Wema Bank gets new MD

The Wema Bank board has been appointed Moruf Osenideputy managing director of the bank, as the new chief executive.

The development follows the retirement of current CEO Ademola Adebise, who is leaving the bank at the end of the first quarter of 2023.

Wole Akinleye, the executive director, will fill the void left by Mr. Oseni by assuming the role of deputy editor.

On January 2, 2023, Mr. Adebise will commence his terminal leave, marking the culmination of his 13 years of service with the bank. Under his stewardship, Wema Bank’s asset base grew by 155 percent to over N1.2 trillion, and deposits by 214 percent to N1.1 trillion.

“He started a partnership with Bank Africa to support customers across the African continent which increased the Bank’s market share and customer base. All this resulted in an additional 2 million customer accounts in Nigeria and a market share of 3% of the industry volume,” the bank said in a statement. .

“The bank is now the main collection bank for state and government agencies because of its effective and efficient platform.”

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Mr. Oseni joined the bank in June 2021 as an executive director and has over 25 years of experience, 16 of which were spent at senior and executive management levels. He served as chief executive of MG Ineso Limited, an investment bank before moving to Bank Wema.

He previously served as vice president at Renaissance Capital. A graduate of Computer Engineering from Obafemi Awolowo University, Ile Ife, Mr. Oseni holds a Master of Business Administration from the Institut European d’Administration des Affaires (INSEAD), France, as well as a Master of Finance from the London Business School.

The bank also announced the appointment of Tunde Mabawonku as executive director. Mr. Mabawonku has more than 23 years of experience and is currently the chief financial officer and head of the company’s finance & services division.

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