Coronation Merchant Bank appoints Paul Abiagam as acting CEO

Coronation Merchant Bank has announced the appointment of Paul Abiagam as its acting managing director (MD) and chief executive officer (CEO).

The bank, in a statement on Monday, said the appointment took immediate effect.

“Paul Abiagam, who previously served as Deputy Managing Director of Coronation Merchant Bank, takes over the reins with a track record of spearheading strategic initiatives that have significantly enhanced the Bank’s financial and operational performance,” the bank said.

“His expertise spans corporate, commercial, and consumer banking, with a notable focus on strategic business development and wealth management.”

Commenting on the appointment, Babatunde Folawiyo, chairman of Coronation Merchant Bank, said Paul is a proven leader whose “strategic acumen and extensive experience in the banking sector make him the ideal choice to steer Coronation Merchant Bank through its next phase of growth”.

“His appointment as acting managing director/CEO aligns with our phased leadership transition plan, which has been carefully executed with the cooperation of the erstwhile MD/CEO, Banjo Adegbohungbe,” the bank said.

“We have full confidence in Paul’s ability to drive our strategic goals and deliver exceptional value to our stakeholders.”

Coronation Merchant Bank said through his professional career, spanning over two decades, Abiagam has built a reputation for leading high-performing teams to achieve remarkable results. 

“His roles at recognised financial services companies involved driving significant transformations with innovative strategies, aligning systems with corporate goals, thereby unlocking exponential profitability and growth,” the bank said.

“Paul’s leadership skills are complemented by his strong analytical capabilities in finance, risk management and operations, which have been instrumental in developing cutting-edge insights that propel sustainable profits. 

“His forward-thinking approach to international trade finance and asset management has established him as a leader within the banking industry.”

Before joining Coronation Merchant Bank in 2023, Abiagam served in several senior roles both locally and internationally.

He was the pioneer managing director at Guaranty Trust Pension Managers Ltd and held various leadership positions at Guaranty Trust Bank.

Abiagam is an alumnus of the University of Benin and also holds an MBA from Lagos Business School, and served as sub-chair of the institution’s alumni association committee from 2018 to 2022. 

Abiagam is a fellow of the American Institute of Certified Public Accountants, the Chartered Institute of Management Accountants in the United Kingdom, and a member of the Chartered Institute of Directors in Nigeria.