Argirou: Wema Bank is Facilitating Business Growth Around the World With Ambitious Target, Reach

The Managing Director and Chief Executive Officer, Bank of Beirut in the United Kingdom, Sofoklis Argirou in this one-on-one interview, speaks on Wema Bank’s 80 years anniversary celebration, the numerous changes that have taken place in the bank within the period, Bank of Beirut UK’s long-lasting relationship with Wema Bank and the future of Nigeria’s oldest indigenous bank, among many others: Excerpts:

Can you speak to us on the long-lasting relationship between Bank of Beirut UK and Wema Bank?

Bank of Beirut UK, has a longstanding relationship with Wema Bank Plc in Nigeria. We have witnessed first-hand, the transformation of Wema Bank through the years and I have seen the people I met here in 2015 when I first came to this country. These people have grown with the bank over the years.

Wema Bank in the last eight years that I have been following it, has grown very fast and tremendously, too. The bank’s fast journey is not just in its number, but also with its people, growing its people, its reach and delivering products and services in Nigeria for financial inclusion and leading actually the space in digital spectrum.

How has Wema Bank impacted the growth trajectory of Bank of Beirut UK?

Our story with WEMA Bank is from a correspondent banking perspective from the UK. So, we have worked with Wema Bank facilitating imports into Nigeria. We have developed utmost customer relationships with not just with Nigerian importers, but also with exporters all over the world, in Asia, Europe, Middle East and the United States.

I remember the first time I met with Wema Bank management in 2015, it was at a time they were embarking on a journey to increase the size of their portfolio. By 2018, these very ambitious targets were set, and they were met. These targets were repeated in 2021 and 2024.

 Also, my experience with Wema Bank is serving and facilitating imports of pharmaceuticals, petrochemicals, raw materials, and establishing relationships with international business customers.

Take us through your experience with Wema Bank since your first contact in 2015.

I will give you an example. I know Wema Bank is one of the few banks in Nigeria that has been consistently supporting the agricultural sector. Agriculture being one of the mainstays of Nigeria, not just for food security, but also for improving the lives of the people.

I have seen Wema Bank go to places where other Nigerian banks are afraid to venture into. For instance, the bank has been supporting companies in the agrichemical industry who in turn support the farmers in improving and maximising their crop yields and every other thing.

I have seen that Wema Bank is not just about launching products and setting missions without meeting them. Wema is about setting missions and targets, but following up with concrete action to meet these ambitious targets.

For me also, one thing that distinguishes Wema Bank from the others is retaining, sustaining and growing with its people. I met some people back then in 2015 that were just relationship managers, but today they are the heads of their departments, treasurers and Executive Directors. Wema Bank is also investing in its people and growing organically with them within the system.

What is your view about Wema Bank’s influence in the banking industry over the past decades?

First, I want to congratulate Wema Bank for a successful 80 years of diligently servicing the people. It’s been a journey that is worth celebrating. A journey with success.

Wema Bank has embarked on a very ambitious journey. I expect that Wema Bank in the next three years will be one of the protagonists in the banking sector and will join the ranks of tier one banks in Nigeria through the efforts of its people, support of its shareholders, successful strategies and employment of products and services.

I have been privileged enough to witness the transformation that Wema Bank has had over the last 10 years and I believe the Bank, with its resources and people, will make and will continue to make impact within the society of Nigeria, leading with products directed to underbanked people, underprivileged people.

I want to thank Wema Bank for its support and for its financial inclusion and backing this direction with solid financial resources and numbers to make them a success. So, I want to say a big congratulations to the board and management of Wema Bank for sustaining the tempo in the last 80 years. I look forward to another exciting 80 years with the bank.

QUOTES

“Bank of Beirut UK, has a longstanding relationship with Wema Bank Plc in Nigeria. We have witnessed first-hand, the transformation of Wema Bank through the years and I have seen the people I met here in 2015 when I first came to this country. These people have grown with the bank over the years. Wema Bank in the last eight years that I have been following it, has grown very fast and tremendously, too. The bank’s fast journey is not just in its number, but also with its people, growing its people, its reach and delivering products and services in Nigeria for financial inclusion and leading actually the space in digital spectrum.”

“I have seen that Wema Bank is not just about launching products and setting missions without meeting them. Wema is about setting missions and targets, but following up with concrete action to meet these ambitious targets. For me also, one thing that distinguishes Wema Bank from the others is retaining, sustaining and growing with its people. I met some people back then in 2015 that were just relationship managers, but today they are the heads of their departments, treasurers and Executive Directors. Wema Bank is also investing in its people and growing organically with them within the system.”