Coronation Merchant Bank Limited recently held its fifth Annual General Meeting (AGM) where shareholders were informed that the Central Bank of Nigeria has approved the appointment of Mr. Banjo Adegbohungbe as the substantive Managing Director/CEO of the bank.
This followed the retirement of Mr. Abubakar Jimoh, who led the leadership team of the bank from inception in 2015 until recently when he commenced his terminal leave.
The meeting, which took place at the bank’s head office, according to a statement, was held in strict compliance with social distancing rules and the directives of the federal and Lagos State governments.
Only nine persons attended physically, while others participated via video conference.
The bank’s audited figures showed a 14 per cent increase in profit after tax from N4.484 billion in 2018, to N5.097 billion. Total assets grew by 14 per cent from N222.78 billion in 2018 to N253.35 billion.
Also, cost of risk remained at a healthy level of 0.05 per cent while the bank stated that it sustained its zero non-performing loan ratio indicative of strong risk management practices and good quality of risk assets.
Commenting on the appointment of Adegbohungbe as MD/CEO, the Acting Chairman for the AGM, Mr. Larry Ettah, noted that, “The seamless transition in the bank’s leadership is a result of deliberate succession planning by the Board, in line with its commitment to strong corporate governance standards.
“In the past 20 months, Banjo has distinguished himself in service to the organisation and contributed immensely to the overall growth of the bank. We are confident that his appointment will further strengthen and position the bank for improved performance.”
He further stated that: “The outgoing Managing Director, Mr Abubakar Jimoh, gave himself to the growth of the bank, having led a team that turned around a nearly-extinct Associated Discount House Limited and converted it to an “A+ rated” merchant bank in Nigeria within five years of its existence. We will always be grateful to Abu for his years of service to the Bank and for the strong values he instituted in the organisation”.