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Anticipation Builds As Wema Bank Clocks 80 In 8 Days

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All roads lead to Lagos on May 2nd 2025, when Wema Bank, Nigeria’s oldest indigenous bank, leading innovative bank and pioneer of Africa’s first fully digital bank, ALAT, will be marking its 80th anniversary in grand style, in Lagos, the city where it all started.

Founded on May 2nd 1945 as Agbonmagbe Bank Limited, Wema Bank was established by the Late Chief Matthew Adekoya Okupe and two others—his wife, Regina Adekoya Okupe and a family friend, Reverend Alade. In an era where the banking industry was designed to cater only to the colonial government and expatriates, Wema Bank came to life as a vanguard of indigenous banking, bridging the gap in access to financial services by providing quality financial services tailored to the needs of indigenous Nigerians and businesses.

The story of Wema Bank is one that symbolises remarkable resilience, capturing the journey of an indigenous Nigerian bank that dared to rise at the heights of the colonial era, weathering the storms of the difficult terrain, navigating challenges and constantly reinventing to continue serving Nigerians against all odds, for 8 solid decades and counting. This great bank, which began as the mere vision of an illustrious philanthropist in a hollow room at Agbonmagbe Lodge, Yaba, Lagos, has now grown to not only become Nigeria’s longest standing indigenous and most resilient bank but also, Nigeria’s most innovative bank.

In truth, Wema Bank’s formidable legacy is proof that Nigerian businesses have the capacity to last, transcend time, adapt and innovate to remain valuable to customers, stakeholders, shareholders, industries, and the nation at large. From empowering Nigerians with the finest quality of financial services to providing tailored opportunities for underserved categories of the population, spearheading the future of banking and being a backbone for Nigeria’s FinTech industry by not only pioneering the continent’s first fully digital bank, ALAT, but also allowing FinTechs to operate using the Bank’s secure and advanced network; Wema Bank has built a legacy of impact since 1945.

As Wema Bank counts down to its 80th anniversary on May 2nd, 2025, the world eagerly anticipates the future of possibilities that lies ahead for this phenomenal bank. While details of the grand Wema at 80 event are yet to be disclosed, the event is reported to be the most star-studded and exclusive corporate celebration of the year, convening generations of Nigerians in Lagos in a night of momentous reflection, merriment and grandeur, with the dress code, timeless elegance.

For more information, visit www.wemabank.com/Wemaat80 and follow Wema Bank’s social media @wemabank

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Police Arrest 31-Year-Old Medical Doctor, 3 Others Over Alleged Sale of Newborn For N2.5m in Lagos

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The Lagos State Police Command has arrested a 31-year-old medical doctor, a traditional birth attendant, and two other individuals (all names withheld), accused of conspiring to sell a newborn baby for N2.5 million.

Police said the case was initially reported at Area E Command, Festac, and was transferred to the State Criminal Investigation Department, Yaba, on June 1 for further investigation into allegations of conspiracy, stealing, and child trafficking.

The investigation is being handled by Anti-Human Trafficking/Gender detectives under the supervision of the Deputy Commissioner of Police in charge of SCID, Mr. Dayo Akinbisehin.

Details of the case

According to police sources, the baby’s mother (name withheld), aged 28, and her boyfriend allegedly decided not to keep the child and sought individuals who could facilitate the sale after birth.

The couple was reportedly linked to a prospective buyer in Ikorodu through intermediaries.

The pregnant woman was first taken to a traditional birth attendant for delivery.

Due to complications during labour, she was referred to a private hospital operated by a medical doctor, where she underwent a Caesarean section. Both mother and child survived the procedure.

Shortly after delivery, arrangements were allegedly concluded within the hospital premises for the sale of the newborn to an unidentified buyer for N2.5 million.

The baby was subsequently handed over to the buyer, who remains at large.

A police source said efforts to trace the buyer have been unsuccessful, as the address and telephone number provided turned out to be false.

“The information supplied by the person who took the baby turned out to be non-existent. The address could not be traced, and the phone number was incorrect,” the source said.

Investigators said the baby’s mother initially consented to the arrangement but later raised concerns after allegedly receiving only N700,000 of the agreed N2.5 million.

The matter came to light after she reported the unpaid balance, prompting involvement from non-governmental organizations and a police report.

Arrests and Ongoing Search

Police identified one of the principal suspects as a 31-year-old medical doctor who had been in practice for about four years.

Another woman, alleged to have facilitated the transaction, as well as the buyer of the baby, is currently being sought by investigators.

During a raid on a residence linked to the suspects, police reportedly found three young girls, two of whom were pregnant.

The discovery raised suspicion of an organized criminal scheme, leading to further arrests.

