The history of Wema Bank is a unique chapter in the Nigerian financial story, representing the endurance of indigenous banking through decades of economic shifts. Established during the colonial era as a communal effort, its foundation was built on the grit and discipline of its founder, Chief Matthew Adekoya Okupe (1898–1984).
Born into the Agbonmagbe Royal House in Iperu-Remo, Ogun State, Okupe’s path to success was paved with persistence. Before becoming a financial magnate, he worked as a laborer and clerk, reportedly earning a meager salary of just 20 shillings.
Through meticulous saving and a transition into trading, Okupe experienced firsthand the frustrations of the colonial era: British-owned banks rarely granted credit to indigenous Nigerians. This systemic exclusion became the fuel for his greatest venture.
On May 2, 1945, Okupe established Agbonmagbe Bank Limited in a modest two-room office in Lagos. The name “Agbonmagbe” was chosen to honor his royal lineage, signifying deep roots and permanence.
He was supported in this venture by key partners, including his wife, Mrs. Regina Adekoya Okupe, and Reverend Alabi, one of the original directors. At a time when many indigenous “penny banks” collapsed during the 1950s banking crisis, Agbonmagbe Bank survived due to Okupe’s conservative management and refusal to overextend credit.
Chief Okupe was known for a management style that combined traditional Nigerian values with strict discipline. He was obsessed with record-keeping, maintaining detailed diaries and business ledgers that allowed the bank’s history to be preserved for generations.
A man of immense social standing, he had 10 wives and 40 children, raising them with a sense of independence and responsibility.
He steered the bank through colonial pressures and post-independence volatility.
The Transition to Wema Bank
The evolution from a private family-led initiative to a state-supported powerhouse began in the late 1960s:
• 1969: The Western Nigeria Development Corporation (now Odu’a Investment Company Limited) acquired the bank.
• 1970: The name was officially changed to Wema Bank Limited.
• 1987: The bank transitioned into a Public Limited Liability Company (PLC).
• 1990: It was listed on the Nigerian Stock Exchange.
Chief Okupe passed away on November 1, 1984, leaving behind a legacy as the founder of Nigeria’s longest-surviving indigenous bank. In 2017, the bank bridged Okupe’s 1945 vision with the digital age by launching ALAT, Africa’s first fully digital bank. In 2023, Wema bank secured a National banking license to expand operations across Nigeria.
“The story of Wema Bank is a testament to the fact that indigenous Nigerian institutions can survive and thrive when they remain adaptable to the needs of their community.”
