WEMA Bank Plc announces CEO Retirement and Appointment of new MD/CEO
–Wema Bank PLC (Bloomberg: Wema NL) (“Wema” or “the
Bank”) announces retirement of its Managing Director/CEO.
•Managing Director/CEO Ademola Adebise to retire from Wema Bank Plc; with effect from March 31st 2023
•Moruf Oseni, current Deputy Managing Directorappointed as Managing Director/CEO
•Wole Akinleye, Executive Director appointed as Deputy Managing Director and Tunde
Mabawonku appointed as Executive Director.
Wema Bank Plc. hereby announces the retirement of its Managing Director/CEO, Ademola Adebise.
He will be proceeding on terminal leavefromJanuary 2nd, 2023,after over 13years of meritorious
service on the Board of the Bank.He will be succeeded by Moruf Oseni, currenty 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 leadershp, he expanded the bank’s footprints to other ocations
in Nigeria, he improved the performance of the Bank and spearheaded the first Dividend payment in
13 years, since then, he has ensuredconsistent dividend payment over the last 4 years. The Bank has
grown its Total Assets by 155%, from N470 blion 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. Al these led to an additional growth of 2 milion customer accounts n Nigeria and a market
share of 3% of industry volumes. The Bank is now the leading colection 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 Banksignificantly changed the digital landscape throughthe ALAT platform. The innovative
platform also came tops in the KPMG Digital Scorecard for eading retal banks in Nigeria and this was
based on in-depth insights into the state of user experience on retai banks’ digital channes.
Furthermore, the Bank launched the frst SME Business School for capacity building and
empowerment of SMEs –this has benefitted over 20,000 smal 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 toAdemola for his service and wish him the best in his future endeavors.
Further, Wema Bank Plc. is pleased to announce the appointment of Mr. Moruf Osen as theManaging
Director/CEO subject to the approval of the Central Bank of Nigeria.
Moruf Oseni joined Wema Bank n June 2012 as an Executive Director. He has over 25 years of
experence with more than 16 years at Senior andExecutive Management leves. Moruf Oseni was an
Executive Director for 6 years and Deputy Managing Director for the ast 4 years and has
demonstrated capacity to ead the Bank. He presenty has responsibility for the Digita Optimization
Directorate whchincludes Digital, Retail, Treasury, Operations, and the Technology Divsions. Moruf
is also the Executive Compliance Officer of the Bank. He supervised the launch of ALAT –Nigeria’s 1st
digita Bank that has received ocal and globa awards and multipe accolades.Before joining Wema
Bank, Moruf was the CEO of MG Ineso Limited, a principal investment and financial advisory firm. Prior
to MG neso, Moruf was a Vice President at Renaissance Capital, and an Associate at Salomon
Brothers/Citigroup Global Markets in London.
Moruf hods an MBA degree from the nsttut European d’Administration des Affaires (INSEAD) in
France, a Master’s inFinance (MiF) from the London Business School and a B.Sc. in Computer
Engineering from Obafemi Awolowo University (OAU), Ie-Ife, Nigeria. He is aso an alumnus of both
the Advanced Management Program (AMP) of the Harvard Business Schoo and King’s College, Lagos.
Other Board appointments include:
Wole Akinleye: Appointed as the Deputy Managing Director. Wole has over 32 years Banking
experence. He presently oversees Corporate Banking and South West BusnessDirectorate for the
Bank.A Felow of the Institute of Chartered Accountants of Nigeria (ICAN),Wole s an aumnus of the
Advanced Management Program of the Harvard Business School. He obtained his first degree in
Accountingfrom Obafemi Awolowo University in 1989 and subsequently, amaster’s degree in
Business Administration (Finance) from thesame University.
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 nstituteof Chartered Accountants of Nigeria (CAN)&
Chartered Institute of Taxation of Nigeria (CITN) and is an Honorary member of the Chartered Institute
of Bankers (HCIB). He has aso attended several Senior Leadership programs.
In conclusion, the Boardof Directors are confident that the appointment ofthe Executives will lead to
the continuedtransformation and growth of the Bank, particularly as the Bank positions itself as a
marketleader in Nigeria’s retail banking segment through technology and innovation.
The appointments take effect from Aprl 1, 2023 and are subject to the approva of the Centra Bank
of Nigeria and other regulatory authorities.By Order of the Board.
BY THE ORDER OF THE BOARD
SIGNED
Johnson Lebile
Company Secretary/Legal Adviser
Johnson.Lebile@wemabank.com
