Adebise Takes Over as Wema Bank MD/CEO as Oloketuyi Retires

Managing Director/Chief Executive Officer of Wema Bank Plc, Mr. Segun Oloketuyi will retire effective September30, 2018 after nine years. However, he will proceed on terminal leave from July 1, while the current Deputy Managing Director/C EO, Mr. , Ademola Adebise will take over in acting capacity subject to regulatory approvals. The bank disclosed this in a statement on Friday.

According to the statement, Oloketuyi was named GMD/ CEO of Wema Bank Plc in June 2009. Upon joining Wema, he was tasked with returning the 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. The bank is now positioned to deliver dividends to shareholders in the near-future. In his time as MD, the bank also regained its national banking licence 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,” it said.

Speaking on the incoming MD/CEO, the bank said Adebise has been part of the bank’s executive management team since the transformation programme began in 2009 and has played a pivotal role in the execution of the strategic turnaround programme for the bank.

“Adebise has over 28 years’ experience in the banking industry (inclusive of four years in management consulting), and has worked in various capacities in information technology, financial control & strategic planning, treasury, corporate banking, risk management and performance management,” the bank said.

It added that before joining Wema Bank, Adebise was Head, Finance & Performance Management Practice at Accenture (Lagos Office) where he led various projects for banks in business process re-engineering, information technology and risk management.

The bank expressed confidence that the appointment of Adebise will lead to its continued transformation and growth, particularly as it positions itself as a market leader in Nigeria’s retail banking segment through technology and innovation.

Adebise is an alumnus of the Advanced Management Program (AMP) of the Harvard Business School and a Bachelor’s degree holder in Computer Science from the University of Lagos. He obtained a Master’s degree in Business Administration (MBA) from the Lagos Business School.