WEMA Bank Plc announces CEO Retirement and Appointment of new MD/CEO

Moruf Oseni, CEO Wema Bank

Moruf Oseni, CEO Wema Bank

Wema Bank PLC (Bloomberg: Wema NL) (“Wema” or
“the Bank”) announces retirement of its Managing Director/CEO.
• Managing Director/CEO Ademola Adebise to retire 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.
Wema Bank Plc. hereby announces the retirement of its Managing Director/CEO, Ademola
Adebise. He 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, 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.
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 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 capacity to lead the Bank. He presently has responsibility for the Digital
Optimization Directorate which includes – Digital, Retail, Treasury, Operations, and the
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
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

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.


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
In conclusion, the Board of Directors are 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.

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The appointments take effect from April 1, 2023 and are subject to the approval of the Central
Bank of Nigeria and other regulatory authorities.
By Order of the Board.
Johnson Lebile
Company Secretary/Legal Adviser


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