Wema Bank’s board has appointed Morus Oseni, the bank’s deputy managing director, as its new chief executive.
The development followed the imminent retirement of the current CEO Ademola Adebise, who exits the bank at the end of the first quarter of 2023.
Wole Akinleye, an executive director, will fill the void Mr Oseni will be leaving by taking up the deputy managing editor’s role.
On 2 January 2023, Mr Adebise will commence a terminal leave, the culmination of his 13-year service to the bank. Under his stewardship, Wema Bank’s asset base grew by 155 per cent to over N1.2 trillion, and its deposits by 214 per cent 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 per cent of industry volumes,” the bank said in the statement.
“The bank is now the leading collection bank for state and government agencies due to its effective and efficient platform.”
Mr Oseni joined the bank in June 2021 as an executive director and has more than 25 years of experience, 16 years of which were spent at senior and executive management levels. He served as the chief executive of MG Ineso Limited, an investment bank before moving to Wema Bank.
He previously held the position of vice president at Renaissance Capital. A graduate of Computer Engineering from Obafemi Awolowo University, Ile Ife, Mr Oseni has a Masters of Business Administration from the Institut European d’Administration des Affaires (INSEAD), France, as well as a Master’s in Finance from the London Business School.
The bank also announced the appointment of Tunde Mabawonku as an executive director. Mr Mabawonku has over 23 years of experience and currently serves as the chief financial officer and divisional head of finance & corporate services.