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Wema Bank MD, Ademola Adebise Retires March 31, As New MD Moruf Oseni To Steps In



Wema Bank MD, Ademola Adebise Retires March 31, As New MD Moruf Oseni To Steps In

…Wole Akinleye, Executive Director appointed as Deputy Managing Director, and Tunde MabaWonku appointed as Executive Director

By Moninuola Sulaiman

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

Mr. Moruf Oseni, current Deputy Managing Director will take over as Managing Director/CEO of the bank after Ademola Adebise retires.

Following the retirement of Wema Bank’s Managing Director/CEO, Ademola Adebise will proceed 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.

Ademola Adebise was appointed as the Managing Director/Chief Executive Officer of Wema Bank Plc in June 2018. He 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, improved the performance of the Bank, and spearheaded the first Dividend payment in 13 years, since then, he has ensured consistent dividend payments over the last 4 years.

Wema Bank has grown its Total Assets by 155%, from N470 billion to over N1.2 trillion. Deposits also grew by 214% from N350 billion to N1.1 trillion. He initiated the partnership with the Bank of Africa to support its customers across the African continent, increasing 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. 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 his profound gratitude to Ademola for his service and wished him the best in his future endeavors.

Wema Bank MD, Ademola Adebise Retires March 31, As New MD Moruf Oseni To Steps In
Left-Right: Retiring MD/CEO Ademola Adebise and Incoming MD Moruf Oseni.

Further, Wema Bank Plc. 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.

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 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. 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.

Wole Akinleye

Other Board appointments include Wole Akinleye: Appointed as the Deputy Managing Director. Wole has over 32 years of 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

Tunde Mabawonku: Appointed as 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). He 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.

Money Market

FirstBank’s Image Untainted, Disregard Spurious Allegation



Olushola Okunlade Writes

FirstBank of Nigeria has reacted to deteriorating and sensational reports by some online publications on a charge bought against the bank.

The said online publication was sponsored by a delinquent debtor whose intention is to taint the image of the bank.

The bank in its statement released to ROTAMEDIANEWS stated that “We will not be able to offer further comments as the matter is sub-judice.

FirstBank resolved to calm in addressing the matter with necessary action since the basis of the charge is a spurious allegation made by a delinquent debtor to embarrass the Bank and taint the Bank’s loan recovery efforts and legal enforcement of its security collateral interest in accordance with the terms thereof.

FirstBank assures numerous customers, stakeholders, and the general public that the bank continues to operate by the highest standards of ethical conduct and will under no circumstances involve itself in any act of illegality just as it will take necessary legal steps to check any attempt by recalcitrant debtors to fritter away depositors’ funds under its custody.

The bank remains focused on its mission of providing the best financial services to its numerous customers.



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Money Market

Sterling Bank Announces Extension Of Publication Date Of Annual Statements



Ademola Adesina Public Relations and News Management

Sterling Bank Plc, has just announced that it requires a short extension outside the deadline for filing its Annual Financial Statements (AFS) for the year ended 31st December 2022.

This was contained in a copy of the bank’s letter to the Nigerian Exchange (NGX) filed on the 29th of March, 2023.

Company Secretary and Chief Legal Officer, Ms. Temitayo Adegoke, assured stakeholders and the public that the organisation is diligently working with its auditors, Deloitte, to finalise the AFS by the revised deadline of 30th April 2023.

She emphasised that the bank’s commitment to regulatory compliance and transparency remains its top priority.

The letter to the Nigerian bourse further stated that “In continuing compliance with the post listing requirements of the NGX, the previously announced closed period which commenced on 1st of January 2023 will continue until 24 hours after the AFS for the year ended 31st of December 2022 is released on the floor of the Exchange.”

The extension request, due to external factors and new processes, is on the back of the Bank’s impressive financial performance contained in its earlier released unaudited full-year 2022 results, with the bank reporting a 39% increase in pre-tax profits. This achievement marks Sterling’s fifth consecutive year of growth, attributed to customer-focused innovation and the successful execution of the HEART of Sterling strategy. Through strategic investments in Health, Education, Agriculture, Renewable Energy, and Transportation sectors, the bank continues to create value for shareholders and contribute significantly to the Nigerian economy.

Sterling Bank eagerly anticipates new opportunities and, by leveraging regulatory guidance, is well-positioned to capitalise on these prospects within a well-structured framework for long-term growth and success.

Shareholders and the public shall receive by the revised date, a thorough and comprehensive financial report that reflects the bank’s ongoing commitment to sterling performance, excellence, innovation, and growth.



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Money Market

GMW: Polaris Bank, CBN Deepen Financial Literacy Among Young Nigerians



Polaris Bank Flaunts New Corporate Website With Four Unique Features

… donates books to libraries of 37 Secondary Schools nationwide

Polaris Bank has continued to deepen its financial advocacy role of educating and inculcating in young Nigerians the culture of savings, investment, and financial awareness during the 2023 Global Money Week (GMW) event.

The week-long activity, which kicked off last Monday, March 20, and ended on Sunday, March 26, 2023, had ‘Plan Your Money, Plant Your Future’, as its theme.

The Financial Literacy sensitization campaign is an annual programme organized worldwide to raise awareness and sensitize students on the need to be financially independent and empowered. Employees of the Bank visited schools across the country to speak on financial literacy and allow teens and students to gain knowledge and understanding of topics such as: how money works, how someone can earn or make money as well as money management, including – planning and budgeting – and how to invest money, amongst others.

Polaris Bank, in partnership with the Central Bank of Nigeria and program execution Partner, Junior Achievement of Nigeria (JAN), reached and educated over 4000 students in 37 Schools across Nigeria, including the Federal Capital Territory (FCT). Polaris Bank Senior officials, during the campaign, interacted with students and teachers to commemorate the GMW and donated books to the libraries of all the schools they visited.

Global Money Week is an annual global awareness-raising campaign on the importance of ensuring that young people, from an early age, are financially aware and are gradually acquiring the knowledge, skills, attitudes and behaviors necessary to make sound financial decisions and ultimately achieve economic well-being and financial resilience. The activities for the 2023 GMW were observed in all branches of Polaris Bank nationwide.

Through its numerous CSR and social investment initiatives, Polaris Bank, in addition to rolling out innovative banking products and services for customers across different strata, has demonstrated a commitment to enhancing the quality of life for Nigerians outside of its traditional function of providing financial services.

Polaris Bank is a future-determining Bank redefining banking products and services that meet the needs of individuals and businesses. The Bank was adjudged Digital Bank of the Year in 2021 and 2022

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