Wema Bank: 80 Years of Stagnant Survival in Nigerian Banking

Wema Bank, one of Nigeria’s oldest surviving banks, has existed since 1945—making it an octogenarian institution. Yet despite its longevity, the bank remains a paradox of persistence without prominence. While competitors like First Bank, Zenith, and GTBank evolved into financial powerhouses, Wema Bank has mostly coasted in the shallow waters of mediocrity.

A Legacy of Playing Catch-Up:
Wema’s most notable contribution in the last two decades is ALAT, Nigeria’s first fully digital bank. While that gave the bank a much-needed PR boost in 2017, it was more a leap of desperation than one of innovation. ALAT's initial hype has long since cooled, and it hasn’t significantly shifted Wema’s market dominance or profitability.

Chronic Underperformance:
Throughout much of its history, Wema has been dogged by inconsistent leadership, limited capitalization, and a relatively weak customer base. It's a Tier-2 bank in every sense—offering the basics but rarely leading in innovation, profitability, or service delivery. Even as Nigeria’s banking sector consolidated and expanded aggressively, Wema Bank remained a fringe player.

Survival, Not Success:
Wema has managed to avoid collapse or forced mergers—credit is due there—but survival should not be mistaken for success. Its operational reach is modest, its balance sheet is dwarfed by competitors, and its influence in setting financial trends is nearly nonexistent.

What’s Next?
The bank faces a pivotal future: either reinvent itself with bold, aggressive strategy or fade further into irrelevance. Mere tradition can’t sustain a financial institution in a fast-evolving digital and competitive landscape.

In 80 years, Wema Bank has not failed—but it hasn’t truly thrived either. It exists. And that may be the most brutal truth of all.

NOW STREAMING: Watch Malabugate documentary series on YouTube

The highly anticipated Malabugate documentary, detailing the $1.3 billion OPL 245 oil saga, is now available for streaming on TheCable’s YouTube channel.

The documentary is being released in parts, with part one now live. The second and third parts of the series will follow shortly.

The story aired on TVC News at 9pm on Sunday, May 4, to rave reviews.

Produced by TheCable in partnership with the Cable Newspaper Journalism Foundation (CNJF), Malabugate unpacks over two decades of controversy surrounding one of Nigeria’s most prolific oil wells.

The story begins from when the Sani Abacha military junta awarded OPL 245 to a company with no known track record, to how the licence was revoked, restored, and eventually flipped in a deal involving Shell, Eni, and a web of politically exposed players.

The report unfurls the complex dynamics at play within the global oil industry and Nigeria’s political sphere.

It also provides an insight on how power, politics and influence continue to shape the country’s oil sector.

Do well to stay tuned for the sequels.

2027: OGD Reshuffles Campaign Structure, Sacks 2023 DG, Political Adviser

... Appoints Alabi Jamiu as New DG, Amosun's Man, Osifade as Deputy

In a bid to strengthen his campaign structure towards the 2027 race , Senator Gbenga Daniel, representing the Ogun East at the upper legislative chamber in Abuja is said to be considering a reorganisation. 

Sources revealed that he might have carried out a first phase reshuffle of his campaign structure, easing out the erstwhile DG, a former ALGON Chairman and Chairman of Remo North local government, John Obafemi as well as the former Commissioner Youth and Sports, Fatai Sowemimo.

In their place, Senator Daniel it was gathered has appointed former Sagamu Youth Association, Jamiu Alabi Olododo to serve as Director General of the 2027 Senatorial campaign, while he also appointed a former aide of Governor Ibikunle Amosun, Dele Osifade as Deputy.

Those who are close to the OGD campaign structure revealed that the Senator who was trying to inject youthful energies into his campaigns has decided to gradually disengage older members of his campaign structure so that they younger men can drive him towards the 2027 Senate.

Otunba Daniel unveiled his new DG when he held a meeting with members of his political team a few months ago, and he has also been introducing him to all members of the structure while touring the Senatorial District.

Some informed sources revealed that "Jamiu Alabi, who founded the OGD Political Movement upon which the senator eventually built his  political structure is the best candidate to lead OGD campaign, but he was shortchanged during the last campaign, and returning him to provide leadership is like putting the right peg in the right hole".

A member of the OGD Media who spoke on condition of anonymity because he was not authorized to speak in that capacity however debunks the claim, claiming no such changes has taken place. According to him "That must be mischievous, because the OGD structure remains strong. We don't know where you are getting your stories from. Of course there could be some ambitious individuals trying to hijack the process, but no such thing actually took place nor is being contemplated". 

He said further that "The Gateway Movement was and still is the OGD Campaign Structure and this was an extension of his Gateway Front Foundation that he started more than 20 years ago. This OGD Political Movement is strange to us and whoever told you about that should be bold enough to show his face in public".

