Wema Bank appoints Moruf Oseni new CEO as Adebise retires
The board of directors of Wema Bank Plc has announced the appointment of Mr. Moruf Oseni as its managing director/chief executive officer effective from April 1st, 2023.
The lender in a statement on Friday made available to THE WITNESS said Oseni, its current Deputy Managing Director, will take over leadership from Mr. Ademola Adebise who is retiring, having served meritoriously for over 13 years on the board of the bank. Adebise is set to retire from the bank on March 31st, 2023.
Similarly, Wole Akinleye, its Executive Director has been appointed as the new Deputy Managing Director, while Tunde Mabawonku, the bank’s Chief Financial Officer has been elevated as an Executive Director.
The statement however noted that the appointments are subject to the approval of the Central Bank of Nigeria and other regulatory authorities.
Adebise joined the bank in June 2009 as an Executive Director and rose to become the Deputy Managing Director in 2015. Under his leadership, the bank expanded its 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 3% 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.
