At Wema Bank, Moruf Oseni Steps in As New Managing Director, Ademola Adebise Retires

Bennett Oghifo

Wema Bank Plc. yesterday announced the appointment of Mr. Moruf Oseni as its Managing Director/CEO, effective April 1, 2023, subject to the approval of the Central Bank of Nigeria.

Oseni takes over from Mr. Ademola Adebise, who will be proceeding on terminal leave from January 2, 2023, after over 13 years of service to the bank.
The new MD/CEO resumes in acting capacity on January 2nd, 2023 as Adebise proceeds on leave.
Until his appointment, Oseni was the Deputy Managing Director of the bank.

Other Board appointments announced yesterday by the bank include that of Wole Akinleye as the Deputy Managing Director and Tunde Mabawonku as Executive Director.

“The Chairman of the Board, Mr. Babatunde Kasali on behalf of the Board and Management expressed its profound gratitude to Ademola for his service and wished him the best in his future endeavors.
 “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,” said the bank in a statement yesterday.

 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.

He was an Executive Director for six years and Deputy Managing Director for the last four years and has demonstrated capacity to lead the Bank.
As DMD, Oseni was responsible for the Digital Optimisation Directorate which includes Digital, Retail, Treasury, Operations, and the Technology Divisions.
Oseni was 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, he was the CEO of MG Ineso Limited, a principal investment and financial advisory firm.

Prior to MG Ineso, Oseni was a Vice President at Renaissance Capital, and an Associate at Salomon Brothers/Citigroup Global Markets in London.
The new Wema bank MD holds an MBA 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 Programme (AMP) of the Harvard Business School and King’s College, Lagos.
The outgoing MD/CEO, Adebise was appointed 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 payment over the last four 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.
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 3 percent of industry volumes.
The bank is now the leading collection bank for state and government agencies due to its effective and efficient platform. Wema 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, which has benefitted over 20,000 small businesses.

Wema 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, the new Deputy Managing Director 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), Akinleye is an alumnus of the Advanced Management Programme 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, the new Executive Director has over 23 years of experience and is presently the Chief Finance Officer and the Divisional Head of Finance and Corporate Services.

Mabawonku 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 is an Honorary member of the Chartered Institute of Bankers (HCIB).
Mabawonku has also attended several senior leadership programmes.