Here Are 4 times VeryDarkMan Has Been Arrested

His outspoken commentary on social issues and public figures has frequently placed him at odds with law enforcement

​Nigerian social media critic Martins Vincent Otse, popularly known as VeryDarkMan (VDM), has become quite the household name in recent years. Known for calling out public figures, politicians, and influencers on various issues, VDM’s confrontational style has earned him both devoted followers and powerful enemies. 

Over the past few years, he’s been arrested multiple times, mostly on charges related to cyberbullying, defamation, and cyberstalking, sparking public debates about free speech in Nigeria.

Here is a timeline of VDM’s different run-ins with the law:

March 2024:  Arrested Over Cyberbullying Allegations
VDM was arrested on allegations of cyberbullying and cyberstalking, including making false accusations against  Tonto Dikeh and Iyabo Ojo. He pleaded not guilty and was remanded in police custody until his hearing on May 29, 2024. After two weeks in detention, he was released.

October 2024 : Arrested after 'Police uniform fiasco'
In October 2024, the renowned critic was invited by the Nigerian police after a video of him wearing the police uniform went viral. Said video raked in different reactions online, with many slamming him for abusing the uniform.’

However, after honouring the invitation, VDM was detained by the police and the news was confirmed by his lawyer Deji Adeyanju.
His post read, “Our client, VDM, has been detained after honouring a police invitation just like yesterday. VDM has been consistent in stating that the Nigerian Police are our friends, even when we all know they are not.”
VDM was subsequently released from detention.

March 2025: Arrest Warrant issued for the defamation of Mercy Chinwo
In March 2025, the Chief Magistrate Court in Wuse Zone 6, Abuja, issued a bench warrant for the arrest of Very Dark Man (VDM) over the alleged defamation of Nigerian gospel singer Mercy Chinwo. Magistrate Emmanuel Iyanna issued the bench warrant on Thursday, March 13, 2025, following VeryDarkMan's failure to appear before the magistrate after being summoned on March 5, 2025. However, he was never arrested for this.

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May 2025: Arrested at Abuja Bank
On Friday, May 2, 2025, VDM was arrested after going to a bank with a friend, immediately sparking reactions and widespread outrage, According to his lawyer,Adeyanju, the outspoken activist was apprehended inside a Guaranty Trust Bank (GTB) branch alongside a friend, identified only as C Park.
"JUST IN: VDM arrested by the police at GTB. Spoke to them before he was arrested. This is absolutely unacceptable. Demanding accountability is not a crime," Adeyanju said in a social media post.

Tragedy in Yaba: Woman Escapes Death After Husband Sets House Ablaze Over Alleged Lesbianism

A mother of two narrowly escaped death after her husband allegedly set their house on fire following revelations of her involvement in a same-sex relationship. The incident occurred in the early hours of Tuesday, February 10, 2024, at No. 65 Akinwunmi Street, Alagomeji, Yaba, Lagos.

The victim, identified as Fatima Issa, reportedly sustained severe burns while attempting to escape from the inferno. She was later admitted to Almat Medical Centre, where she is currently receiving treatment.

According to neighbors and family sources, Fatima, who has a son and a daughter, had been enduring years of domestic abuse and neglect from her husband. It was gathered that the couple’s relationship deteriorated significantly over time, with allegations of abandonment and lack of sexual intimacy. Sources claim Fatima eventually found emotional and physical solace in a same-sex relationship — a decision that reportedly spanned nearly five years before her husband discovered the affair.

When confronted, Fatima is said to have pleaded with her husband, explaining that she no longer felt a sexual connection to him and had lost the urge for penetrative intercourse. However, her confession allegedly triggered a violent outburst. The husband, whose identity remains undisclosed, reportedly assaulted her and sent her out of the house along with their children.

Months later, following family intervention, the couple reconciled and agreed to mend their differences. However, the husband reportedly warned her never to return to her former lifestyle.

That warning turned deadly. According to eyewitness accounts, the husband caught Fatima in another intimate encounter with her female partner and became furious upon discovering that she had allegedly introduced their daughter to the same act. In a fit of rage, he is said to have doused the house with petrol and set it ablaze while Fatima was asleep in her bedroom.

She reportedly woke up struggling to breathe and managed to escape through the kitchen door, sustaining severe burns in the process.

After the incident, Fatima allegedly confided in close acquaintances, admitting to her involvement in same-sex relationships — a controversial and criminalized issue in Nigeria. She later sought treatment at Almat Medical Centre.

Efforts to reach her for further comment have remained unsuccessful, as she has not been seen or heard from since her discharge from the hospital. Her children are currently with extended family members, according to those close to the situation.

The case has ignited conversations around the dangers of domestic violence, societal rejection, and the criminalization of non-heteronormative identities in Nigeria. Advocacy groups continue to call for stronger protections for victims and a more humane approach to sexuality-related issues.

This tragic incident remains a powerful reflection of the harsh realities many women and marginalized individuals face in silence.

This is a developing story.

