From Okupe to Oseni: Wema Bank Leadership Timeline @80

From the outset, Wema Bank Plc has been purposeful with the appointment of its Chief Executive Officers. This purposeful plan has entrenched its leadership position as each CEO follows with passion the bank’s vision and mission. Oluchi Chibuzorwrites

Any business organisation needs leaders in management to help guide its growth trajectory. Leaders, not managers provide direction and vision, earn respect, motivate and inspire others, and help create an environment favourable to success by promoting communication and collaboration among team members. Scholars say leadership and strong management are essential for any organisation, especially the financial sector that wants to achieve its objectives and goals. These researchers say that an effective leader organises people, aligns and motivates them, promoting an environment where empowerment is key to quickly adapt to changes.

Effective leadership has been the hallmark of Wema Bank’s growth in the last 80 years of its existence. This path has contributed vastly to its gradual and consistent expansion within the period. While some organisations may harp on managers to achieve their set goals, Wema Bank since its Agbonmagbe Bank Ltd days, has a vision to mentor and retain leaders to deliver on its mission of “Empowering lives through innovation, continuously offering better products and services that give people greater control over their financial lives and paths.”

working the talk

In order to work the talk, Wema Bank, about three years ago, set up a Leadership Development School as part of its Purple Academy, to help in the growth, development and transformation of its workforce. The school seeks to fuel current leadership, build resilience, drive succession planning with a high-performance pipeline and groom the next generation of leaders, not just for the bank, but also for the country. The management had said that the financial institution had a huge task to optimise performance and deliver value in contemporary times, pointing out that leadership was key in driving organisational success. The management believed that the school would be vital towards the transformation and imparting the necessary set of skills to the bank’s workforce. The management also agreed that it needed good leaders to blend the various skills of the employees for the advancement of an organisation, its business success and prepare them for leadership roles in the future. From its birth on May 2, 1945 in Lagos by late Chief Mathew Adekoya Okupe as a private limited liability company with branches in Ebute-Metta (Lagos), Sagamu, Abeokuta, and Ijebu-Igbo (Ogun) and operated as a regional bank to the current Managing Director, Mr. Moruf Oseni, Wema Bank has had 14 Chief Executive Officers, including those in acting capacities who have played key, positive and seamless roles in moving the bank and retaining it as a leader in the financial sector in Nigeria and beyond today.Each CEO recognised the value of strong leadership skills in the bank and incorporated leadership development into programmes of the bank in alignment with its vision of, “becoming the dominant digital platform in Africa, delivering seamless financial services and positioning itself as a leader in the African financial services market through digital innovation.”

The Beginning

The first CEO and founder of Wema Bank was late Chief Mathew Adekoya Okupe who after several years of operating as a government certified money lender and because of increasing pressures from clients to expand the reach and scope of the flourishing business, obtained a banking licence under the name of Agbonmagbe Bank on May 2, 1945. It was the first indigenous Bank in Nigeria and grew to about seven branches, located in Ebute Metta, Mushin, Ifo, Sagamu, Ago-iwoye, Ijebu-igbo and Zaria in Kaduna State. At birth, most of its customers were high net worth traders and forwarding agents of food and animals between the north and Lagos, Kolanuts traders, timber merchants and exporters. Okupe positioned the bank as a leader in Nigeria and a model for others to follow. Due to its fast expansion, the bank became Wema Bank in 1969 through acquisition by Wema Board and in 1987, the bank later transformed to Wema Bank Plc as it is known till date. Okupe died on November 1, 1984 at the age of 86 years. 

Mr. T.A Onigbanjo, was the second CEO of the bank, having emerged as its General Manager in 1971 and was at the helm of affairs till 1973. Onigbabnjo’s two years as the CEO of the bank was very eventful and impactful. He followed the footsteps of Okupe to put the bank on a strong footing. Mr. Abdulrahman Oyekanmi Adeleke, succeeded Onigbanjo in 1973 and was in charge of the bank’s management till 1974. Despite leading the bank for just one year, the impact of Oyekanmi in the development of the bank cannot not be underestimated in the annals of Wema Bank. Besides, Mr. Y.A Akande, led the bank for seven years – 1974- 1981. His longevity at the helm of affairs, afforded him the opportunity to implement most of his policies for the bank, further stabilise it and lay strong footing for its present state. Apart from being the CEO, he was also a leader. Just like Akande, Mr. Samuel Adegbite who was the Managing Director of Wema Bank between 1984 to 1998, about 14 years, played a vital role in stabilising the bank. He remained the longest serving CEO of Wema Bank till date. He died at a Lagos hospital in March 2013 at the age of 73. Adegbite was born in Ibadan on January 3, 1940. Until his death in 2013, he was the chairman of multiple organisations and played active roles during the time. Alhaji Adewale Dosunmu, succeeded Adegbite and led the bank from 1999 to 2000. In spite of his brief spell in the saddle, Dosunmu did not deviate from the vision and mission of the bank. Dosunmu died on Saturday, December 9, 2000 after a brief illness, at his residence in Gbagada, Lagos a few months after retiring as the CEO of the bank. Dosunmu was succeeded by Mr. Tunde Lemo. Lemo was the CEO of Wema Bank for three years – 2000 – 2003.

