Wema Bank is the longest surviving indigenous bank in Nigeria

Date:

Wema Bank is the longest surviving indigenous bank in Nigeria

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.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Subscribe

spot_imgspot_img

Popular

More like this
Related

Wizkid, Burna Boy, Asake, Rema, Lojay, Davido, Yemi Alade; Nigerian artistes sweep Grammy nominations

Wizkid, Burna Boy, Asake, Rema, Lojay, Davido, Yemi Alade;...

APM Terminals Receives Largest Vessel With 7,000 Containers At Apapa Port

The APM Terminals Apapa, on Wednesday, received the largest...

The Hook Creative Agency realigns leadership, launches new entertainment venture

Lagos-based creative agency, The Hook, has appointed Akinwale Muse...

Three reasons Nigerians remit billions of dollars from abroad – CEO Lemfi 

Nigerians abroad represent a significant portion of the African...