By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-Wema Bank Plc Friday said the report that the Asset Management Company of Nigeria (AMCON) will takeover the bank is false.
Apart from that, the bank in a Statement obtained by InvestAdvocate said the report was also fraught with irregularities and misrepresentation of facts relating to its recently concluded N40 billion Special Private Placing.
“As a result of this misleading publication, we are thus compelled to state without equivocation for the benefit of the general and investing public that the Assets Management Company of Nigeria is not taking over Wema Bank Plc as alleged by the said publication,†the statement said.
The Bank affirmed that it 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 (CBN), Securities and Exchange Commission (SEC) and Nigeria Stock Exchange (NSE).
According to Wema Bank, over the past four (4) years, its Board and management have successfully repositioned the Bank by creating a strong platform for sustainable superior financial performance through quality personnel, improved systems and processes, and an enhanced capital base.
The Bank said its performance in the last four (4) years under the new management has been in line with its medium term projections and repositioning programme as evidenced in its 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,†the bank said.
Wema Bank further affirmed that it remains committed to the principles of transparency, integrity and openness in its 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