Source: SocietyGist

Adetunji Adejumo, 3 Other Nigerian Fraudsters Federally Charged In Transnational Wire Fraud And Identity Theft Conspiracy in USA

Adetunji Adejumo, 3 Other Nigerian Fraudsters Federally Charged In Transnational Wire Fraud And Identity Theft Conspiracy in USA

Acting United States Attorney Karin Hoppmann announces the unsealing of two indictments charging Olufemi Odedeyi (40, London, UK), Ibrahim Davies (40, London, UK), Adetunji Adejumo (43, Oklahoma City, OK), and Ibrahim Jinadu (34, Atlanta, GA) with conspiracy to commit wire fraud, theft of public money or property, and aggravated identity theft. Odedeyi, Davies, and Jinadu were arrested on September 9, 2021 and Adejumo was arrested on September 13, 2021. Officers from the UK National Extradition Unit apprehended Odedeyi and Davies in London, United Kingdom, where they have been detained pending extradition to the United States. Agents from Internal Revenue Service – Criminal Investigation (IRS-CI) apprehended Jinadu and Adejumo in the United States.

If convicted, Odedeyi, Davies, Adejumo, and Jinadu each face a maximum penalty of 20 years in federal prison for the wire fraud count, as well as additional penalties for the remaining counts. The indictment also notifies the defendants that the United States intends to forfeit assets that are alleged to be traceable to proceeds of the offense.

According to the indictments, while residing in the United Kingdom, Odedeyi and Davies obtained unauthorized access to computer servers of United States businesses and participated in stealing the personally identifying information (PII) of United States residents from those servers. Odedeyi and Davies then used that information to file with the IRS false and fraudulent U.S. Department of Treasury IRS Form 1040, U.S. Individual Income Tax Returns seeking income tax refunds. Adejumo and Jinadu, while residing in the United States, collected the fraudulent refund proceeds, which were directed to prepaid debit cards in their possession or to addresses or bank accounts that they controlled or to which they had access. Adejumo and Jinadu then transferred a share of the fraud proceeds to Odedeyi, Davies, and other conspirators.

Odedeyi and Davies used various means to obtain unauthorized access to the computer servers, including a website that was operated for years and sold access to compromised computers worldwide and also to the PII of U.S. residents. The site’s administrators strategically maintained servers throughout the world to facilitate the website’s operation.

An indictment is merely a formal charge that a defendant has committed one or more violations of federal criminal law, and every defendant is presumed innocent unless, and until, proven guilty.

The investigation was led by the IRS-CI Tampa Field Office and the Tampa Division of the FBI, with assistance from the IRS-CI Cyber Crimes Unit (Washington, D.C.). Substantial assistance was also provided by the Department of Justice’s Office of International Affairs, IRS-CI and FBI International Operations at Mission UK, the United Kingdom’s National Extradition Unit, the International Crime Coordination Centre and the Eastern Region Special Operations Unit in the United Kingdom, IRS-CI Dallas and Atlanta Field Offices, Department of Homeland Security – Homeland Security Investigations Tampa Field Office, and the United States Attorney’s Offices for the Northern District of Georgia and the Northern District of Texas. The cases will be prosecuted by Assistant United States Attorney Rachel Jones.

The Patriot: Pantami’s Alleged Link to Terrorism

Pantami's Link to Terrorism

Online cams: Bakare, Alimi steal $750K, N120m from BA, KLM, Turkish Airlines

Two online scammers, Tobiloba Ibrahim Bakare and Seun Sikiru Alimi were today sentenced to three years’ imprisonment for stealing $750,000 (N285m) and N120 million from KLM, Turkish Airline and British Airways.

The sentences were summarily handed over by Ikeja Special Offences Court.

The convicts were arraigned on Wednesday by the Economic and Financial Crimes Commission (EFCC) for hacking into the electronic mails of the airlines and stealing the sums.

Justice Oluwatoyin Taiwo convicted and jailed the duo after they entered into a plea bargain agreement with the EFCC.

They pleaded guilty to the seven-count charge filed against them.

According to the EFCC, the stolen funds were laundered by the duo through First Bank of Nigeria, Sterling Bank and Polaris Bank.

Before their conviction, EFCC counsel, Mr Idris Mohammed, told the court that the offences contravened Sections 411 and 328(1) of the Criminal Law of Lagos State, 2015, and punishable under Section 328 of the law.

While reviewing the facts of the case, the counsel said that the anti-graft agency had on Sept. 2, 2020, received intelligence about suspicious transactions and money laundering.

He said that it led to an investigation by the Advance Fee Fraud Section of the commission.

Mohammed said that the investigation led to the arrest of one Kehinde Adelakun, who was convicted by the court in October 2020.

The prosecutor told the court that Sikiru’s name and his company, Alvine First Resources Ventures, came up during investigation of Adelakun.

He said that Sikiru operated corporate accounts with First Bank and Sterling Bank.

“Upon analysis of the two accounts belonging to the second defendant, several inflows were discovered from different companies between March and July 2020.