The board of Wema Bank Plc, on Friday announced the appointment of Ademola Adebise, the deputy managing director, as Acting Managing Director/Chief Executive with effect from July 1, 2018.
This follows the retirement of Segun Oloketuyi, who goes on terminal leave from July 1, preparatory to his retirement on September 30, 2018, one year shy of the 10-year maximum tenure decreed by the Central Bank of Nigeria (CBN) for chief executive of banks in the country.
Oloketuyi and his management transformation team were appointed onto the executive management of Wema Bank in June 2009 from his position as executive director at Skye Bank Plc.
A statement to the Nigerian Stock Exchange (NSE) by Oluwole Ajimisinmi, the bank’s Company Secretary/Legal Adviser, recalled that upon joining Wema, Oloketuyi “was tasked with returning Wema Bank to profitability following the 2008 banking crisis which saw the collapse of many banks.
“At that time, Wema Bank had negative retained earnings in excess of N66 billion and was declared a bank in grave financial situation by the regulatory authority.
“In his decade-long leadership, he completely turned around the fortunes of the bank; recapitalizing the bank and returning it to profitability,” he said, adding that Wema, Nigeria’s oldest indigenous bank “is now positioned to deliver dividends to shareholders in the near-future.
“In his time as Managing Director, the Bank also regained its national banking license from the Central Bank of Nigeria, which has allowed it to expand to the North and East of the country, significantly increasing its market share and customer base in the process,” he stressed, expressing the profound gratitude of the board management to outgoing CEO for his service, while wishing him the best in his future endeavors.
With over 28 years’ experience in the industry (inclusive of four years in management consulting), Adebise, the statement continued, has been part of Wema’s executive management team since the transformation program began in 2009, playing a pivotal role in execution of its Strategic turnaround programme. His banking career has also traversed departments such as Information Technology, Financial Control & Strategic Planning, Treasury, Corporate Banking, Risk Management and Performance Management.
Before joining Wema Bank, Adebise, an alumnus of the Advanced Management Program (AMP) of the Harvard Business School and holder of Bachelor’s degree in Computer Science from the University of Lagos, was Head, Finance and Performance Management Practice at Accenture (Lagos Office) where he led various projects for banks in Business Process Re-engineering, Information Technology and Risk Management.
A Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), Associate of the Chartered Institute of Taxation, Computer Professionals (Registration Council of Nigeria), he obtained a Master’s degree in Business Administration (MBA) from the Lagos Business School.
Adebise is an honorary Member of the Chartered Institute of Bankers of Nigeria (HCIB) and a member of the Institute of Directors.
“The Board is confident that the appointment of Ademola Adebise 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,” Ajimisinmi added.
