Wema Bank Plc, one of Nigeria’s leading financial institutions, has announced the retirement of its Managing Director and Chief Executive Officer, Ademola Adebise, effective January 2, 2023, after over 13 years of transformative leadership. The bank has named Moruf Oseni, its Deputy Managing Director, as the new MD/CEO, pending approval from the Central Bank of Nigeria (CBN). Additionally, Wole Akinleye has been appointed as Deputy Managing Director, and Tunde Mabawonku as Executive Director, with all appointments set to take effect on April 1, 2023.
Ademola Adebise’s Legacy of Growth
Ademola Adebise, who joined Wema Bank in June 2009 as an Executive Director and became MD/CEO in June 2018, leaves behind a remarkable legacy. Under his leadership, the bank’s total assets grew by 155%, from N470 billion to over N1.2 trillion, while deposits surged by 214%, from N350 billion to N1.1 trillion. Adebise spearheaded the bank’s first dividend payment in 13 years and ensured consistent payouts over the last four years, boosting investor confidence.
His tenure saw significant milestones, including a partnership with the Bank of Africa to expand services across the continent, increasing Wema Bank’s market share to 3% of industry volumes and adding two million customer accounts. Adebise’s focus on digital innovation led to the launch of ALAT, Nigeria’s first fully digital bank, which topped the KPMG Digital Scorecard for retail banks in Nigeria. The bank also became a leading collection platform for state and government agencies and earned a BBB investment grade rating from agencies.
Adebise’s commitment to societal impact included launching the first SME Business School, benefiting over 20,000 small businesses, and joining the United Nations Environmental Plan for Financial Institutions (UNEPFI). “The Board expresses profound gratitude to Ademola for his service,” said Chairman Babatunde Kasali, wishing him success in his future endeavors.
Moruf Oseni: A New Era of Leadership
Moruf Oseni, appointed as the new MD/CEO, brings over 25 years of experience, including 16 years in senior and executive roles. Joining Wema Bank in June 2012 as an Executive Director, Oseni served as Deputy Managing Director for the past four years, overseeing the Digital Optimization Directorate, which includes Digital, Retail, Treasury, Operations, and Technology Divisions. As the bank’s Executive Compliance Officer, he played a pivotal role in launching ALAT, earning local and global accolades.
Before Wema Bank, Oseni was CEO of MG Ineso Limited, a financial advisory firm, and held positions as Vice President at Renaissance Capital and Associate at Salomon Brothers/Citigroup Global Markets in London. His academic credentials include an MBA from INSEAD, a Master’s in Finance from London Business School, and a B.Sc. in Computer Engineering from Obafemi Awolowo University.
New Board Appointments
The bank also announced key board appointments to strengthen its leadership. Wole Akinleye, with over 32 years of banking experience, is the new Deputy Managing Director, having previously overseen Corporate Banking and the South-West Business Directorate. Tunde Mabawonku, with 23 years of experience, steps into the role of Executive Director, currently serving as Chief Finance Officer and Divisional Head of Finance & Corporate Services. Both appointments, pending CBN approval, signal Wema Bank’s focus on continuity and innovation.
Positioning for Future Growth
Wema Bank’s leadership transition comes at a critical time for Nigeria’s economy, with challenges like 21.09% inflation and a naira depreciation to ₦450 per US dollar in January 2023. Oseni’s expertise in digital banking and strategic growth positions the bank to build on Adebise’s legacy, leveraging platforms like ALAT to drive financial inclusion and innovation. The new leadership team is expected to further Wema Bank’s role as a market leader in Nigeria’s evolving financial landscape.
