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Wema Bank sees profit jump 124% to N193bn

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Wema Bank Plc recorded a strong financial performance in the 2025 financial year, posting a profit for the year of N193.19bn, representing a 124 per cent increase from the N86.28bn recorded in 2024.

The bank’s audited financial statements for the year ended 31 December 2025 showed that the improved performance was driven by growth in interest income, higher loan creation, and expansion in customer deposits, despite rising operating costs.

Interest income rose 62.7 per cent to N577.10bn in 2025, from N354.63bn in the previous year, reflecting growth in interest-earning assets and improved yields. Interest expense also increased 22.2 per cent to N217.00bn, from N177.57bn in 2024.

As a result, net interest income grew 103.4 per cent to N360.10bn, compared with N177.06bn recorded in the prior year. After impairment charges for credit losses, net interest income stood at N337.15bn, up 116.9 per cent from N155.41bn in 2024.

Impairment losses on financial assets increased 6.0 per cent to N22.96bn, from N21.65bn in the previous year, reflecting a more cautious risk stance amid prevailing macroeconomic conditions.

Non-interest income was supported by higher transaction volumes, as net fee and commission income rose 4.2 per cent to N57.92bn, compared with N55.58bn recorded in 2024. However, net trading income declined to N8.39bn from N3.44bn, while other income fell 48.6 per cent to N8.88bn.

Operating income rose sharply 76.5 per cent to N413.33bn, from N234.21bn in the prior year. This was partly offset by rising expenses, as personnel costs increased 54.3 per cent to N70.18bn, while other operating expenses climbed 40.2 per cent to N108.59bn.

Profit before tax increased 116.6 per cent to N222.07bn, compared with N102.52bn in 2024. After tax, profit for the year settled at N193.19bn.

On the balance sheet, total assets expanded 40.8 per cent to N5.06tn, from N3.59tn as at December 2024. Loans and advances to customers grew 45.4 per cent to N1.75tn, compared with N1.20tn in the previous year, underscoring strong credit expansion.

Customer deposits rose 30.1 per cent to N3.28tn, from N2.52tn in 2024, reflecting improved customer confidence and balance-sheet growth.

Total equity attributable to shareholders increased 142.4 per cent to N621.70bn, from N256.42bn, supported by retained earnings and capital accretion.

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League of Imams and Alfas in Yoruba says Ramadan begins February 18

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The League of Imams and Alfas in Yorubaland has officially announced that the holy month of Ramadan 1447 AH will begin on Wednesday, February 18, 2026, marking the start of the annual period of fasting, prayer, and spiritual reflection for Muslims across Southwest Nigeria.

In a communique released following a meeting in Bodija, Ibadan, on Thursday, February 5, 2026, the Grand Mufti of Yorubaland, Sheikh AbdulRasaq AbdulAzeez Ishola, declared the decision based on precise astronomical calculations and longstanding international Islamic resolutions on unifying the Hijri calendar.

The statement highlighted that the astronomical conjunction (new moon) for Ramadan will occur at 12:01 PM UTC on Tuesday, February 17, 2026—corresponding to 1:01 PM local Nigerian time—on the 29th of Sha’ban 1447 AH. This timing makes sighting the crescent moon impossible on the evening of February 17, confirming Wednesday, February 18, as the first day of fasting.

The announcement draws on key historical precedents, including resolutions from the Unified Hijri Calendar Committee session in Istanbul (November 27-30, 1978), the International Fiqh Council, scholarly symposia in Paris (2012), and the major International Conference on the Unification of the Hijri Calendar in Istanbul (2016), attended by representatives from over 90 countries.

Emphasising unity, the communique quoted the Qur’an (3:103): “And hold firmly to the rope of Allah all together and do not become divided.” It urged Muslims to strengthen brotherhood, perfect their fasting, prayers, charity, and good deeds, and seek Allah’s acceptance of their worship during the blessed month.

The declaration aligns with several Nigerian media reports and astronomical expectations for the region, where Ramadan 2026 is widely anticipated to commence on February 18 (with Tarawih prayers potentially beginning the evening before). While national moon-sighting efforts led by the Sultan of Sokoto continue, the League’s methodology—combining science and established fiqh principles—provides clarity for Yoruba Muslim communities in states like Oyo, Lagos, Ogun, Osun, Ondo, and Ekiti.

As the current date stands on February 6, 2026, preparations are intensifying: markets are stocking dates, prayer mats, and provisions; mosques are scheduling increased Taraweeh recitations; and families are renewing intentions for a month of mercy, forgiveness, and community support.

The League called on all Muslims to hold fast to faith and unity, praying that Allah makes this Ramadan a source of immense blessings. Insha Allah, the fast begins in just 12 days.

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Lagos to enforce mandatory waste sorting at source

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In a bold move to revolutionize waste management and harness the economic potential hidden in trash, the Lagos State Government has announced plans to make waste sorting at source compulsory for all residents and businesses.

This development was revealed by Dr. Muyiwa Gbadegesin, the Managing Director and Chief Executive Officer of the Lagos Waste Management Authority (LAWMA), during his appearance on “The Conversation,” a popular programme aired on Lagos Television (LTV) on Tuesday.

Dr. Gbadegesin emphasized that the initiative aligns with international best practices and will be reinforced by an ongoing review of the state’s legal framework. This review aims to establish robust regulations mandating the separation of waste right at the point of generation, transforming how Lagosians handle their refuse.

“No longer will waste be seen merely as a burden to dispose of; instead, it will be viewed as a valuable economic resource,” Dr. Gbadegesin stated. He highlighted the state’s commitment to advancing its waste-to-wealth agenda, with a strong focus on recycling and material recovery to drive a more efficient and sustainable system.

The policy shift supports Governor Babajide Sanwo-Olu’s vision of moving away from reliance on landfills towards a model centered on recovery and recycling. This is expected to ease the strain on existing landfills, foster circular economy principles, and attract private investments into recycling facilities across the state.

To bolster service delivery, the government is exploring ways to aid Private Sector Participation (PSP) operators, including facilitating access to new compactor trucks. Recognizing the high capital demands of waste collection, this support is crucial for enhancing operational efficiency.

On the flip side, Dr. Gbadegesin warned of strict accountability measures. He disclosed that 22 underperforming PSP operators face sanctions after multiple warnings and performance evaluations. This comes on the heels of last year’s action where 27 operators were sacked for failing to meet standards.

As earlier reported by NaijaChoice News, LAWMA has been pushing for better waste practices, including calls for residents to avoid littering and adopt disciplined habits to keep Lagos clean. Dr. Gbadegesin reiterated that the success of this mandatory sorting hinges on effective regulations, upgraded infrastructure, active private sector involvement, and, most importantly, responsible behavior from citizens.

“Waste sorting at source is the cornerstone of building a cleaner, healthier, and more resilient Lagos,” he added, urging Lagosians to embrace the change for the greater good.

Environmental experts have lauded the move, noting that proper waste segregation could significantly reduce environmental pollution, create jobs in the recycling sector, and contribute to Nigeria’s broader sustainability goals. With Lagos generating over 13,000 tons of waste daily, this policy could set a precedent for other states in the federation.

The Lagos State Government, through hashtags like #AGreaterLagosRising, continues to promote initiatives that enhance urban living and economic growth.

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