Adebise Assumes Office as MD/CEO of Wema Bank


By Dipo Olowookere

After acting as the Managing Director of Wema Bank Plc since July 2018, Mr Ademola Adebise will finally resume office as the MD/CEO of the financial institution from Monday, October 1, 2018.

This followed the retirement of Mr Segun Oloketuyi in September 2018 after proceeding on a terminal leave in July 2018.

Prior to this appointment, Mr Adebise was the Deputy Managing Director of Wema Bank, a role he held since January 2017.

A statement issued by the lender disclosed that the new MD/CEO has been part of the bank’s executive management team since 2009 and has played a pivotal role in the execution of the strategic turnaround plan of Wema Bank.

Also, Wema Bank has announced the appointment of Mr Moruf Oseni as its Deputy Managing Director from October 1, 2018.

The financial institution said both the appointments of Mr Adebise and Mr Oseni have been ratified by the Central Bank of Nigeria.

“In Ademola and Moruf, the Bank has two financial veterans with a wealth of experience in senior executive positions across a wide range of countries,” said Mr Babatunde Kasali, the Chairman of Wema Bank.

“With their proven track record in the financial services sector, the Board is confident that their appointments will lead to the continued transformation of the Bank as it positions itself as a market leader in Nigeria’s retail banking segment through technology and innovation,” he added.

Mr Adebise has over 28 years’ experience in the banking and has worked in various capacities in Information Technology, Financial Control & Strategic Planning, Treasury, Corporate Banking, Risk Management and Performance Management.

It was disclosed that before joining Wema Bank Plc, Mr Adebise was the Head, Finance and Performance Management Practice at Accenture (Lagos Office), where he led multiple successful projects for banks in Business Process Re-engineering, Information Technology and Risk Management.

Mr Adebise is an alumnus of the Advanced Management Program (AMP) of the Harvard Business School and a holder of a bachelor’s degree in Computer Science from the University of Lagos.

He also holds a Master of Business Administration (MBA) from the Lagos Business School.

On his part, Mr Moruf Oseni, the new Deputy Managing Director of Wema Bank, since joining the bank Board in 2012, has contributed immensely to the growth of the bank’s retail business.

Until his appointment, he was the Executive Director in charge of Retail business and ALAT, the Nigeria’s first digital bank.

Mr Moruf Oseni brings a wealth of banking and non-banking experience to his new role.

Before joining Wema Bank, Mr Oseni was the CEO of MG Ineso Limited, a principal investment and financial advisory firm with interests in various sectors of the economy.

Prior to his time at MG Ineso, he was a Vice President at Renaissance Capital, where he was responsible for debt capital markets (DCM), equity capital markets (ECM) and structured finance origination and execution for sub-Saharan African corporates and financial institutions.

He was also an Associate at Salomon Brothers/Citigroup Global Markets in London and New York where he was involved in credit market origination and execution for European financial institutions.

He commenced his career as an IT officer with Nigeria Liquefied Natural Gas Company (NLNG) and holds an MBA from the prestigious Institut European d’Administration des Affaires (INSEAD) in France, a master’s in finance (MiF) from London Business School, London and a BSc. in Computer Engineering from Obafemi Awolowo University (OAU), Ile-Ife, Nigeria.

He is also an alumnus of King’s College, Lagos and a member of the Institute of Directors (IoD), an Honorary Senior Member of the Chartered Institute of Bankers of Nigeria (CIBN) and a member of Nigerian Institute of Management (NIM).

He serves on the board of Continental Broadcasting Services Limited and is a member of the Lagos State Economic Advisory Committee.

Related Stories

Smartcash Partners Simba Pay on Seamless Diaspora Remittances

By Modupe Gbadeyanka A partnership will enable customers to receive remittances from anywhere in the world, directly into their Smartcash Payment Service Bank (PSB) has been entered into with Simba Pay Limited, a subsidiary of MFS Africa. A statement from the firm explained that Smartcash customers can instantly receive international funds directly into the account by simply sharing their phone numbers, which also serve as their account numbers. Smartcash PSB, a subsidiary of Airtel Networks Nigeria, was launched in 2022, after obtaining an operating licence by the Central Bank of Nigeria (CBN) to provide financial services to unbanked persons in


Tinubu Nominates Yemi Cardoso as New CBN Governor

By Dipo Olowookere The Chairman of the Board of Directors of Citibank Nigeria, Mr Yemi Cardoso, has been nominated to serve as the new Governor of the Central Bank of Nigeria (CBN). The renowned stockbroker and investment banker was picked for the position by President Bola Tinubu, according to a statement issued on Friday by the Special Adviser to the President on Media and Publicity, Mr Ajuri Ngelale. He would be screened by the Senate, and on confirmation; he will take over from the acting CBN Governor, Mr Folashodun Shonubi, for a term of five years at the first instance.


