The tale of how Wema Bank grew from the dream of an individual into a pioneering megabank leading the way for banking in Africa is quite remarkable.
Wema Bank came into existence on May 2, 1945, initially established as Agbonmagbe Bank Limited by the late Chief Matthew Adekoyo Okupe. He turned his vision for one of Nigeria’s most enduring locally owned banks into reality with the establishment of branch locations in areas such as Ebute-Metta, Sagamu, Abeokuta, and Ijebu-Ode.
The enigma surrounding Wema Bank’s origins lies in how the concept of founding a local bank emerged in Chief Okupe’s thoughts during the height of the Second World War. At that time, foreign financial institutions dominated the landscape, and few had the courage or foresight to envision an indigenous banking entity.
Agbonmagbe Bank, which would later transform into Wema Bank, stands as the country’s eldest native financial entity. It was established more than 15 years prior to Nigeria gaining independence through the efforts of a forward-thinking entrepreneur, Chief Okupe, who was truly avant-garde for his era.
It was an era when Nigerians were under the control of the colonial government; during this time, those with reading and writing skills often found themselves confined to clerical roles, while access to financial services remained a privilege exclusive to the foreign administration and expats.
Before founding Wema Bank, Chief Matthew Okupe was well-known as an officially sanctioned government moneylender. In May 1945, he established the institution, which he registered and licensed under the name "Agbonmagbe Bank," now recognized as Wema Bank.
Notably, the term Agbonmagbe roughly means "the source that never runs dry," a notion that has held true for Wema Bank over the years.
As Nigeria's premier indigenous bank, Agbonmagbe Bank operated branches in locations such as Ebute Meta, Mushin, Ifo, Sagamu, Ago Iwoye, Ijebu Ode, and Zaria.
Agbonmagbe Bank transformed into Wema Bank following an acquisition approved by the Wema board in 1969. Eighteen years afterward, in 1987, the institution was listed publicly under the name Wema Bank Plc. Chief Matthew Agbonmagbe Okupe passed away on November 1, 1984, at the age of 86 years.
He possessed 10 spouses and fathered 40 offspring, with his oldest child offering profound insights into the life of the bank's originator and the inception of Wema Bank.
The beginning
Alaba Adegboyega Okupe, whose father was the late Chief Matthew Adekoya Okupe, the founder of Wema Bank Plc, shared the tale of how the bank started.
As per his statement, he was just a toddler when his father set up the business.
Agbonmagbe Bank, which later transformed into Wema Bank Plc.
I came into this world in 1943, which means I was mostly a toddler when my dad established Agbonmagbe Bank. While I can’t offer many details about his earlier years before founding the bank, I feel fortunate to have shared numerous personal moments with him outside of his career. Additionally, he maintained meticulous records, allowing me insight into his experiences through his journals and documents.
My late father, Chief Matthew Adekoya Okupe, who was born in 1898, left us on November 1, 1984. Among his ten wives were thirty-nine offspring, with me being the fifth child.
"Today, I stand as the eldest surviving offspring of the late Chief Agbonmagbe Adekoya Okupe. My father was an insightful, resourceful, kind-hearted, but steadfast individual—a proud member of the Okupe clan, itself a component of the esteemed Agbonmagbe Royal Family. To address anyone intrigued by the etymology of our lineage’s name: Agbonmagbe is indeed the governing dynasty to which we, the Okupes, trace our roots," he explained.
Alaba Okupe remembered that before founding Agbonmagbe Bank Limited, his father had put in considerable effort working for others, progressing from earning 20 shillings to running his own trading business. It was during this period that he conceived the idea of starting a financial institution.
It is widely known that the early 1900s corresponded with the colonial period in Nigeria. During this time, foreign banks dominated the landscape. However, these institutions primarily catered to the needs of the colonial government and expatriate enterprises rather than serving Nigerians effectively. For native citizens seeking loans during those days, obtaining credit proved extremely difficult. Given his experience as a trader, my father recognized the necessity for a locally owned bank capable of addressing this disparity and supporting the Nigerian populace. Thus, the concept for Agbonmagbe Bank came into being.
Alaba Okupe characterized his father as inherently solution-oriented and a highly principled individual.
He naturally gravitated towards solving problems, which is one of his most commendable qualities. As mentioned before, he was highly principled; thus, he ensured I wasn't raised spoiled. Consequently, during much of my early years, I lived in Abeokuta apart from him due to his professional commitments. This decision was deliberate on his part. Although we reunited over breaks, I resided with the Oyewole twins at Gemini Lodge in Abeokuta where they taught sciences like chemistry at Abeokuta Grammar School. These schools maintained rigorous standards. My late father’s renowned sense of discipline permeated every aspect of our familial life—both immediate and extended," he explained. It was this combination of principles and discipline that Mr. Okupe leveraged when establishing Nigeria’s first locally-owned bank.
