Coronation names Ohiwerei CEO after CBN regulatory approval

Coronation Merchant Bank has appointed Obeahon Ohiwerei as its Managing Director and Chief Executive Officer following the receipt of the Central Bank of Nigeria’s No Objection approval.

Ohiwerei succeeds Paul Abiagam, who led the bank through a period of strategic transformation, according to a statement from the bank on Sunday.

The appointment comes after the bank marked its 10th anniversary earlier this year and exceeded the Central Bank of Nigeria’s minimum capital requirements. The bank also strengthened its governance framework, accelerated the digitisation of key operating processes and received a Fitch Ratings Long-Term Issuer Default Rating of ‘B-’ with a Stable Outlook.

Commenting on the appointment, the Chairman of Coronation Merchant Bank, Babatunde Folawiyo, said the bank was entering a new phase from a position of strength.

“Coronation Merchant Bank begins this new chapter 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.

“On behalf of the board, I express our sincere appreciation to Paul Abiagam for his stewardship, professionalism and dedication during a significant period in the bank’s development. Under his leadership, the bank strengthened its capital base, enhanced its governance architecture, accelerated operational transformation and reinforced the confidence of clients, regulators and other stakeholders.

“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. We are also pleased that, under his leadership contract, he will join the Bank’s distinguished shareholder base, reinforcing the alignment between management and shareholders that has long characterised Coronation Merchant Bank.”

Speaking on the transition, Abiagam said, “Leading Coronation Merchant Bank through this important chapter has been a privilege. 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.

“I leave confident that the bank is exceptionally well positioned for the future and wish Obeahon and the entire team every success as they build on these strong foundations.”

According to the bank, Ohiwerei brings more than three decades of banking experience spanning corporate banking, institutional banking, risk management, banking operations, business transformation and client coverage.

He previously served as the pioneer Managing Director of UBA Ghana, Executive Director at Access Bank Plc and Managing Director of Keystone Bank.

Speaking on his appointment, Ohiwerei said, “I am honoured to join Coronation Merchant Bank at such an exciting point in its journey. 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.

“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.

According to the bank, Mensah brings more than 25 years of experience in banking, treasury and corporate trust services and previously served as Managing Director and Chief Executive Officer of First Trustees Nigeria Limited after holding senior leadership positions at UBA Plc and First City Monument Bank.

Owolabi previously spent 17 years at Guaranty Trust Bank, rising to the position of Assistant General Manager with responsibility for the bank’s shipping and maritime business. She currently serves as Chief Operating Officer of Black Pelican Limited (IL Bagno).

The bank said the appointments would strengthen the board’s expertise, diversity and governance capacity as it pursues its long-term strategic objectives.