Wema Bank appoints new MD as Oloketuyi retires

Wema Bank Plc. has appointed Ademola Adebise as its chief executive officer after the retirement of Segun Oloketuyi (pictured).

In a statement released on Friday by Funmilayo Falola, its brand and communications manager, the bank thanked Oloketuyi for his service to the country.

At present, Adebise is the deputy managing director of the bank.

His predecessor, Oloketuyi was appointed CEO of the bank in 2009; just after the 2008 banking crisis.

“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,” the statement read.

“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.”

Oloketuyi is expected to proceed on a terminal leave from July 1.

“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.

“He 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.”

He 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’s degree in Business Administration (MBA) from the Lagos Business School.