Coronation Merchant Bank Appoints Ohiwerei As MD/CEO, Strengthens Board

Coronation Merchant Bank has appointed Obeahon Ohiwerei as its new managing director and chief executive officer following the Central Bank of Nigeria’s approval.

Ohiwerei succeeds Paul Abiagam, who led the bank through a period of strategic transformation marked by recapitalisation, strengthened corporate governance, digital transformation and sustained business growth.

According to a statement by the bank, the appointment comes as the merchant bank celebrates its 10th anniversary, having exceeded the Central Bank of Nigeria’s minimum capital requirement, strengthened its governance framework, accelerated the digitisation of key operating processes and secured a ‘B-‘ Long-Term Issuer Default Rating with a Stable Outlook from Fitch Ratings.

Chairman of Coronation Merchant Bank, Babatunde Folawiyo, said the appointment reflects the board’s confidence in Ohiwerei’s leadership and commitment to sustaining the bank’s long-term growth strategy.

Folawiyo commended Abiagam for his stewardship, saying his tenure strengthened the bank’s capital base, enhanced its governance architecture, accelerated operational transformation and reinforced the confidence of clients, regulators and other stakeholders.

He added that Ohiwerei’s emergence would further align management with shareholders, noting that the new chief executive would also become part of the bank’s shareholder base under his leadership contract.

Speaking on the transition, Abiagam described leading the bank as a privilege, expressing confidence that the institution is well-positioned for its next phase of growth.

Ohiwerei brings more than three decades of banking experience spanning corporate banking, institutional banking, risk management, business transformation and banking operations.

He previously served as the pioneer managing director of UBA Ghana, executive director at Access Bank Plc and managing director of Keystone Bank.

Speaking on his appointment, Ohiwerei said the bank would deepen client relationships, expand into new market opportunities, strengthen its advisory and capital markets businesses, enhance digital capabilities and maintain high standards of governance and risk management.

Meanwhile, the bank also announced the appointment of Nana-Adjua Mensah and  Adetola Owolabi as independent non-executive directors to strengthen its board.

Mensah has over 25 years of experience in banking, treasury and corporate trust services and previously served as managing director and chief executive officer of First Trustees Nigeria Limited after holding senior positions at UBA Plc and First City Monument Bank.

Owolabi brings over 17 years of banking experience from Guaranty Trust Bank, where she rose to the position of assistant general manager overseeing the bank’s shipping and maritime business.

She currently serves as chief operating officer of Black Pelican Limited (IL Bagno).

The bank said the appointments would deepen the board’s expertise in governance, financial markets and enterprise risk oversight as it continues to pursue its long-term strategic objectives and create sustainable value for shareholders.