DSS Grills CBN Deputy Governor Aishah Ahmad

By Dipo Olowookere The Deputy Governor of the Central Bank of Nigeria (CBN) in charge of Financial System Stability, Mrs Aishah Ahmad, has been apprehended by the Department of State Services (DSS). The central banker was arrested by the country’s secret police to harvest vital information from her over the sale of a first-generation bank, Union Bank of Nigeria Plc, to a relatively new lender, Titan Trust Bank Limited. The acquisition of the more than 100-year-old financial institution by the less than 5-year-old bank raised eyebrows because the buyer coughed out $300 million to complete the transaction. Titan Trust Bank


CBN Unveils LARP to Ease Microfinance Bank Licence Application

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has unveiled a digital platform for the submission of Microfinance Bank (MFB) licence applications with effect from Monday, September 25. The apex bank made this known in a statement signed by its Director of Corporate Communications, Mr Isa AbdulMumin. “The Central Bank of Nigeria (CBN) is pleased to announce the unveiling of a new online platform for submission of microfinance bank (MFB) licence applications,” the statement released on Wednesday said. According to the statement, the new online platform is called the CBN Licensing, Approval and Other Requests Portal (CBN LARP) and

More Stories

AfDB Approves $27.3m to Ramp up African Union’s COVID-19 Response

By Adedapo Adesanya The board of directors of the African Development Bank (AfDB) on Wednesday approved $27.3 million in grants to boost the African Union’s (AU) efforts to mobilize a continental response to curb the COVID-19 pandemic. The approval follows a meeting of the extended Bureau of the Conference of Heads of State and Government with Africa’s private sector in April 2020, chaired by President of South Africa and chairperson of the AU, Mr Cyril Ramaphosa, at which the bank’s President, Mr Akinwumi Adesina, pledged strong support for the AU’s COVID-19 initiative. The AU Bureau meeting called for contributions to


Must Try Slot Game: Sweet Bonanza

Slot games are the most popular and the most abundant game choice that players can enjoy when they’re in online casinos. Characterized by easy gameplay and variety in terms of themes, it is no longer surprising to know that people still find classic themes interesting. Upon scrolling through a wide variety of games, you might find yourself in awe of sweet-themed slots. Sweet-themed slots have been widely popular throughout the years for how appealing they are. With technology, you may have noticed that this theme has grown more and more adorable as it is made with vibrant eye-candy graphics and


UAE Approves Five-Year Multi-Entry Tourist Visas

By Adedapo Adesanya The United Arab Emirates (UAE) on Monday, January 7, introduced a multiple-entry visa scheme valid for five years for all nationalities, with the aim of turning the Gulf state into a tourism hub. The announcement was made by Sheikh Mohammed Bin Rashid Al Maktoum, vice-president and prime minister of the UAE and ruler of Dubai, after his first cabinet meeting for the new year. Mr Maktoum said the new policy was part of plans to turn one of the most visited countries into a tourism hub and to establish it as a major global tourist destination. “#UAE


PHOTOS: Heritage Bank Takes Over Hip TV to Reclaim N185m Debt

By Dipo Olowookere Indications have emerged that Heritage Bank yesterday on an order of Federal High Court Ikoyi Division seized the property of Smooth Promotions Limited, owner of Hip TV, owned by Ayo Animashaun,  situated at No. 4 Ogundana Street, Off Allen Avenue, Ikeja; Lagos following inability to pay back the bank loan worth hundreds of millions. The asset was seized in execution of an order of the court authorising Mr Gani-Gidado Abubakar, who is a Solicitor and Insolvency Practitioner, as the Receiver/Manager of Smooth Promotions Limited pending the determination of the orders of Court in Suit No: FHC/L/CS/362/19. Meanwhile,


