of State for Agriculture, and the Minister of Livestock Development for their collaboration.

He said their efforts facilitated the establishment of the committee.

The Executive Secretary of NCCE, Dr. Angela Ajala, said Nigeria must urgently shift agricultural education from theory to hands-on practice.

Ajala said this was necessary to address manpower shortages in extension services and specialised farm operations.

She said the decline in trained agricultural extension officers and technical experts underscored the need for a forward-looking curriculum.

“If Nigeria must secure its agricultural future, training must move from classroom theory to practical competence,” she said.

Also speaking, the Executive Secretary of the Agricultural Research Council of Nigeria (ARCN), Dr. Abubakar Dabban, said the council was committed to producing industry-ready graduates.

Dabban, represented by Dr. Oluwafemi Salako, Director of the Plant Resources Department, said the council would provide technical support for the exercise.

He said ARCN supervised 19 national agricultural research institutes and 17 federal colleges of agriculture.

He added that the council would strengthen research, training, and extension linkages.

An international expert representing the Sector Skills Council for Agriculture, Pascal Durand-Carrier, said ongoing skills-gap surveys would support the review.

Durand-Carrier said the surveys were being conducted in collaboration with international partners.

He said the effort would help align training with labour market demands and strengthen collaboration between academia and industry.

Participants at the workshop expressed optimism that the review would produce modern, market-driven curricula.

They said the outcome would attract young Nigerians to agriculture and enhance national food security. 

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