Coronation Merchant Bank has appointed Obeahon Ohiwerei as its new Managing Director and Chief Executive Officer, marking a leadership change as the lender seeks to build on recent capital strengthening, digital transformation, and governance reforms.
The appointment follows the Central Bank of Nigeria’s approval and comes after the bank completed a successful recapitalisation, exceeded the regulator’s minimum capital requirement and secured a B- long term issuer default rating with a stable outlook from Fitch Ratings.
Ohiwerei succeeds Paul Abiagam, who led the bank through a period of strategic expansion that included strengthening its capital base, improving governance and modernising its operations.
Babatunde Folawiyo, Chairman of Coronation Merchant Bank, said the bank was entering a new phase from “a position of considerable strength.
“Our successful recapitalisation has enhanced our capacity to support clients while demonstrating the confidence our shareholders continue to place in the bank’s long term strategy.”
He thanked Abiagam for steering the bank through a critical period, adding that the board was confident Ohiwerei would sustain its growth momentum.
“The appointment of Obeahon Ohiwerei reflects the Board’s confidence in his leadership and its commitment to sustaining the bank’s long term growth trajectory,” he said.
Abiagam said it had been a privilege leading the bank through what he described as an important chapter in its history.
“I am proud of what we have accomplished together, from strengthening our capital position and embedding world class governance structures to modernising our operating platform and deepening the trust of our clients and partners,” he said. “I leave confident that the bank is exceptionally well positioned for the future.”
Ohiwerei brings more than 30 years of banking experience, having held senior leadership positions including pioneer managing director of UBA Ghana, executive director at Access Bank Plc and managing director of Keystone Bank.
Speaking on his appointment, Ohiwerei said the bank would focus on strengthening relationships with clients, expanding into attractive market opportunities and improving its digital capabilities.
“We are building from a position of strength, supported by an exceptional team, a strong balance sheet and the confidence of our clients and shareholders,” he said.
“Our priorities are clear. We will deepen client relationships, expand into attractive market opportunities, leverage our strengths in advisory and capital markets, continue to enhance our digital capabilities and service delivery, and maintain the disciplined approach to governance, risk management and execution that has become the hallmark of Coronation Merchant Bank.”
The bank also announced the appointment of Nana Adjua Mensah and Adetola Owolabi as independent non executive directors, saying the appointments would strengthen its corporate governance and broaden the board’s expertise as it pursues long term growth