An Executive Director at Wema Bank Plc, Tunde Mabawonku, has identified talent retention and cyberattacks as the major challenges currently facing the banking sector.
Mabawonku noted that while incidents of armed robbery targeting banks have significantly declined, financial institutions are now increasingly coming under attack in the cyber space.
He made these remarks while speaking as a panelist at the second reunion and celebration of Wema Bank’s 80th anniversary, tagged Oluyole 2025, with the theme: “Navigating the Intersection of Past, Present and Future – A Stakeholder-Centric Approach to Sustainability and Growth.”
The event, organised by former employees under the aegis of the Ex-Colleagues Group, provided an opportunity for ex-workers to reconnect, reminisce, and celebrate.
Addressing stakeholders and former colleagues, Mabawonku assured them that Wema Bank is fully aware of the evolving challenges and has put proactive measures in place to ensure the institution remains a profitable venture for investors and owners alike.
He said, “The biggest challnege facing the bank is: number one is what I would call talent risk. Number two is what I would call technology risk. What do I mean by talent? Sincerely, an institution could only have lasted 80 years if it has good talent.
“So our plan, our prayer, our push is that the institution lasts another 80 years. But by lasting another 80 years, we need to get the right people in the organization. We need to get people to continue to work, to sweat, and carry the baton going forward.
“They said a leader is only successful when he develops another leader who in turn develops another leader. So your job, our job, your job that you have passed to us is not just to develop us, but our job is to develop the next generation who in turn develops the following generation. So point number one challenge is talent, talent, talent. Getting the best people in.
“The second key risk to banks today in Nigeria is technology and cyber risk. We were having a discussion a couple of weeks ago. In 2024, we could count the number of banks that were attacked by armed robbers. In fact, it is declining. In 2025, no bank has been attacked by armed robbers.
“But what is happening now is that cyber risk. Some young guys, young men somewhere will just sit down on the computer and hack into the systems. Because everybody is connected.
“Yesterday, one of the biggest telecommunication organizations in Nigeria said they had a breach that some people attempted to hack into their database. So a great risk for us is to make sure that the little we built over the 80 years will reinforce it and make sure that it is protected. So two risks, talent risk and technology risk.”
He also spoke on the effort to shore up the capital base of the bank sonas to remain in business.
“In terms of what are we doing on capital raise, we have started the process. Wema Bank is a commercial bank with national authorization. So today we are present in 27 or 28 states of Nigeria.
“And we really want to continue to keep growing. Today, we require additional N130 billion in capital based on CBN requirements. Today, we are already in the market to raising N150 billion to a right issuance. It opened on April 14. It will close on May 21. We have already gone out to engage shareholders.
“And almost 95 percent of them have already given their monies already. Just do your verification and then go ahead and absorb the cash. So my appeal to the Wema ex- colleagues, to stakeholders, is get on board on these rights. Let’s continue to sustain this legacy. Let’s continue to enjoy the benefits of the fruits of our labor.”
While delivering his speech on the theme of the event, a former Managing Director, Wema Bank Plc, Mr Ademola Adebise, said the reunion is particularly special as it coincides with the 80th anniversary celebration of our Bank, describing the 80th anniversary as “eight decades of resilience, innovation, and unwavering commitment to service”, a milestone worth celebrating.
He said the bank stands as a leader in digital innovation within the Nigerian banking landscape, adding that, “Beyond technology, Wema Bank has also deepened its focus on sustainability and stakeholder engagement. The bank has remained committed to corporate social responsibility, financial inclusion, and capacity building for SMEs and individuals.
“Our ability to stay relevant today is largely due to the efforts and dedication of stakeholders—our employees, customers, shareholders, and partnerswho have contributed to making our bank a force to reckon with.”
He appealed to the ex-workers and the bank to consider a more structured engagement saying, “I encourage both the Bank and the Wema Alumni community to pursue deeper, more structured engagement. The value that resides within this network of former staff is immense —individuals with decades of experience, regional understanding, and deep-rooted relationships that can continue to serve the institution in differentways.
“Rather than allow this wealth of knowledge to lie dormant, we must harness it through purposeful engagement.
Earlier in his welcome address, The chairman, Group Admin Team (GAT), Wale Adedapo expressed gratitude to the current management of Wema Bank for their financial support and recognition of the ex-colleagues’ group.
He highlighted the group’s achievements since its inception in 2017, including keeping in touch with former colleagues, providing financial benefits through an insurance scheme, and supporting each other in various ways, noting that the group’s membership has grown to over 400 members, and they have been sharing relevant articles and information.
He said the purpose of the reunion is to interact with former colleagues, have fun, and celebrate the bank’s 80th anniversary.
The chairman concluded by urging everyone to be ambassadors of Wema Bank, promoting the bank’s services and supporting the current capitalization drive, expressing optimism that the bank would reach great heights in the Nigerian banking industry through teamwork.
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