Adebise Retires As Wema Bank CEO, As Oseni Steps In

Wema Bank Plc, has announced the retirement of its managing director/CEO, Ademola Adebise with effect from March 31, 2023.

The bank said: “he will be proceeding on terminal leave from January 2nd, 2023, after over 13 years of meritorious service on the board of the bank. He will be succeeded by Moruf Oseni, currently the deputy managing director.

“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.”

Wema Bank stated that, “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 four years.

“The bank has grown its total assets by 155 per cent, from N470 billion to over N1.2 trillion. Deposits also grew by 214 grew 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 two 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.”

It added that the bank launched the first SME Business School for capacity building and empowerment of SMEs, which has benefitted over 20,000 small businesses, saying, the bank also became one of the founding members of the United Nations Environmental Plan for Financial Institutions (UNEPFI) and continues to provide digital solutions for societal impact.

The chairman of Wema Bank, Mr. Babatunde Kasali expressed its profound gratitude to Ademola for his service and wish him the best in his future endeavors, saying, the bank is pleased to announce the appointment of Mr. Moruf Oseni as the managing director/CEO subject to the approval of the Central Bank of Nigeria (CBN).

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. Oseni was an executive director for six years and deputy managing director for the last four years and has demonstrated capacity to lead the bank.

The bank said, 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, saying, the appointments take effect from April 1, 2023 and are subject to the approval of the CBN and other regulatory authorities.

Alongside Oseni, the bank also appointed Wole Akinleye as the deputy managing director and Tunde Mabawonku as executive director.