General News
Wema Bank floats N40bn rights issue in September

Wema Bank Plc says that the capital raising exercise of N40 billion will hit the market in September, barring unforeseen circumstances.
The bank’s Deputy Managing Director, Mr Moruf Oseni, said this at the company’s Half Year 2021 investors/analysts presentation on Friday in Lagos.
Oseni said the capital raise would give the bank expanded base of business over the coming years to compete favourably in the industry.
He said the bank would boost its capital position with a rights issue in September having obtained shareholders’ approval in May.
“The rights issuance is expected to hit the market in September, this month of August is for us to have a court ordered meeting to get shareholders together and agree on the scheme of arrangement,” he said.
According to him, the bank will embark on a road show from next week to sensitise shareholder groups and associations on growth plan and capital raise.
Oseni said the bank would reduce its shares on issue before embarking on the rights issue to ensure enhanced growth for shareholders.
“Wema Bank today has a large number of shares in issuance, but before we float the right issue we need to get the shareholders to reduce the shares in issue and on the back of that we then issue those rights.
“This will not change the shareholding structure of the shareholders.
“We just want to manage the number of shares in issue and that will impact on our ratios.” It makes sense to have more efficient shares in issue before doing the rights issuance,” he said.
On merger and acquisition, he said that acquisition was part of the bank’s plan to ensure organic growth.
Oseni said the acquisition was not limited to the financial sector space.
“In organic growth, there is possibility of a combination; either you merge or you acquire and this acquisition is not limited to acquiring another financial player in this space or a Fintech.
“We are looking at all possible options, whether you like it or not no matter how efficient you are.
“In this game, we are playing skill to skill and we also have huge aspirations to scale up in the shortest possible time,” he added.
Oseni disclosed that the bank priority remains the digital banking play to drive improved performance.
He noted that the bank would sustain its digital offering and focus to meet the need of its customers.
“We are committed to playing in this digital space, we have positioned ourselves in the last four years as a bank of choice, and we will build the ecosystem together as they flourish, we will flourish.
“We are trying to make significant investment in technology on our side because we realised that for us to be partners for some of these Fintechs, reliability must be key,” he said.
Also speaking, Mr Tunde Mabawonku, Wema Bank Chief Finance Officer said that gross earnings in H1 increased by 4.9 per cent to N39.8 billion against N38.0 billion in H1, 2020.
Mabawonku attributed the growth to higher interest rate environment notably in loans and advances.
He noted that non-interest income declined by 7.9 per cent to N7.6 billion in contrast to N8.3 billion in 2020 due to 82.6 per cent decline in net trading income.
Mabawonku added that digital channels remain a priority in meeting customer needs and closing the financial inclusion gap.
He said that USSD recorded more than 37.8 million transactions, and transaction value of N220.0 billion, reaffirming its focus to grow change usage. (NAN)
General News
1,000 Prayer Warriors Storm Ilorin for Tinubu, Nation’s Deliverance

In a dramatic show of faith and patriotism, over 1,000 fiery prayer warriors from across Nigeria will descend on Ilorin, Kwara State, this Saturday, lifting their voices in intense intercession for President Bola Tinubu’s success and Nigeria’s survival in the face of biting economic woes and mounting insecurity.
The spiritual siege, themed “Walking in Domini”, is the maiden convention of the Organisation of African Instituted Churches (OAIC), with its Kwara State Chairman, Evangelist Thomas Adeboye, vowing that “heaven will hear and respond to Nigeria’s cry.”
Aside from marathon prayers, the gathering will roll out free medical outreach to locals across Kwara’s LGAs, a gesture aimed at touching both body and soul.
Adeboye, lamenting Nigeria’s “troubling economic and security realities”, called for a nationwide prayer uprising, insisting that Tinubu has shown the will to revive the nation but needs massive divine backing to succeed.
“Banditry, a collapsing economy, and political tension demand we seek God’s face like never before,” he declared. “We will storm heaven for wisdom for the President and governors to steer Nigeria to safety.”
The convention will also feature awards to distinguished personalities, soul-lifting worship, fiery sermons, and unity-driven lectures—all capped with thunderous prayers for Nigeria’s redemption.
Adeboye urged the President to ensure every policy has “a human face,” stressing that Nigerians must not only endure but also enjoy the fruits of governance.
With the OAIC promising to reaffirm believers’ authority in Christ and rally spiritual boldness in the face of national challenges, Ilorin is set to become the epicentre of a powerful spiritual warfare for Nigeria’s destiny.
General News
Nigerian Anglicans Condemn Lesbian Archbishop of Wales, Deepening Global Anglican Rift

…Church leaders accuse Welsh counterparts of “spiritual decadence” and “abandonment of faith”
The Church of Nigeria (Anglican Communion) has issued a forceful condemnation of the election of Rt. Rev. Cherry Vann, an openly lesbian cleric, as the Archbishop of Wales. The move is the latest in a series of developments that have deepened divisions within the global Anglican Communion over sexuality and doctrine.
In a statement from Primate The Most Rev’d Henry Ndukuba, the church denounced the election as a “serious departure from biblical teaching” and a sign of “spiritual decadence” and “an outright abandonment of the faith once delivered to the saints.”
Archbishop Ndukuba warned that Bishop Vann’s elevation compromises the Anglican Church’s global mission and could obstruct evangelism. He compared the situation to the controversial tenure of Most Rev. Katherine Jefferts Schori, former Presiding Bishop of the U.S. Episcopal Church, who also faced intense criticism from conservative Anglicans for her progressive views.
The Primate accused Bishop Vann of being complicit in the “ongoing crisis” around same-sex issues, stating that the election is a “clear revelation that many who claim to be members of the body of Christ cannot endure sound doctrine” (2 Timothy 4:3–4).
The Church of Nigeria called on Anglicans worldwide to reject “rebels” and “apostates” and to instead support conservative bodies like the Global Anglican Future Conference (GAFCON).
“The Church of Nigeria (Anglican Communion) condemns, unequivocally rejects, and will not recognize the election of Rt. Rev. Cherry Vann as Archbishop of Wales,” Ndukuba declared. He concluded with a solemn warning that without repentance, the Church in Wales risks losing “complete relevance” and its leaders will face judgment.
General News
Anglican Church Urges Government To Prioritize Citizen Welfare

The Primate of the Church of Nigeria Anglican Communion, Most Reverend Henry Ndukuba, has called on political leaders to prioritize the welfare of citizens.
During a recent church service in Abuja, Ndukuba noted that many Nigerians are struggling with challenges brought on by the global economic downturn. He urged state and local governments to implement new initiatives to lessen the impact on their communities.
The Primate also stressed that the federal government must effectively monitor its programs to ensure that Nigerians fully benefit from the nation’s democratic gains. He argued that if the current administration can effectively tackle corruption, the country would significantly benefit from the economic policies of President Tinubu’s government.
Ndukuba concluded by asking the congregation to continue praying for those in authority, remain committed to national unity, and show love and support for the less privileged. He also tasked the newly inducted members of the Church Mothers’ Guild with aggressively spreading the gospel.