Money Market

Union Bank Reiterates Support For Small Businesses At BusinessDay Top 100 SME Conference
Money Market

Union Bank Reiterates Support For Small Businesses At BusinessDay Top 100 SME Conference

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By Olatunde Dodondawa Leading financial institution, Union Bank of Nigeria, has reiterated its support for Small and Medium-sized Enterprises in the country to drive increased growth and development. This commitment was made during the recently held ‘Top 100 Fastest Growing SMEs in Nigeria’ conference hosted by Business Day newspaper. The […]

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Wema Bank Announces CEO Retirement, Appoints New MD/CEO in Uncategorized — by Editor — December 30, 2022 — Edit By Olatunde Dodondawa Left-Right: Wema Bank’s Incoming MD, Moruf Oseni, and Outgoing Managing Director/CEO Ademola Adebise. …Managing Director/CEO Ademola Adebise retires from Wema Bank Plc with effect from March 31, 2023 …Moruf Oseni, current Deputy Managing Director appointed as Managing Director/CEO …Wole Akinleye, Executive Director appointed as Deputy Managing Director, and Tunde Mabawonku appointed as Executive Director By Olatunde Dodondawa Wema Bank Plc has announced the retirement of its Managing Director/CEO, Ademola Adebise. The retiring MD/CEO will be proceeding on terminal leave from January 2nd, 2023, after over 13 years of meritorious service on the 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 in June 2018. 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, improved the performance of the Bank, and spearheaded the first Dividend payment in 13 years, since then, he has ensured consistent dividend payments over the last 4 years. The Bank has grown its Total Assets by 155%, from N470 billion to over N1.2 trillion. Deposits also grew by 214% from N350 billion to N1.1 trillion. He initiated the partnership with the Bank of Africa to support its customers across the African continent, increasing 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. During Adeola Adebise’s tenure, 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 (UNEPFI) and continues to provide digital solutions for societal impact. The Chairman of the Board, Mr. Babatunde Kasali on behalf of the Board and Management expressed his profound 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 Managing Director/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 of experience with more than 16 years at Senior and Executive Management levels. Moruf Oseni was an Executive Director for 6 years and Deputy Managing Director for the last 4 years and has demonstrated the capacity to lead the Bank. He presently has responsibility for the Digital Optimization Directorate which includes – Digital, Retail, Treasury, Operations, and 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 the CEO 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 Global Markets 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 Banking experience. 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 the Advanced Management Program of the Harvard Business School. He obtained his first degree in Accounting from Obafemi Awolowo University in 1989 and subsequently, a master’s degree in Business Administration (Finance) from the same University. Wole Akinleye Mr. Wole Akinleye. Tunde Mabawonku: Appointed as Executive Director. He has over 23 years of experience and is presently 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) & Chartered Institute 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. Tunde-Mabawonku Wema Bank Mr. Tunde Mabawonku: In conclusion, the Board of Directors is confident that the appointment of the Executives will lead to the continued transformation and growth of the Bank, particularly as the Bank positions itself as a market leader in Nigeria’s retail banking segment through technology and innovation. Moruf Oseni’s appointments take effect from April 1, 2023, and are subject to the approval of the Central Bank of Nigeria and other regulatory authorities.
Money Market

Ademola Adebise Wema Bank MD Retires, Announces Moruf Oseni As New MD/CEO

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By Olatunde Dodondawa Left-Right: Wema Bank’s Incoming MD, Moruf Oseni, and Outgoing Managing Director/CEO Ademola Adebise. …Managing Director/CEO Ademola Adebise retires from Wema Bank Plc with effect from March 31, 2023 …Moruf Oseni, current Deputy Managing Director appointed as Managing Director/CEO …Wole Akinleye, Executive Director appointed as Deputy Managing Director, […]

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Wema Bank Reports Gross Earnings of ₦131.1 billion, Up 42.3% Y-O-Y,  Declares Dividend Of 30kobo Per Share
Business Money Market

Wema Bank Increases Benefits On Its Royal Kiddies Account For Children

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By Olatunde Dodondawa Wema Bank, Nigeria’s Leading innovative financial institution, has rolled out a new benefit for parents and children on its bespoke children’s savings account, Royal Kiddies Account (RKA), in a new campaign to encourage savings and financial prudence. From November 1, 2022, through January 30, 2023, parents who […]

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Agusto Upgrades Wema Bank Funding SPV Series II Bond To ‘Bbb+’, With A Stable Outlook
Money Market

Agusto Upgrades Wema Bank Funding SPV Series II Bond To ‘Bbb+’, With A Stable Outlook

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By Olatunde Dodondawa Ratings agency Agusto & Co. has upgraded Wema Bank Funding SPV Plc’s (‘’the Issuer’’ or ‘’the SVP’’) Series II Bond (‘‘the Issue’’ or ‘’the Bond’’) to ‘Bbb+’, with a stable outlook, from the previous ‘Bbb’ score. The Issuer is a Special Purpose Vehicle (SPV) set up by […]

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Massive Opportunities Remain In Agric – Sterling Bank
Money Market

Massive Opportunities Remain In Agric – Sterling Bank

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By Olatunde Dodondawa Sterling Bank Plc, Nigeria’s leading commercial bank, has said there are massive opportunities in the agricultural sector of the Nigerian economy for those who are prepared to work hard, with a clear vision and commitment. Chairman of Board of Directors of the bank, Mr. Asue Ighodalo disclosed […]

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Fidelity Bank redeems $400m Eurobond Notes
Money Market

Fidelity Bank Redeems $400m Eurobond Notes

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By Olatunde Dodondawa Fidelity Bank plc has announced the redemption of the $400,000,000.00 Eurobond Notes due October 17, 2022 today. On October 17, 2017, the bank successfully issued a US$400 million 5-year Eurobond. The transaction also included a Tender Offer (Offer) for the refinancing of the Bank’s US300million Senior Unsecured […]

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