In the heart of Nigeria’s active history, there’s a story that speaks of visionaries who dared to dream when the odds were stacked against them. This is the tale of Wema Bank, Nigeria’s oldest indigenous bank, whose journey spans over 80 years and is rooted in an audacious dream. From humble beginnings in a bungalow in Lagos, Nigeria in the 1940s to becoming Africa’s digital banking pioneer, Wema Bank’s legacy is built on one core principle – RESILIENCE. Oluchi Chibuzor narrates the story of how Wema Bank’s transformational journey began in 1945.

THE DREAM THAT DEFIED THE IMPOSSIBLE

In the 1940s, when Nigeria was under colonial rule, few could imagine a Nigerian-owned bank would exist. The idea seemed far-fetched, an impossible dream. But In a bungalow located in Ebute metta, Lagos, Nigeria began the story of Nigeria’s oldest indigenous bank and most resilient, Wema Bank, where an ambitious young man from the Okupe family of the Agbonmagbe Ruling House, the Late Chief Matthew Adekoya Okupe, had a vision—to establish an indigenous Bank that was built to last and fortified to serve the people for years to come.

At the time, it seemed impractical and unattainable, but Chief Matthew Adekoya Okupe, a man who started his career earning a modest 20 shillings as salary, saw a future where Nigerians controlled their own financial destiny. He wasn’t alone in this vision. Alongside him were his wife, Mrs. Reginald Adekoya Okupe (R.A.O.), and Reverend Alabi, three dreamers who believed that an indigenous Nigerian bank was not just possible—it was necessary.

Together, these three exceeded all expectations and did the impossible, establishing the only indigenous bank to have stood the test of time for eight decades, surviving pre-Independence Nigeria, the digital evolution and all eras which significantly restructured the banking industry, to standing strong in the 21st century as an industry leader and a pioneer of digital banking and innovation. This Bank is Wema Bank, Plc. and its birth name was Agbonmagbe Bank limited.

ROAD TO AGBONMAGBE BANK LIMITED

In 1939, Chief Matthew Adekoya Okupe built Agbonmagbe Lodge, a building that still stands prominently today at the foot of the ramp leading into Yaba, Lagos, Nigeria from the third mainland bridge. In this timeless white bungalow (a place where dreams were turned into action), Chief Okupe birthed the vision of Nigeria’s oldest indigenous bank, joining forces with his partner in love and partners in business, R.A.O. and Reverend Alabi, to bring the vision into reality.

Out of context, one would wonder what was so special about that dream. After all, majority of the Nigerian Banking industry of today is populated with indigenous banks. A correct observation—one which unironically highlights the beauty of that dream.

The intricacies of the colonial era are no news to any adult in today’s world. Before Nigeria gained independence in 1960, the country had lived under the British colonial rule for decades, using the British currencies, adopting the services they provided and existing under their governance. In such an era, the idea of an indigenous bank may have seemed unrealistic; “It won’t last”, “How will you do it?”, “Forget it”, “It is not even possible”; but it was. All that was needed was a group of determined and resourceful individuals ready to break through and do the impossible. Against skepticism, the founders pressed on, knowing that the foundation they were laying would become a cornerstone for future generations. And today, it is now known as Nigeria’s oldest, longest surviving, most resilient and innovative bank, Wema Bank,

As the Agbonmagbe Bank Limited received its license to operate on May 2, 1945, a new chapter in Nigeria’s banking history began; marking the beginning of Wema Bank’s story.

A TEST OF STRENGTH

As one of the thriving banks at the time, Agbonmagbe Bank Limited had earned the patronage of many Nigerians on individual, business and institutional levels. One of such stakeholders was the Western Nigeria Marketing Board, who had a fixed deposit of 200,000 pounds with the bank.

However, No success story is without its trials, and for Wema Bank, the challenges came early. Despite flourishing in its early years, Agbonmagbe Bank faced its first major hurdle in 1968 when the government required banks to recapitalize to meet the minimum requirement over a certain period.

Unfortunately, this development came at a crucial point in the journey of Agbonmagbe Bank Limited, resulting in the bank being unable to meet up with its plans for raising foreign investments within the stipulated period. In an unexpected twist of fate, The Western Nigeria Marketing Board converted their fixed deposit of 200,000 pounds into shares, making the Board the majority shareholder in the bank and allowing the bank to keep on—only, this time, with the Board owning the bank. This lifechanging turn of events left Chief Matthew Okupe and his partners with a tough decision to make: hand over the reins or risk seeing their dream disappear. They chose to let the legacy continue, even if it meant losing control. This pivotal moment ensured that the bank would survive and continue its mission.

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