Something unusual happened with Wema Bank shares on the Nigerian Exchange on June 29, 2026. The stock opened at ₦25 and closed at ₦25, perfectly flat, while 1,271,091 shares moved between buyers and sellers in a single session.
That volume figure is notable for a stock that has shed roughly 30% of its value since touching a 52-week high of ₦36. When a large number of shares trade without budging the price, it usually means buying and selling pressure are locked in a standoff.
The broader market offered no shelter on this session, either. The NGX All-Share Index fell 1.57% to close at 228,401.92 points, with 49 stocks declining against just 12 gainers, data from the Nigerian Exchange confirmed. Total market volume surged 157% compared with the previous session, reaching nearly 997 million shares.
Wema Bank stock stalls at ₦25 amid post-earnings selloff on the NGX
The June 29 trading session painted a picture of two forces canceling each other out in Wema Bank shares. The stock’s opening and closing price both registered at ₦25.00, with a flat directional marker, the NGX Daily Official List showed. The NGX Banking Index declined 1.22% on the session and has shed 2.29% over the past week.
Post-earnings selling initially dragged Wema Bank shares down about 17% from the 52-week high of ₦36 by early June, DMarket Forces reported at the time. The stock has since fallen further to ₦25, widening the gap from the peak to roughly 30%. Stockbrokers have maintained that the bank’s fundamentals remain solid despite increased rivalry in the banking sector.
Wema Bank’s 125% profit surge and Fitch upgrade clash with falling share price
The gap between Wema Bank’s financial performance and its share price has been one of the more puzzling stories on the NGX this year. Profit after tax for FY2025 jumped 125% to ₦194.46 billion from ₦86.29 billion the prior year, Nairametrics reported. Gross earnings climbed 52.8% to ₦660.6 billion, powered by a 62.7% surge in interest income.
Total assets expanded 41.5% to ₦5.07 trillion, and the bank completed a ₦200 billion capital raise that pushed qualifying capital to ₦264.7 billion, Vanguard reported. That figure exceeded the CBN’s ₦200 billion minimum requirement for national banks by a substantial margin.
“Wema Bank has delivered one of the strongest growth trajectories in its history. From a profit before tax of ₦14.75 billion three years ago, we grew to ₦43.59 billion in 2023 and reached ₦102 billion in 2024. In 2025, we have taken an even bolder step forward, recording a profit before tax of ₦221 billion.” — Moruf Oseni, Managing Director and CEO, Wema Bank, via News Agency of Nigeria
Fitch upgrades Wema Bank as ALAT reshapes its funding structure
Fitch Ratings upgraded Wema Bank’s Long-Term Issuer Default Rating to ‘B’ from ‘B-‘ and raised its National Long-Term Rating to ‘A(nga)’ in June 2026, Leadership reported. The agency cited stronger capitalization after the 2025 capital raise and enhanced profitability as the primary drivers of the upgrade.
One data point from the Fitch report stands out for anyone following Wema Bank’s long-term trajectory over the next several years. The bank’s reliance on expensive term deposits fell to 12% of total deposits by Q1 2026, down from 46% at end-2022, the agency noted. That structural shift is largely attributable to ALAT, the bank’s digital platform, which has attracted lower-cost retail deposits and reduced concentration risk.
Wema Bank’s Tier-1 push and acquisition mandate raise the stakes
The bank’s leadership has signaled ambitions that extend well beyond maintaining its current national banking license. Wema Bank is executing a 2024-2026 transformation plan aimed at becoming a Systemically Important Bank, according to the bank’s investor presentation filed with the NGX. Separately, shareholders in May 2026 authorized the board to acquire another commercial bank, DMarket Forces reported.
That acquisition mandate introduces a new variable into Wema Bank’s investment story that could explain some of the share price dynamics. The bank’s Capital Adequacy Ratio stood at 24.7% as of Q1 2026, comfortably above the 10% regulatory floor, Fitch noted in the report.
Wema Bank at a glance on June 29, 2026
- Share price: ₦25.00 (flat), down 30% from 52-week high of ₦36.00 (source: NGX Daily Official List)
- Volume traded: 1,271,091 shares (source: NGX Daily Official List)
- FY2025 profit after tax: ₦194.46 billion, up 125% year-over-year (source: Nairametrics)
- Qualifying capital: ₦264.7 billion, exceeding CBN’s ₦200 billion minimum (source: Vanguard)
- Fitch rating: ‘B’ (upgraded from ‘B-‘), Stable outlook (source: Leadership)
- Dividend declared: ₦1.25 per share for FY2025 (source: News Agency of Nigeria)
- NGX ASI: 228,401.92, down 1.57% on the session (source: Nigerian Exchange)