At Wema Bank, Lemo demonstrated his strategic leadership skills and put the oldest indigenous bank on the pedestal of growth. Lemo later went on to join the Central Bank of Nigeria (CBN) where he held a notable tenure as Deputy Governor, Operations Directorate; Financial Systems Surveillance at the apex bank. He played a crucial role in shaping the country’s financial stability and regulatory frameworks while at the CBN. He was groomed for the task ahead at Wema Bank. He is a Fellow of the Society for Corporate Governance Nigeria, Fellow of the institute of Chartered Accountant of Nigeria as well as Fellow of the Chartered Institute of Bankers. In 2011, Dr. Tunde Lemo was awarded with the prestigious National honour of the Officer of the Federal Republic (OFR). Mr. Alade Adeleke, was appointed the Managing Director of Wema Bank in 2003, first in acting capacity and later as a substantive CEO. Adeleke held sway for two years and retired in 2005. Adeleke was succeeded by Mr. Adebisi Omoyeni between 2005 to 2008.

Omoyeni was a product of pragmatic leadership at Wema Bank. He joined the bank in 1987 as the Head, Insurance and Pensions Department and spent 21 years of his career in the bank after his National Youth Service in the Nigerian National Petroleum Corporation (NNPC). He grew through the rank to be appointed its CEO in 2005. Within the 21 years period, he was elected the Deputy Governor of Ekiti State with Gov. Ayodele Fayose. He left the deputy governorship position to rejoin the bank and ensured its recapitalisation.

Mr. John Aboh, took over from Omoyeni in acting capacity between 2008 and 2009, and he made a mark during this period.Another CEO that took over the leadership of the bank in acting capacity was Mr. Mohammed Lai Alabi between 2008 and 2009.Alabi graduated with a First-Class Honors degree in Economics from University of Lagos in 1975 and a Masters degree in Economics from Yale University, USA in 1979. In September 2008, he was appointed Acting Managing Director and Chief Executive of Wema Bank Plc by the CBN. Besides, Mr. Olusegun Oloketuyi was appointed the Managing Director of Wema Bank in June 2009 to 2018, nine years period.

The board of directors gave him a task of returning the bank to profitability following the 2008 banking crisis which saw the collapse of many banks. It was one of the most difficult times of the economy, but he succeeded. Under his leadership, the fortune of the bank was completely turned around, leading to the recapitalisation of the bank and its return to profitability. As part of a turnaround plan, which Oloketuyi led, the bank also regained its national banking license 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. Besides, he prioritised the use of technology to deliver improved service to customers, culminating into the launch of ALAT, which offers branchless banking services. The nine years period of Oloketuyi as the CEO of Wema Bank was exciting with numerous digital innovations, and retained the bank on the path of profit-making just like his predecessors and continuous positive public image and acceptance. Oloketuyi was succeeded by Ademola Adebise on July 1, 2018, who until then was the Deputy Managing Director of Wema Bank. Adebise had been part of the bank’s executive management team since 2009 and played a pivotal role in the execution of the strategic turnaround plan of the bank. 

Before his appointment, he had worked in various capacities in Information Technology, Financial Control & Strategic Planning, Treasury, Corporate Banking, Risk Management and Performance Management of Wema Bank. Under his leadership, he expanded the bank’s footprints to other locations in Nigeria, he improved the performance of the bank and spearheaded the first dividend payment in 13 years. He also ensured consistent dividend payment in the next four years. Also, as a team player with leadership acumen, Adebise, grew the bank’s Total Assets by 155 per cent, from N470 billion to over N1.2trillion. Deposits also grew by 214 per cent from N350 billion to N1.1 trillion. He initiated the partnership with Bank of Africa to support its customers across the African continent, which increased the bank’s market share and customer base. He positioned the bank as a leading collection bank for state and government agencies due to its effective and efficient platform. The bank’s rating by agencies was upgraded to BBB investment grades under his tenure. Also, the bank significantly changed the digital landscape through the ALAT platform. The innovative platform also came tops in the KPMG Digital Scorecard for leading retail banks in Nigeria and this was based on in-depth insights into the state of user experience on retail banks’ digital channels. Underhim, the bank launched the first SME Business School for capacity building and empowerment of SMEs, which benefited over over 20,000 small businesses at the time. The Bank also became one of the founding members of the United Nations Environmental plan for financial institutions (UNEP- FI) and continues to provide digital solutions for societal impact.

