General CommentsWema Bank Plc has noted with concern recent media publications containing false, misleading, and wholly unsubstantiated allegations regarding the sale of certain Banana Island properties purportedly linked to the defunct Gulf Bank Plc. We unequivocally reject these claims, which are inaccurate, malicious, and clearly intended to distort the true position. For the benefit of our stakeholders—shareholders, customers, regulators, and the general public—we set out below the factual background to the transaction. The Original Exposure and DefaultIn 2002, Wema Bank Plc (the Bank) made an inter-bank placement with Gulf Bank…
Read MoreWEMA BANK PLC SETS THE RECORD STRAIGHT ON FALSE AND MISLEADING PUBLICATION BY NDIC ON LEGACY TRANSACTIONS INVOLVING DEFUNCT GULF BANK PLC
