Coronation Merchant Bank Appoints AdegbohungbeActingMD

Hamid Ayodeji

The board of directors of Coronation Merchant Bank Limited has announced the appointment of Banjo Adegbohungbe (Banjo) as the Acting Managing Director of the bank.

The appointment became effective from February 1, 2020.

A statement explained that the announcement followed the Central Bank of Nigeria’s approval of the appointment.

Adegbohungbe succeeds the outgoing Managing Director/Chief Executive Officer, Abubakar Jimoh (Abu), whose retirement takes effect from April 30, 2020.

Announcing the appointment, the Chairman of Coronation Merchant Bank, Mr. Babatunde Folawiyo, said, “The seamless transition is a result of deliberate succession planning by the board in line with the bank’s commitment to strong corporate governance standards.

“In the past 18 months, Banjo has distinguished himself in service to the organisation and contributed immensely to the overall growth of the bank.

“We are confident that his appointment will further strengthen and position the Bank for improved performance”.

Adegbohungbe, commenced his banking career at Citibank Nigeria over 26 years ago. He joined Access Bank Plc in March 2007, as Deputy General Manager and in June 2018, joined Coronation Merchant Bank as Executive Director/Chief Operating Officer. Before this appointment, Adegbohungbe

worked with the current Managing Director as the Deputy Managing Director of the bank.

Over the years, he has garnered experience working in Global Trade, Corporate and Investment Banking, Operations, Treasury Management, Global Payments, Strategic Planning, Information Technology, Business Process Improvement, and Corporate Services Departments.

He holds an MBA in Business Administration from the International Institute for Management (IMD) Switzerland and a B.Sc. in Mechanical Engineering from Obafemi Awolowo University, Ife. He is a member of the Chartered Institute of Bankers and has also attended several executive management and banking specific developmental courses in leading universities around the world. Commenting on the outgoing Managing Director, Folawiyo noted, “Abu gave himself to the growth of the bank, having led a team that turned around a nearly-extinct Associated Discount House Limited and converted it to an “A+ rated” merchant bank in Nigeria within five years of its existence. “We will always be grateful to Abu for his years of selfless service to the bank and for the strong values he instituted in the organisation.”

Coronation Merchant Bank was established in 2015 to provide wholesale banking to a long-underserved market.

The bank offers Investment and Corporate Banking; Private Banking/Wealth Management and, Global Markets/Treasury Services to its niche clientele.