Moruf Oseni Era

After five years of productive service as the CEO of Wema Bank, Adebise retired in 2023 and was succeeded by the incumbent, Mr. Moruf Oseni who until then was the Deputy Managing Director (DMD) of the bank. He was subsequently confirmed by the CBN. Oseni’s journey with Wema Bank began in 2012 when he joined as an executive director. Under his leadership, the fortune and opportunities of the bank have further grown. Oseni at the time, had over 25 years of cognate experience, with more than 16 years at senior to Executive Management levels. He has been part of the bank’s Executive Management team since the transformation programme began in 2012 and played a major role in the execution of the turnaround programme of the bank. Since his appointment about two years ago, Wema Bank has consistently adapted, positioning itself at the forefront of Nigeria’s banking revolution. His forward-thinking approach has redefined the bank’s role in society, transforming it into a driver of economic growth and innovation.

One of his major successes is the embracing of digital transformation in Wema Bank, while maintaining core values of trust and customer service. For instance, the modernisation of the ALAT digital banking platform, the first of its kind in Nigeria under Oseni, demonstrates this commitment, making banking more accessible and efficient for customers nationwide.By championing technological advancements and fostering a culture of innovation, Oseni has ensured that Wema Bank not only remains competitive, but continues to lead the industry. His initiative, ranging from forging partnerships that enhance financial inclusion to developing programmes aimed at empowering youth—demonstrate a deep understanding of the societal impact of banking. Oseni embodies the key qualities of effective leaders: resilience, foresight, and commitment to creating sustainable value. As the financial landscape continues to evolve, the lessons drawn from Oseni’s leadership resonate deeply. He exemplifies the idea that true leadership in finance requires not only a keen understanding of market dynamics, but also the courage to challenge the status quo. Before joining Wema Bank, Oseni was the Chief Executive Officer (CEO) of MG Ineso Limited, a principal investment and financial advisory firm. Prior to MG Ineso, Oseni was a Vice President at Renaissance Capital, and an Associate at Salomon Brothers/Citigroup Global Markets in London. He is also a member of the Board of Nigeria Inter-Bank Settlement System Plc. (NIBSS). He is also the Chairman of AFRIGO, the National Domestic Card Company (a subsidiary of NIBSS).

Commendation

One thing that set apart Wema Bank from the others is retaining, sustaining and growing with its people. Some middle level staff have grown to become its Chief Executive Officers in the past and that mission is sustained till date across all cadres of the bank. This mission is observed even outside the country while its counterparts in the financial sector are emulating its style of leadership.

Commenting on the growth and expansion of Wema Bank in the last 80 years, the Managing Director and Chief Executive Officer (CEO) of Bank of Beirut in the United Kingdom (UK), Sofoklis Argirou, said that Bank of Beirut UK, has a longstanding relationship with Wema Bank Plc in Nigeria.

In the last eight years of business relationship with Wema Bank, Argirou, said there has been stability and retention of quality hands and staff by the bank directors and management.

This hallmark, he said, has contributed immensely to its organised elevation in the last eight decades and worth being emulated by other financial institutions within and outside the country.

He said: “Wema Bank in the last eight years that I have been following it, has grown very fast and tremendously, too. The bank’s fast journey is not just in its number, but also with its people, growing its people, its reach and delivering products and services in Nigeria for financial inclusion and leading actually the space in digital spectrum.

“Our story with WEMA Bank is from a correspondent banking perspective from the UK. So, we have worked with Wema facilitating imports into Nigeria. We have developed utmost customer relationships with not just with Nigerian importers, but also with exporters all over the world, in Asia, Europe, Middle East and the United States.”

Wema Bank as a leading financial institution in Nigeria, is not just about launching products and setting missions without meeting them, rather, with successive managements, the bank has continued to follow up with its missions and visions with concrete action to meet these ambitious targets.

Argirou, like others with vision, expects Wema Bank to in the next three years be among the tier one banks in Nigeria through the efforts of its people, support of shareholders, successful strategies and employment sustainable products and services.

As the bank celebrates 80 years of solid banking in Nigeria, it’s obvious that its growth was purposeful as it continues to appoint eggheads with leadership skills into critical positions, especially as its Chief Executive Officers. 

Wema Bank has undoubtedly remained a leader in the Nigerian financial sector, dictating the pace of the others.