February 28, 2024

WEMA Bank Plc Announces CEO Retirement and Appointment of New MD/CEO

WEMA Bank Plc Announces CEO Retirement and Appointment of New MD/CEO


Wema Bank Plc. hereby announces the retirement of its Managing Director/CEO, Ademola  Adebise. Hewill be proceeding on terminal leave from January 2nd, 2023, after over 13 years of meritorious service onthe 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 inJune 2018. He joined the Bank in June 2009 as an Executive Director and rose to become the DeputyManaging Director in 2015. 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 4 years. The Bank hasgrown its Total Assets by 155%, from N470 billion 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. All theseled 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 itseffective 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 innovativeplatform also came tops in the KPMG Digital Scorecard for leading retail banks in Nigeria and this wasbased 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 empowermentof 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 toprovide digital solutions for societal impact.



The Chairman of the Board, Mr. Babatunde Kasali on behalf of the Board and Management expressed itsprofound gratitude to Ademola 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 Oseni as the ManagingDirector/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 ofexperience with more than 16 years at Senior and Executive Management levels. Moruf Oseni was anExecutive Director for 6 years and Deputy Managing Director for the last 4 years and has demonstrated capacity to lead the Bank. He presently has responsibility for the Digital Optimization Directorate whichincludes – Digital, Retail, Treasury, Operations, and the 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 theCEO 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 GlobalMarkets 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.

Other Board appointments include:


Wole Akinleye: Appointed as the Deputy Managing Director. Wole has over 32 years Bankingexperience. 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 theAdvanced Management Program of the Harvard Business School. He obtained his first degree inAccounting from Obafemi Awolowo University in 1989 and subsequently, a master’s degree in BusinessAdministration (Finance) from the same University.


Tunde Mabawonku: Appointed as Executive Director. He has over 23 years of experience and ispresently 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)& CharteredInstitute of Taxation of Nigeria (CITN) and 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 are confident that the appointment of the Executivs will lead to thecontinued transformation 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 April 1, 2023 and are subject to the approval of the Central Bank of Nigeria andother regulatory authorities.

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