How My Late Father Founded Wema Bank 80 Years Ago – Alaba Okupe

Alaba Adegboyega Okupe, son of Chief Matthew Adekoya Okupe, has shared the remarkable story of how his late father founded Wema Bank, Nigeria’s oldest indigenous bank, 80 years ago....CONTINUE READING>>>

Born in 1943, Alaba witnessed firsthand the evolution of the bank, originally established as Agbonmagbe Bank. He described his father as a visionary, hardworking, and principled man who was determined to create a financial institution that catered to Nigerians during the colonial era when foreign banks dominated the industry.

Chief Matthew Adekoya Okupe, born in 1898 and passing in 1984, was a man of great ambition. He started his career earning 20 shillings before venturing into trading, which eventually led to the establishment of Agbonmagbe Bank. His bank provided much-needed financial services to Nigerians who struggled to access credit from foreign-owned institutions.

As the bank grew in popularity, it was eventually taken over by the Western Nigerian Marketing Board and rebranded as Wema Bank. Today, Wema Bank has expanded to over 160 branches across 26 states in Nigeria, offering both traditional and digital banking services.

Reflecting on his father’s legacy, Alaba praised Wema Bank for preserving and building on its founder’s vision. He commended the bank’s efforts in empowering Nigerians and ensuring continued growth.

As Wema Bank marks its 80th anniversary, Alaba expressed his admiration for how far the institution has come. “I am happy that the bank remembers its humble beginnings and continues to grow,” he said, wishing Wema Bank continued success in the years ahead.