Shareholders on Sunday were unanimous in their support for the leadership succession at Wema Bank Plc with the active retail shareholders expressing optimism that the appointment of Mr. Moruf Oseni will lead to improved performance in the years ahead.
Wema Bank had at the weekend announced the retirement of Mr Ademola Adebise with effect from March 31 2023 and the appointment of Oseni, current deputy managing director, as the new managing director. Also, Mr. Wole Akinleye, currently executive director in charge of corporate banking and south west banking, was appointed as deputy managing director while Tunde Mabawonku, chief finance officer and divisional head of finance and corporate services was also appointed as executive director.
Chairman, Ibadan Zone Shareholders Association (IBZA), Mr. Eric Akinduro said the succession was indicative of good corporate governance at the bank as the seamless transition will enable the bank to build on its growth momentum.
He lauded Adebise for leading the bank from abyss of decline to a stable growth, adding that Oseni as a core member of the team will consolidate the growth of the bank
“One thing about a good leader is to have a successor. A leader’s lasting value is measured by succession. Adebise came to Wema Bank when the bank was passing through a very critical time but he turned it around and today we have a very strong and virile bank. A historic achievement during his tenure was dividend payment after almost 13 years of break.
“As you know, a tree cannot make a forest, Oseni is a part of this team that transformed the bank to this level. He played a pivotal role during the introduction of ALAT which today has won many awards in digital banking. Being the successor will definitely help the bank to move to next level.
“The expectation of investors is that the bank is on the path of transformation and profitability and the new managing director, a man of vast experience, will turn his experience to growth and move the bank to the next level. We don’t have any doubt on this appointment. We so much believe in his ability to deliver up to our expectations. Regular payment of dividend should be one of his greatest priorities as chief executive officer of the bank,” Akinduro, whose association covers shareholders in South West states, said.
President, Association for the Advancement of Rights of Nigerian Shareholders (AARNS), Dr Faruk Umar said the appointment was commendable as Oseni has the requisite knowledge skills and experience to build on the performance of the bank
“I commend the appointment as this goes to show investors and customers that the bank has good succession plan in place. The appointment of Oseni will add tremendous value to the operations of the bank as he is familiar with the customers and staff of the bank, as well as the challenges facing the banking industry,” Umar, who sits on the boards of many companies, said.
Before joining Wema Bank, Oseni was the chief executive officer of MG Ineso Limited, a principal investment and financial advisory firm. He had also worked as vice president at Renaissance Capital, and an Associate at Salomon Brothers/Citigroup Global Markets in London.
Oseni 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.
Adebise who will be proceeding on terminal leave from January 2nd, 2023, after over 13 years of service on the board of the bank, was appointed as the managing director of Wema Bank in June 2018. He had 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 payment over the last four years. The bank has grown its total assets by 155 per cent from N470 billion to over N1.2 trillion. Deposits also grew by 214 per cent from N350 billion to N1.1 trillion.
Adebise 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 two million customer accounts in Nigeria and a market share of three per cent 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.
Also, the bank significantly changed the digital landscape through the ALAT platform. The innovative platform came top in the KPMG Digital Scorecard for leading retail banks in Nigeria 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, which 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.
Akinleye has over 32 years banking experience. A Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), he 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.
Mabawonku has over 23 years of experience and 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) and Chartered Institute of Taxation of Nigeria (CITN) and an Honorary Member of the Chartered Institute of Bankers (HCIB). He has attended several senior leadership programmes.
Credit: thenationonlineng.net
