Wema Bank: Oloketuyi Steps Aside As CEO, Adebise Steps In

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By Obinna Chima

Wema Bank Plc has announced the retirement of its Managing Director/Chief Executive Officer, Mr. Segun Oloketuyi, after almost a decade at the helms of the bank.

Oloketuyi will be succeeded by the current Deputy Managing Director of the bank, Mr. Ademola Adebise.

Adebise’s appointment is however subject to the approval of the Central Bank of Nigeria (CBN).

 The bank disclosed this in a statement yesterday.

“On behalf of the Board and Management of the Bank, I want to thank Mr Oloketuyi for his service and wish him the best in his future endeavors,” Wema Bank’s Company Secretary and Legal Adviser, Oluwole Ajimisinmi said.

Oloketuyi was named the CEO of the bank in June 2009, with the task of returning Wema Bank to profitability following the 2008 banking crisis which saw the collapse of many banks.

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. 

“However, under his leadership, the fortunes of the bank were completely turned around, leading to the recapitalisation of the bank and its return to profitability. The bank is now positioned to deliver dividends to shareholders. 

“As part of a turnaround plan which Mr. Oloketuyi led, the bank also regained its national banking licence from the CBN 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,” the statement explained.

The outgoing Wema Bank chief executive prioritised the use of technology to deliver improved service to customers, culminating into the launch of ALAT, which offers branchless banking services.

Oloketuyi will proceed on a terminal leave from July 1, 2018.

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 4 years in management consulting), and has worked in various capacities in Information Technology, Financial Control and Strategic Planning, Treasury, Corporate Banking, Risk Management and Performance Management.

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.

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.

Adebise is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN). He is also an Associate of the Chartered Institute of Taxation and Computer Professionals (Registration Council of Nigeria). He is an honorary Member of the Chartered Institute of Bankers of Nigeria (HCIB) and a member of the Institute of Directors.

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