Wema Bank Plc. has announced the retirement of its Managing Director/Chief Executive Officer, Segun Oloketuyi, following almost a decade at the helm of the Bank.
“On behalf of the Board and Management of the Bank, I want to thank Mr Oloketuyi for his service and wish him the best in his future endeavours,” said Oluwole Ajimisinmi, Wema Bank’s Company Secretary and Legal Adviser. Oloketuyi was named Managing Director/Chief Executive Officer of Wema Bank Plc in June 2009, with the task of returning the Bank to profitability following the 2008 banking crisis which saw the collapse of many banks.
At the time, Wema Bank had negative retained earnings in excess of N45 billion and was declared a bank in grave financial situation by the regulatory authority. However, under his leadership, the fortunes of the Bank was completely turned around, leading to the recapitalization of the Bank and its return to profitability. The Bank is now positioned to deliver dividends to shareholders.
As part of a turnaround plan which Mr Oloketuyi led, the Bank also regained its national banking license from the Central Bank of Nigeria, which has allowed it to expand to the Northern and Eastern parts of the country, significantly increasing its market share and customer base in the process.
The outgoing Wema Bank MD prioritized the use of technology to deliver improved service to customers, culminating into the launch of ALAT, which offers branchless banking services. He will proceed on a terminal leave from July 1, 2018 and will be succeeded by Ademola Adebise, who is currently the Deputy Managing Director of the Bank.
The appointment of Mr Adebise as Wema Bank’s new Managing Director/CEO is subject to the approval of the Central Bank of Nigeria (CBN). Adebise 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 the Bank.