Wema Bank Plc on Friday announced the retirement of its Managing Director/CEO, Mr. Ademola Adebise effective from March 31, 2023 and the appointment of Moruf Oseni, the current Deputy Managing Director as Managing Director/CEO.
The bank also announced the appointment of Wole Akinleye, the Executive Director, as the new Deputy Managing Director and Tunde Mabawonku as his replacement.
Adebise, according to the bank will be proceeding on terminal leave from January 2nd, 2023, after over 13 years of meritorious service on the Board of the Bank.
Adebise was appointed as the Managing Director/Chief Executive Officer of Wema Bank in June 2018. He joined the Bank in June 2009 as an Executive Director and rose to become the Deputy Managing Director in 2015.
Under his leadership, he expanded the bank’s footprints to other locations in Nigeria. He improved the performance of the Bank and spearheaded the first dividend payment in 13 years. Since then, he has ensured consistent dividend payment over the last 4 years.
The Bank has grown its total assets by 155%, from N470 billion to over N1.2trillion. Deposits also grew by 214% from N350 billion to N1.1 trillion.
He initiated the partnership with Bank of Africa to support its customers across the African continent which has increased the Bank’s market share and customer base.
All these led to an additional growth of 2 million customer accounts in Nigeria and a market share of three per cent of industry volumes.
The Bank is now the leading collection bank for state and government agencies due to its effective and efficient platform. The Bank’s rating by agencies was upgraded to BBB investment grade.
The Bank significantly changed the digital landscape through the ALAT platform. The innovative platform also came tops in the KPMG Digital Scorecard for leading retail banks in Nigeria and this was based on in-depth insights into the state of user experience on retail banks’ digital channels.
Furthermore, the Bank launched the first SME Business School for capacity building and empowerment of SMEs – this has benefitted over 20,000 small businesses. The Bank also became one of the founding members of the United Nations Environmental Plan for Financial Institutions (UNEP-FI) and continues to provide digital solutions for societal impact.
A statement from the Chairman of the Board, Mr. Babatunde Kasali on behalf of the Board and Management expressed its profound gratitude to Adebisi for his service and wish him the best in his future endeavors.
Oseni joined Wema Bank in June 2012 as an Executive Director. He has over 25 years experience with more than 16 years at Senior and Executive Management levels.
He was an Executive Director for sox years and Deputy Managing Director for the last four years and has demonstrated capacity to lead the Bank. He presently has responsibility for the Digital Optimization Directorate which includes – Digital, Retail, Treasury, Operations, and the Technology Divisions.
Oseni is also the Executive Compliance Officer of the Bank. He supervised the launch of ALAT – Nigeria’s 1st digital Bank that has received local and global awards and multiple accolades.
Before joining Wema Bank, he was the CEO of MG Ineso Limited, a principal investment and financial advisory firm. Prior to MG Ineso, he was a Vice President at Renaissance Capital, and an Associate at Salomon Brothers/Citigroup Global Markets in London.
Oseni holds an MBA degree from the Institut European d’Administration des Affaires (INSEAD) in France, a Master’s in Finance (MiF) from the London Business School and a B.Sc. in Computer Engineering from Obafemi Awolowo University (OAU), Ile-Ife, Nigeria. He is also an alumnus of both the Advanced Management Program (AMP) of the Harvard Business School and King’s College, Lagos.
Other Board appointments include:
Wole Akinleye: Appointed as the Deputy Managing Director. Akinleye has over 32 years banking experience. He presently oversees Corporate Banking and South West Business Directorate for the Bank.
A Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), Akinleye is an alumnus of the Advanced Management Program of the Harvard Business School. He obtained his first degree in Accounting from Obafemi Awolowo University in 1989 and subsequently, a master’s degree in Business Administration (Finance) from the same University.
Tunde Mabawonku: Appointed as Executive Director. He has over 23 years of experience and is presently the Chief Finance Officer and the Divisional Head of Finance & Corporate Services. Mabawonku has a master’s in finance from the London Business School and a first degree in Economics from University of Ibadan. He is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) & Chartered Institute of Taxation of Nigeria (CITN) and is an Honorary member of the Chartered Institute of Bankers (HCIB). He has also attended several Senior Leadership programs.
The Board of Directors expressed the confident that the appointment of the Executives will lead to the continued transformation and growth of the Bank, particularly as the Bank positions itself as a market leader in Nigeria’s retail banking segment through technology and innovation.
The appointments take effect from April 1, 2023 and are subject to the approval of the Central Bank of Nigeria and other regulatory authorities.