Wema Bank Plc has announced that its outgoing Managing Director/Chief Executive Officer, Segun Oloketuyi, has proceeded on terminal leave since July 1.
The bank chief will subsequently retire on September 30, this year after leading the bank for almost a decade.
Oloketuyi was named Managing Director/Chief Executive Officer of Wema Bank Plc in June 2009, with the task of returning the bank to profitability following the 2008 banking crisis which saw the collapse of many banks. At the time, Wema Bank had negative capital in excess of N66 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 recapitalization 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 Oloketuyi led, the bank also regained its national banking license from the Central Bank of Nigeria, 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 outgoing Wema Bank MD prioritized the use of technology to deliver improved service to customers, culminating in the launch of ALAT, which offers branchless banking services.
“On behalf of the Board and Management of the Bank, I want to thank Oloketuyi for his service and wish him the best in his future endeavours,” said Oluwole Ajimisinmi, Wema Bank’s Company Secretary and Legal Adviser. Oloketuyi has been succeeded by Ademola Adebise as the new Managing Director/CEO subject to the approval of the Central Bank of Nigeria.