The Unique Story Of Wema Bank; The Oldest Nigerian Indigenous Bank -
Taiwo Ayandeyi
Wema Bank is the longest surviving indigenous bank in Nigeria. The bank was founded 77 years ago by Late Chief Mattew Adekoya Agbonmagbe Okupe.
It didn't start as a bank at first though. Chief Mattew started out as a famous government-approved money lender before he established the bank. He started the bank in May 1945 after his business expanded beyond the status of a cottage money lender.
After obtaining a banking license, Chief Mattew registered the Wema bank we know today as "Agbonmagbe bank". The word Agbonmagbe loosely translates as "the source that never dry."
As the first indigenous bank in Nigeria , Agbonmagbe bank had branches in Ebute meta, Mushin, Ifo, Sagamu,Ago Iwoye, Ijebu igbo and zaria . Agbonmagbe bank became Wema bank through the acquisition by the Wema board in 1969.
18 years later in 1987, the bank went public as Wema Bank plc. Chief Mattew Agbonmagbe Okupe died November 1 ,1984 at the age of 86 years . He had 10 wives and 40 children.
The Okupe family left behind by the founder no longer hold the title as the biggest shareholder of the bank rather the biggest shareholder of Wema bank today is renowned Nigerian gambling magnate and the founder of Baba Ijebu, Kessington Adebutu who holds a significant 28.09-percent stake in Wema Bank through Neemtree Limited, a special purpose vehicle established in 2013 for targeted investments.
