Sign up


Log In!

Wema Bank Is The Longest Surviving Indigenous Bank In Nigeria
Wema Bank Is The Longest Surviving Indigenous Bank In Nigeria by Gistreal(m): Mon 09, May, 2022
The bank was founded 77 years ago by
Late Chief Matthew Adekoya Agbonmagbe Okupe.

It didn't start as a bank at first, though. Chief Mathew 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 Matthew registered the Wema Bank we know today, with the name "Agbonmagbe Bank". The word "Agbonmagbe" loosely translates as "the source that never runs dry"

As the first indigenous bank in Nigeria, Agbonmagbe Bank had branches in Ebute Metta, Mushin, Ifo, Sagamu, Ago Iwoye, Ijebu Igbo and Zaria.

Agbonmagbe Bank became Wema Bank through acquisition by Wema Board in 1969. 18 years later in 1987, the bank went public as Wema Bank Plc.

Chief Matthew Agbonmagbe Okupe died on November 1, 1984 at the age of 86 years.

He had 10 wives and 40 children.

You must Sign in or Sign Up to post content

For you to post content on this website you have to log in or register, it only take few minute to create account

Currently: 1 guest(s) reading this article

18 People Shared This

(Go Up)

Religion Relationship Health Benefits Education Business Tech Zone Strange Facts Animals Science Programing Sports Fashions Inspiration Quotes Jokes History

Espbase - Copyright © 2019 - 2022 ESPY. All rights reserved. See How To Advertise.
Disclaimer: Every Espbase member is solely responsible for anything that he/she posts or uploads on Espbase.