FTSE Russell Adds Wema Bank, Nine Others to Frontier Index Series
Kayode Tokede Following the recent reclassification of Nigeria from “Unclassified” to “Frontier Market” status, FTSE Russell has listed Wema Bank Plc, nine others to its mid-capitalised Nigerian companies into its
FTSE Russell has incorporated Wema Bank Plc, in addition to nine other Nigerian mid-capitalized companies, into its Frontier Index Series. These companies join the mid-capitalized category following Nigeria's recent reclassification from "Unclassified" to "Frontier Market" status, expected to return to this classification on September 21, 2026.
The newly added firms possess impressive corporate earnings and have experienced significant growth in stock prices. Among them, Unilever Nigeria Plc led the performance with a 58.3% average return, followed by Access Holdings Plc and Wema Bank Plc, which gained 42.1% between its stock price opening in 2026 and August 2026. Wema Bank's success is attributed to impressive earnings, a N200 billion recapitalization, digital banking, and low-cost deposits.
The bank's performance has led to an N154.5 billion profit before tax and N131.3 billion profit after tax in the first half of 2026 alone. Its recent N150 billion rights issue and N50 billion special placement have increased its capital and shares outstanding, allowing for further expansion. Wema Bank's digital strategy and strong low-cost deposit base have also contributed to its success.
Being added to the FTSE Russell Frontier Index Series will enhance the bank's visibility and valuation, as ETFs and other funds tracking the index will be required to invest in Wema Bank.
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