Wema Bank Plc has debunked allegation that it has been taken over by Asset Management Company of Nigeria (AMCON).

The Head, Brand & Marketing Communications, Wema Bank, Kemi Aina, who made this known said Assets Management Company of Nigeria is not taking over Wema Bank Plc as alleged by a national daily (not Vanguard)

According to her, “ Wema Bank 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.”

She also stated that 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” she stated.