Curtain has drawn on the career of the Managing Director of Wema Bank Plc, Ademola Adebisi who is retiring from the bank, leaving the stage for Moruf Oseni, the new Chief executive officer of the lender.
Adebise, who became the managing director of the bank in June 2018 will be proceeding on terminal leave from January 2nd, 2023, after over 13 years of meritorious service on the Board of the Bank. He joined the Bank in June 2009 as an Executive Director and rose to become the Deputy Managing Director in 2015.
He will be succeeded by Moruf Oseni, currently the Deputy Managing Director.
Adebise expanded the bank’s footprints to other locations in Nigeria, improving its performance and spearheading the first dividend payment in 13 years, which he has sustained over the last four years.
Under the outgoing MD’s leadership, the Bank grew its total assets by 155 percent, moving from N470 billion to over N1.2 trillion. Deposits also grew by 214 percent from N350 billion to N1.1 trillion.
He initiated the partnership with the Bank of Africa to support its customers across the African continent which has increased the Bank’s market share and customer base, leading to additional growth of 2 million customer accounts in Nigeria and a market share of 3 percent of industry volumes.
The Bank is now the leading collection bank for state and government agencies due to its effective and efficient platform, which has upgraded its rating by agencies to BBB investment grade.
The Bank significantly changed the digital landscape through the ALAT platform, an innovation that also came tops in the KPMG Digital Scorecard for leading retail banks in Nigeria and was assisted by in-depth insights into the state of user experience on retail banks’ digital channels.
Furthermore, Adebise will be remembered for launching the bank’s first SME Business School for capacity building and empowerment of SMEs, benefitting 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.
The Chairman of the Board, Babatunde Kasali on behalf of the Board and Management expressed his profound gratitude to Ademola for his service and wish him the best in his future endeavors.
From January also, Moruf Oseni will take over as the Managing Director/CEO is subject to the approval of the Central Bank of Nigeria. Moruf Oseni joined Wema Bank in June 2012 as an Executive Director. He has over 25 years of experience with more than 16 years at Senior and Executive Management levels.
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Moruf Oseni was an Executive Director for six years and Deputy Managing Director for the last four years and has demonstrated the capacity to lead the Bank.
He presently has responsibility for the Digital Optimization Directorate which includes – Digital, Retail, Treasury, Operations, and Technology Divisions. Moruf is also the Executive Compliance Officer of the Bank, who supervised the launch of ALAT – Nigeria’s 1st digital Bank that has received local and global awards and multiple accolades.
Before joining Wema Bank, Moruf was the CEO of MG Ineso Limited, a principal investment, and financial advisory firm. Prior to MG Ineso, Moruf was a Vice President at Renaissance Capital and an Associate at Salomon Brothers/Citigroup Global Markets in London.
Moruf holds an MBA degree from the Institut European d’
He is also an alumnus of both the Advanced Management Program (AMP) of the Harvard Business School and King’s College, Lagos.
Other appointments announced by the legal secretary of the company, Johnson Lebile include that of Wole Akinleye who is now the Deputy Managing Director.
Wole has over 32 years of Banking experience and presently oversees Corporate Banking and South West Business Directorate for the Bank.
A Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), Wole 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.
Also promoted is Tunde Mabawonku, the current Chief Financial Officer and the Divisional Head of Finance & Corporate Services of the bank who is now appointed, Executive Director.
He has over 23 years of experience and has a master’s in finance from the London Business School and a first degree in Economics from the 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.
In conclusion, the Board of Directors is 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.
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