Wema Bank appoints Ademola Adebise as managing director

Wema Bank appoints Ademola Adebise as managing director

Wema Bank Plc, a Nigerian mid-sized lender has apponted Ademola Adebise as its Acting Managing Director/Chief Executive Officer (MD/CEO).

The bank said in a statement that Adebise, who was previously the Deputy Managing Director (DMD) of the bank, will replace Segun Oloketuyi effective July 1, 2018.

His appointment is subject to the approval of the Central Bank of Nigeria (CBN). The bank also announced the retirement of Oloketuyi, after almost a decade at the helm of the bank.

Adebise has been part of the bank’s Executive management team since 2009 and has played a pivotal role in the execution of the Strategic turnaround plan of the Bank. He has over 28 years’ experience in the banking industry (inclusive of four years in management consulting), and has worked in various capacities in Information Technology, Financial Control and Strategic Planning, Treasury, Corporate Banking, Risk Management and Performance Management.

Before joining Wema Bank, Adebise was Head, Finance and Performance Management Practice at Accenture (Lagos Office) where he led various projects for banks in Business Process Re-engineering, Information Technology and Risk Management.

He is an alumnus of the Advanced Management Program (AMP) of the Harvard Business School and a holder of a Bachelor’s degree in Computer Science from the University of Lagos. He also holds a Master’s degree in Business Administration (MBA) from the Lagos Business School.

Adebise is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN). He is also an Associate of the Chartered Institute of Taxation and Computer Professionals (Registration Council of Nigeria). He is an honorary Member of the Chartered Institute of Bankers of Nigeria (HCIB) and a member of the Institute of Directors.

The Board of the bank expressed confidence that Adebise’s appointment will lead to the continued transformation and growth of the bank as it positions itself as a market leader in Nigeria’s retail banking segment through technology and innovation.

“On behalf of the Board and Management of the Bank, I want to thank Oloketuyi for his service and wish him the best in his future endeavours,” said Oluwole Ajimisinmi, Wema Bank’s Company Secretary and Legal Adviser.

Oloketuyi was named MD/CEO of Wema Bank in June 2009, with the task of returning the bank to profitability, following the 2008 banking crisis which saw the collapse of many banks. At the time, Wema Bank had negative retained earnings in excess of N45 billion and was declared a bank in grave financial situation by the regulatory authority.

However, under his leadership, the fortune of the bank was completely turned around, leading to the recapitalisation of the bank and its return to profitability.

Wema Bank said Oloketuyi’s contribution has positioned to deliver dividends to shareholders.