Boardroom Changes: Wema bank Names New MD/CEO While Zenith Retires Two Executive Directors

• Two Nigerian banks, Zenith and Wema have announced changes in their senior management team members
• While Wema banks named a new Managing Director and Chief Executive Officer, Zenith retired two of its executive directors.
• It is expected that in the coming months more banks will announce boardroom changes

Wema Bank has named Moruf Oseni as its new Managing Director and Chief Executive Officer.

He will be succeeding Ademola Adebise who will start a terminal leave on January 2, 2023 and then retire on March 31, 2023.

Before his new position, Oseni was formerly the Deputy Managing Director of Wema Bank.

More changes

Another change made is the appointment of Wole Akinleye, an Executive Director, has been appointed to the Deputy Managing Director post, while Tunde Mabawonku was appointed the Executive Director.

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The statement reads:

“Wema Bank Plc. hereby announces the retirement of its Managing Director/CEO, Ademola Adebise. He will be proceeding on terminal leave from January 2nd, 2023, after over 13 years of meritorious service on the Board of the Bank. He will be succeeded by Moruf Oseni, currently the Deputy Managing Director."

It was learnt that the appointment of Oseni as the Managing Director/CEO is subject to the approval of the Central Bank of Nigeria (CBN).

The statement reads further:

“Moruf Oseni joined Wema Bank in June 2012 as an Executive Director. He has over 25 years of experience with more than 16 years at Senior and Executive Management levels.

“Moruf Oseni was an Executive Director for 6 years and Deputy Managing Director for the last 4 years and has demonstrated capacity to lead the Bank.

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“He presently has responsibility for the Digital Optimization Directorate which includes – Digital, Retail, Treasury, Operations, and Technology Divisions. Moruf is also the Executive Compliance Officer of the Bank.”

Zenith bank retirees two executive

Zenith Bank Plc has also announced the retirement of two Executive Directors, Ummar Shuaib Ahmed and Dennis Olisa, from its board effective December 28th, 2022.

This was contained in a corporate disclosure that was signed by Company Secretary Michael Otu and published on NGX exchange.

Part of the disclosure said:

“we write to notify Nigerian Exchange Limited and the investing public of the retirement of Umar Shuaib Ahmed and Dennis Olisa from the bank board with effect from December 28th 2022. This follows their tenure of office as executive Directors.”

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Meanwhile, in another report, the German embassy in Nigeria has announced changes in the use of naira to pay for its services.

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The change is in consonance with the Central Bank of Nigeria naira notes redesigning policy.

The CBN redesigned 200, 500, and 1000 and expects Nigerians to return all old banknotes by the end of January 2023.

Source: Legit.ng