Wema Bank Plc. has announced the retirement of its Managing Director/CEO, Ademola Adebise. 

He will be proceeding on terminal leave from January 2nd, 2023, after over 13 years of meritorious service on the Board of the Bank. 

Adebise will be succeeded by Moruf Oseni, currently the Deputy Managing Director.

Appointed as the Managing Director/Chief Executive Officer of Wema Bank Plc in June 2018, Ademola Adebise 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 3% of industry volumes.

The Bank is now the leading collection bank for state and government agencies due to its effective and efficient platforms.

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.

The Chairman of the Board, Mr. Babatunde Kasali on behalf of the Board and Management expressed its profound gratitude to Ademola for his service and wish him the best in his future endeavors.

Meanwhile, Wema Bank Plc., said that the appointment of Mr. Moruf Oseni as the Managing Director/CEO is further 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.

Moruf Oseni was an Executive Director for 6 years and Deputy Managing Director for the last 4 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. Moruf 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, 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’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.

Wole 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), 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.

Tunde Mabawonku has been appointed as an Executive Director.

He has over 23 years of experience and is presently the Chief Finance Officer and the Divisional Head of Finance & Corporate Services. 

Tunde 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.

According to the statement signed by Johnson Lebile, the Company Secretary/Legal Adviser, the Board of Directors are 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.

According to reports, Adebise, who took over as the GMD of Nigeria’s oldest indigenous bank in 2020, is quitting the position for personal reasons.

Moruf Oseni, the bank’s Deputy Managing Director, will serve as the MD up until further notice.

He held the position of Deputy Managing Director of Wema Bank since January 2017 before his appointment on October 1st, 2018.

Oseni was appointed Deputy Managing Director on October 1, 2018.

Adebise has been a key player in the execution of the bank’s strategic turnaround strategy since joining the executive management team in 2009.

He has over 28 years of experience in the banking industry (inclusive of 4 years in management consulting), and has worked in various capacities in Information Technology, Financial Control & Strategic Planning, Treasury, Corporate Banking, Risk Management, and Performance Management.

Before joining Wema Bank Plc. Adebise was the Head, Finance and Performance Management Practice at Accenture (Lagos Office), where he led multiple successful projects for banks in

Business Process Re-engineering, Information Technology, and Risk Management.

Speaking at the formal opening ceremony of the leadership school, Mr. Ademola Adebise, the Managing Director/CEO of Wema Bank Plc., said organisations have a huge task to optimise performance and deliver value in contemporary times, pointing out that leadership is key in driving organisational success.

Adebise said we need good leaders to blend the various skills of the employees for the advancement of an organisation and its business success.

Speaking about the increasing complexity of the financial services industry, Adebise said both local and external macroeconomic dynamics have changed business models, and we need strong leadership to direct the workforce and lead the people to deliver.

He assured the public that the bank would continue to leverage local and international partnerships to make the leadership school the home of excellence.

Mrs Lolade Ogungbenro, the Chief Human Resources Officer of the bank, described the leadership school as a rich, inclusive, and innovative portfolio with an unrivalled ability to equip the bank’s diverse workforce with skills for the future of work.

“We have designed business and executive education for impact, and the academy is exploring new experiences and diverse perspectives that translate to significant returns on investment for the business,” she said.

Oluwaferanmi Owolabi, the bank’s Head of Learning and Development, corroborated Mrs Ogungbenro, saying continuous learning is essential because of the changing nature of work.

“Purple Leadership School is at the pinnacle of our Corporate University that seeks to fuel our current leadership, build resilience, drive succession with a high-performance pipeline and groom the next generation of leaders to thrive and excel in business in an ever-changing world,” Oluwaferanmi said.