Alaba Okupe recalled that his father’s disciplined nature was very worthy of emulation and luckily, “I was a boy who understood the good in my father’s efforts to bring the best out of me, so I was aligned with him and I never looked back.”
One of the traits I greatly admire in my father is his dedication to maintaining records, particularly during an era when the Internet and modern technology weren’t as widespread. He was extremely thorough in recording everything—from personal recollections to tangible documentation—and ensured these insights and experiences were preserved. Similarly, he carried forward the heritage of Agbonmagbe Bank, and I feel honored knowing that this legacy continues through Wema Bank.
From Agbonmagbe to Wema Bank: Choices, Transformation & Development
Alaba Okupe recounted that following the founding of Agbonmagbe Bank, the institution attracted numerous clients, including the Western Nigeria Marketing Board.
The Western Nigeria Marketing Board held a fixed deposit of £200,000 at that time, an impressive sum back then, which was subsequently transformed into shares.
At that point, the administration increased the capital requirements for all banks. Around 1968, this particular institution struggled to meet those financial demands and attempted to attract external funding, yet found itself with insufficient time. Consequently, the Western Nigeria Marketing Board transformed its fixed deposit into equity, thereby becoming the principal stakeholder and assuming control.
So, that's how Agbonmagbe evolved into Wema Bank. Initially, they kept the original name, but several months afterward, they decided to rename it simply as Wema. This is the story behind how Agbonmagbe transformed into Wema Bank.
Wema Bank was officially incorporated as a limited liability company on May 2, 1945, and began its licensed banking operations on June 4, 1945. It’s worth noting that although my father played a significant role in founding Agbonmagbe Bank Limited as the primary promoter and visionary, he did not do so single-handedly.
My mother, Mrs. Regina Adekoya Okupe, who affectionately called herself R.A.O., was present along with Reverend Alabi. These two individuals, alongside him, served as promoters, directors, and shareholders of the bank. It was their combined efforts that established the strong foundation upon which Wema Bank stands today," stated Alaba Okupe.
He remembered that Agbonmagbe began with unassuming roots, starting out with branches in locations such as Ebute-Metta, Mushin, Ifo, Abeokuta, Sagamu, Ago-Iwoye, and Ijebu-Igbo.
"Today, what started as a small operation in Agbonmagbe Lodge consisting of just two rooms has evolved into an establishment with more than 160 branches spread across 26 states in Nigeria and even extends internationally through digital banking services. I find this quite remarkable and indicative of the enduring success of my father’s legacy," he said.
Continuing the Legacy of Empowerment
When evaluating the bank, Alaba Okupe mentioned that his father founded Agbon-magbe Bank Limited with the aim of offering financial services to Nigerian locals when few alternatives existed for them. Today, Wema Bank stands out as Nigeria’s oldest native and toughest survivor, renowned not only for this distinction but also as a symbol of hope and empowerment for the populace.
"By promoting groundbreaking solutions that close various gaps and providing effective, meaningful services to bank the unbanked throughout Nigeria’s vast regions, Wema Bank has set new standards for the banking sector to flourish and empower future generations," he stated. "Wema Bank continues this legacy established by my father, carefully enhancing it to ensure ongoing value delivery." He added confidently, “I am certain that Wema Bank is well-prepared to endure for at least another hundred years, possibly longer.”
As Wema Bank marks 80 years in banking operations, Alade Akinlolu Okupe expressed his gratitude for being able to witness his father’s vision evolve into a colossal bank that has surpassed all expectations.
“What my father’s trailblazing act of service to his indigenous people, has not only grown to become the longest standing indigenous bank in Nigeria but also a trailblazer in innovative banking and financial services. It is a beautiful thing to see such resilience, growth and impactful transformation, and I am pleased that my father’s vision has lived on and blossomed into a force to be reckoned with in the financial industry”.
It’s delightful to observe that Wema Bank continues to thrive, growing stronger with each passing day. The concept and vision were planted by God as early as 1945, starting from modest beginnings. As mentioned before, it brings me immense joy to witness just how much progress Wema Bank has made, seeing the realization of its original vision, and acknowledging its remarkable success.
"The happiness derived from bringing something into existence lies in witnessing its growth, which is why I am thrilled that Wema Bank isn’t merely surviving but becoming more robust with each passing day; I have no doubt that my father would feel the same way. I applaud Wema Bank for acknowledging its modest origins, honoring its heritage, recognizing the hard work that established this institution, and expanding upon that base. I extend my best wishes to Wema Bank as they celebrate their 80th year," stated Alaba Adegboyega Okupe, the son of the bank’s late founder.
Ekenedilichukwu Ugbachie serves as the Head of Client Services at Dashboard Innovations within Wema Bank.
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