Several suspects remain in custody while investigations continue.

The police said efforts are ongoing to arrest fleeing suspects, recover the missing baby, and ensure that all those involved in the alleged trafficking network are brought to justice.

The command added that suspects already in custody will be charged to court upon conclusion of investigations.

The Lagos State Police Command stated that securing lives and property remains its top priority and reiterated its commitment to combating all forms of human trafficking.

 

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No New Telecoms or Fuel Taxes, FG Clarifies Amid Public Concern

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The Federal Government has dismissed reports suggesting that it has adopted or is considering new taxes on telecommunications services and petroleum products following the publication of the International Monetary Fund (IMF) Article IV Consultation Report on Nigeria.

The clarification followed reports that the IMF had said Nigeria may need to extend VAT to fuel products and introduce excise duties on telecommunications services to raise revenue, fund development, and social spending.

However, a statement by Efe Ovuakporie, Head Information and Public Relations Unit, Ministry of Finance, on Wednesday, the government said the reports misrepresented the content of the IMF report and did not reflect its policy direction.

“The IMF Article IV Consultation Report contains the Fund’s assessment of Nigeria’s economy as well as recommendations for consideration by the authorities.

“Those recommendations do not amount to government policy and are not binding on Nigeria. Decisions on tax matters are taken through established constitutional and legislative processes and are guided by national priorities and prevailing economic realities”.

The government clarified that the Value Added Tax (VAT) waiver on petroleum products remains in place and has not been withdrawn.

It also noted that although existing legislation provides for a fuel surcharge, such a measure can only take effect through a ministerial order and publication in the Official Gazette.

“No such process is under consideration.

“The continued suspension of these charges has helped cushion the effect of global energy price fluctuations on households and businesses while keeping domestic fuel prices relatively stable”.

The government further clarified that the telecommunications excise duty introduced before 2023 has been repealed under the new tax laws and is therefore no longer applicable.

Against this backdrop, the statement noted that reports claiming that new taxes are being planned for telecommunications services or petroleum products “are not factual and should be disregarded”.

The Federal Government said it remained focused on reforms that promote economic growth, improve revenue administration, and create a more competitive environment for investment and job creation.

“The emphasis remains on expanding economic activity, plugging leakages, and improving efficiency rather than placing additional tax burdens on citizens.

“Any future tax measures will be announced through official channels and implemented in line with the law”, the statement added.

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I’m Ready To Sacrifice Myself For Rescue of Ogbomoso Schoolchildren —– Makinde

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Seyi Makinde, governor of Oyo, says he is willing to sacrifice himself if that would secure the release of schoolchildren and teachers abducted by gunmen in the state.

Makinde spoke on Tuesday while addressing protesters led by Martins Otse, the activist and social media influencer popularly known as VeryDarkMan (VDM), at the Oyo State Government House in Ibadan.

Hundreds of protesters marched through major roads in the Oyo capital before converging on the government house to demand the urgent rescue of the abductees, who had been in captivity for one month on Monday.

The governor said security agencies have continued efforts to secure the victims’ release, adding that personnel involved in the operation had suffered casualties.

“Oyo state is not Chibok, and it will not be Chibok. We have lost men, soldiers, on this. I can confirm to you that a lieutenant in the Nigerian Army was killed a few days ago,” he said.

“If you ask me, can I sacrifice myself for those children to come out, I will do it. I have lived a good life. I am almost 60. It doesn’t matter. My own father died at 76.

“This is Oyo state. They know that this is not Chibok, and our children will never be in the same situation as the Chibok children.

“We are doing everything possible, including what you suggested. But there is the potential for needless loss of lives. We have lost a teacher already.

“If we can avoid losing more, we will avoid losing more. But if we get to the point that certain people have to be sacrificed, including myself, we will do it.”

Makinde said the government will not negotiate with the abductors, warning that doing so would amount to surrendering the state’s authority to criminal groups.

BACKGROUND

On May 15, gunmen attacked three schools in Oriire LGA of Ogbomoso, abducting 39 pupils and seven teachers, including the principal of one of the affected schools.

Days later, the abductors killed Michael Oyedokun, one of the abducted teachers, while he was in captivity.

The abduction sparked outrage on social media and triggered protests across the country, calling for the release of the victims.

Last Friday, Makinde said intelligence reports indicated that the abductees were still being held within the old Oyo National Park.

He said the area spans about 2,500 square kilometres across parts of 10 local government areas, making rescue operations difficult.

“The size and difficult terrain of the area pose significant operational challenges for security personnel, requiring patience, strategic coordination, and sustained efforts to ensure a successful rescue operation,” the governor had said.

 

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