Fidelity Bank Trains 500 Youths In Kebbi

By Dipo Olowookere No fewer than 500 unemployed youths in Kebbi State have undergone training in entrepreneurial skills on the bill of Fidelity Bank. This, the bank explained, was in furtherance of its quest to improve the wellbeing of communities where it operates as well as its corporate social responsibility (CSR) initiatives aimed at equipping Nigerian youths with skills and capabilities needed to take advantage of available opportunities to drive socio-economic development. Fidelity Bank partnered with Gazelle Academy and Waziri Umaru Federal Polytechnic in Birnin Kebbi, the state capital, to carry out this programme. Managing Director/Chief Executive Officer of Fidelity


Senate Orders FAAN To Dub All Charges In Naira

By Dipo Olowookere The Federal Airport Authority of Nigeria (FAAN) has been directed to denominate all charges in local currency, Naira. This order was given by the Nigerian Senate. The move, the red chamber of the National Assembly explained, was to save the aviation sector from the current economic recession. At the plenary on Thursday, the lawmakers appealed to the Federal Government to critically review the currency management systems in Nigeria so as to save the country from further woes making the economy breathe well. The Senate said crisis in the aviation industry in Nigeria was becoming worrisome and urged


Naira Trades Mixed as CBN Holds Interest Rate

By Modupe Gbadeyanka The Nigerian Naira closed mixed at the various foreign exchange segments on Tuesday. This occurred as the Central Bank of Nigeria (CBN) announced at the end of its two-day Monetary Policy Committee (MPC) meeting yesterday that the Monetary Policy Rate (MPR) would be retained at 14 percent. At the close of transactions on Tuesday, the local currency traded flat at the parallel market at N360 per Dollar. However, it gained N2 each against both the Euro and Pound Sterling at the black market to finish at N418 and N478 respectively. At the interbank forex market, the Naira


Nigeria May Consider Issuing 40-, 50-Year Bonds

By Adedapo Adesanya The Federal Government of Nigeria, through the Debt Management Office (DMO), may offer for subscription 40 to 50-year bonds in the near future. Director General of the DMO, Ms Patience Oniha, hinted recently that the Nigerian government may consider issuing the debt instrument longer than the present tenor available at the nation’s debt market. In April 2019, the DMO introduced the 30-year bond tenor and when it was auctioned, it received subscriptions worth 400 percent. Of the N20 billion offered for sale to investors, the debt office got N80.41 billion. Speaking on a Channels TV show in

Recent Stories

Mediacraft Associates Employees Get 25% Pay Rise

By Modupe Gbadeyanka The salaries of employees of Mediacraft Associates Limited, a leading Nigerian full-service Public Relations and Integrated Brand Communications Consultancy firm, have been increased by 15 and 25 per cent. This was confirmed by a statement from the organisation as it celebrates its 20th anniversary this year. It was disclosed that the gesture was to reward the efforts of the workers toward the growth of the company and to cushion the current hardships in the country due to the removal of petroleum subsidy. According to the chief executive of Mediacraft Associates, Mr John Ehiguese, the salary increase had


Are Audio Streaming Platforms in Your Marketing Mix? They Should be

By Mark Redguard Walk down the streets of any major city around the world and take a look at all the people you pass along the way. Chances are you’ll see more people wearing earphones and headphones, in all of their shapes and sizes, than not. Most of those people, whether they’re consuming music or podcasts, will be listening through an audio streaming platform. In fact, Spotify’s 500 million-plus users spent more than 132 billion hours streaming audio on the platform in 2022.  And that’s just Spotify. Factor in other platforms, including the likes of Mdundo and Audiomack, and the


Unlisted Stock Investors Grow Market to N1.105trn

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.38 per cent on Friday, September 30, with N4.16 billion added to the value of the bourse, closing at N1.105 trillion compared with Thursday’s value of N1.101 trillion. The market witnessed the improvement a day after the shares of VFD Group were yanked off the trading platform, with the NASD Unlisted Securities Index (NSI) closing higher by 3.06 points to settle at 815.65 basis points versus the previous day’s 812.59 basis points. There were three gainers led by FrieslandCampina Wamco Nigeria Plc, which improved by N1.31 to close at


