Wema Bank appoints Moruf Oseni managing director as Ademola Adebise retires

Moruf Oseni appointed MD:CEO of Wema Bank

Wema Bank has announced the appointment of Moruf Oseni as managing director/chief executive officer as the incumbent Ademola Adebise proceeds on terminal leave from January 2nd, 2023.

Mr Oseni is currently the deputy managing director.

Appointed MD/CEO in June 2018, Mr Adebise has put in over 13 years of service on the board of the bank.

He joined the bank in June 2009 as an executive director and rose to become the deputy managing 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 has grown 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 these led 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 its effective 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 innovative platform also came tops in the KPMG Digital Scorecard for leading retail banks in Nigeria and this was based 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 empowerment of 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 to provide digital solutions for societal impact,” a statement from Wema Bank read.

It added that the chairman of the board Babatunde Kasali, on behalf of the board and management, expressed profound gratitude to Adebise for his service and wished him the best in his future endeavors.

Oseni joined Wema Bank in June 2012 as an executive director and has over 25 years of experience with more than 16 years at senior and executive management levels.

He 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.

The incoming CEO 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 as deputy managing director and Tunde Mabawonku as executive director.

The appointments take effect from April 1, 2023 and are subject to the approval of the Central Bank of Nigeria and other regulatory authorities.