Wema Bank Plc, Nigeria’s oldest surviving indigenous bank, seeks to consolidate its competitive advantages in digital banking through a seamless leadership transition based on ongoing digital innovation and optimisation.
According to market observers, another decade of consolidated growth and development anchored on digital optimisation and innovation awaits Wema Bank as Moruf Oseni takes the helm following the legacy-defining leadership of Ademola Adebise, who retired after 12 years of acclaimed leadership.
Analysts noted that Adebise, a fintech guru and computer expert who built Wema Bank’s competitiveness through digital banking innovation and process re-engineering, was succeeded by Oseni, another astute computer engineer and erudite banker with proven prowess in corporate banking, treasury management, and digital optimisation and innovation.
Analysts said the retirement and appointments announced by the bank demonstrated the bank’s decision to sustain and build on its recent achievements.
Analysts believe that Wema Bank’s growth and upward trajectory momentum will continue to accelerate and move in leaps and bounds under Oseni, who has exercised oversight and supervision over all of the bank’s business and technical divisions, propelling them to market leadership.
Wema Bank announced last weekend that Adebise would retire on March 31, 2023, and that Oseni, the current deputy managing director, would take over as the new managing director. In addition, Mr. Wole Akinleye, currently executive director in charge of corporate banking and south west banking, was named deputy managing director, and Tunde Mabawonku, chief finance officer and divisional head of finance and corporate services, was named executive director.
Adebise, who joined Wema Bank as an Executive Director in 2009 from Accenture Nigeria and later became Managing Director in 2018, was Executive Director in charge of South Bank, Deputy Managing Director-supervising Corporate Banking, Treasury, and Support Functions at Wema Bank between 2009 and 2017.
Adebise took over as acting Managing Director in July 2018, following the retirement of his predecessor, Mr Segun Oloketuyi. He was appointed as the substantive Managing Director following approval by the Central Bank of Nigeria.
Adebise was said to have led Wema Bank to its most outstanding and sterling financial epoch, producing a four-year streak of unrivaled financial performance in the bank’s history.
He expanded the bank’s footprints to other Nigerian locations, improved the bank’s performance, and spearheaded the first dividend payment in 14 years. Over the last four years, he has ensured consistent dividend payment.
The bank has received positive feedback from shareholders. His bank’s share reconstruction program has resulted in accelerated share price growth and capital appreciation for shareholders, resulting in wealth creation for them.
The bank’s total assets have increased by 155%, from N470 billion to over N1.2 trillion. Deposits increased by 214%, from N350 billion to N1.1 trillion.
Adebise initiated a partnership with Bank of Africa to support its customers throughout the African continent, increasing the bank’s market share and customer base. All of this resulted in an additional two million customer accounts in Nigeria and a 3% market share of industry volumes. Because of its effective and efficient platform, the bank is now the leading collection bank for state and government agencies. The bank’s rating was upgraded by agencies to BBB investment grade.
Perhaps Adebise’s most important legacy at Wema Bank was the ALAT platform, Nigeria’s first fully digital bank that allows customers to open and operate accounts without visiting the bank’s branches. Customers can use ALAT to apply for loans, forex, and make multiple payments, making banking more convenient, safe, and quick for them.
Through the ALAT platform, the bank significantly altered the digital landscape. The innovative platform also topped the KPMG Digital Scorecard for Nigeria’s leading retail banks, which was based on in-depth insights into the state of user experience on retail banks’ digital channels. Furthermore, the bank established the first SME Business School to help SMEs build capacity and empower themselves, which has benefited over 20,000 small businesses.
The bank was also a founding member of the United Nations Environmental Programme for Financial Institutions (UNEP-FI) and continues to provide digital solutions with a societal impact.
Adebise also embarked on new capital raising via a rights issue, raising N40 billion in new capital. This has increased the resilience and solidity of the country’s oldest indigenous bank.
He changed the work force demographics by attracting and hiring young professionals, a development that has resulted in improvements in business processes, outputs, and efficiency.
Among the numerous awards Wema Bank won under his leadership include the “Best digital bank (Fintech award)”, and “Best Bank in customer service by KPMG”. The bank’s efficiency rating increased significantly, and it was named one of the top three banks in the first half of 2022.
Oseni, the new Managing Director, brings extensive executive management experience as well as demonstrated leadership and managerial abilities. He joined Wema Bank as an Executive Director in June 2012, and has over 25 years of experience, including more than 16 years at senior and executive management levels.
He has demonstrated the ability to lead the bank as an executive director for the last six years and as deputy managing director for the last four. As deputy managing director, Oseni was in charge of the digital optimisation directorate, which included the divisions of digital, retail, treasury, operations, and technology. Oseni was also the bank’s executive compliance officer. He oversaw the launch of ALAT, Nigeria’s first digital bank, which received local and global awards as well as numerous accolades. He was the CEO of MG Ineso Limited, a principal investment and financial advisory firm, before joining Wema Bank.
Oseni worked as a Vice President at Renaissance Capital and an Associate at Salomon Brothers/Citigroup Global Markets in London before joining MG Ineso. Oseni has an MBA from France’s Institut European d’Administration des Affaires (INSEAD), a Master’s in Finance (MiF) from London Business School, and a B.Sc. in Computer Engineering from Obafemi Awolowo University (OAU), Ile-Ife, Nigeria. He is also a graduate of the Harvard Business School’s Advanced Management Programme (AMP) and King’s College, Lagos.
Shareholders have endorsed Wema Bank’s leadership succession, with active retail shareholders optimistic that Oseni’s appointment will lead to improved performance in the coming years.
Mr. Eric Akinduro, Chairman of the Ibadan Zone Shareholders Association (IBZA), said the succession was indicative of good corporate governance at the bank because the smooth transition will allow the bank to build on its growth momentum.