Naira Appreciates on Dollar Across FX Market Segments

By Adedapo Adesanya The Naira appreciated against the US Dollar in the Investors and Exporters (I&E), the Peer-to-Peer (P2P), and the black market arms of the foreign exchange (forex) market on Friday, September 29, as a turbulent third quarter ended. In the official segment, the local currency improved its value against the greenback by 2.6 per cent or N20.04 to close at N755.27/$1, in contrast to the preceding day’s N775.31/$1 amid a drop in the supply of FX into the system by 11.6 per cent or $16.73 million to $127.82 million from the $144.55 million published on Thursday. In the


Brent, WTI Shrink on Macroeconomic Worries, Profit Taking

By Adedapo Adesanya The prices of Brent futures and the US West Texas Intermediate (WTI) futures went down by about 1 per cent on Friday, due to macroeconomic concerns and sustained profit-taking. Data showed that Brent fell by 7 cents to $95.31 per barrel and WTI depreciated by 92 cents to $90.97. Prices rose about 30 per cent in the third quarter of the year helped by the production cuts by the Organisation of the Petroleum Exporting Countries and allies (OPEC+). This action squeezed global crude supply. Brent was about 2.2 per cent in the week and 27 per cent


NGX Sheds N37bn as Investors Sell Stocks in Panic to Buy FX

By Dipo Olowookere Profit-taking persisted on the floor of the Nigerian Exchange (NGX) Limited, as investors refused to tone down their profit-taking activities. It was observed that the market is gradually entering panic mode due to macroeconomic instability in the country, especially with the exchange rate of the Naira to the Dollar going above N1,000 in the parallel market. A stockbroker with one of the leading brokerage firms in the country, who asked not to be named, said the local bourse was witnessing panic selling due to investors liquidating their shares for Dollars. “This trend will continue for a while


FG, States, Local Councils Get N1.1tn As September Allocation

By Adedapo Adesanya The Federation Account Allocation Committee (FAAC) has shared a total of N1.1 trillion from the revenue generated by the nation in August 2023 for September to enable the three tiers of government; the federal government, states, and local government councils, to have funds to pay salaries and others. The allocation of the funds was confirmed by the Office of the Accountant General of the Federation on Friday following FAAC’s September 2023 meeting. According to a statement by the OAGF’s Director of Press and Public Relations, Mr Bawa Mokwa, there was “N1100.101 billion (N1.1 trillion) total distributable revenue.”


Erisco Product Reviewer Fights Back, Threatens 500m Suit

By Bliss Okperan A lady who reviewed a product of Erisco Foods Limited, Nagiko Tomato Mix, Mrs Chioma Egodi, has threatened to demand the sum of N500 million from the chief executive of the company, Mr Eric Umeofia, for violating her fundamental human rights. Mrs Egodi said she purchased the product at the market with the intention of using it to cook stew for her family. However, when she tasted it, according to her, it tasted too much sugar, prompting her to post about it on Facebook. It was reported that Erisco was not happy with the negative review. She


Scoring Success: How Data Analytics Revolutionizes Football Predictions Strategies

Data analytics is transforming football predictions as tools and techniques are consistently being designed to enhance accuracy and precision in football betting. In this article, we uncover the huge impact of data analytics in football betting. The Power of Data in Football Predictions In football betting, data analytics is used to collect, analyse, and interpret data to make informed predictions. This includes several metrics, such as player stats, team performance, head-to-head results, and external factors like injuries, fatigue, and weather conditions. Data analytics in football predictions is useful in the following ways:  Transforming Raw Data to Useful Piece of Information


Alleged Assault: Manchester United Recall Anthony to Squad

By Dipo Olowookere Brazilian winger, Anthony, is now eligible to make the Manchester United squad again, a statement from the football club has disclosed. A few weeks ago, the footballer was suspended by the English sports outfit over allegations of assault in his home country. His former girlfriend, Rosilene Silva, accused the footballer of assaulting her, prompting the police in Brazil to launch an investigation into the claims. The police in the United Kingdom also took an interest in the matter, forcing the Old Trafford team to ask Anthony to stay away from the team. In an update on Friday,