Coronation Merchant Bank Announces Strategic Leadership Transition, Building on Strong Foundations for Long-Term Growth

Appointment of Obeahon Ohiwerei as Managing Director & Chief Executive Officer follows the Bank’s successful recapitalisation, strengthened governance, continued digital transformation and focus on delivering long-term value for clients and shareholders.

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

Mr. Ohiwerei succeeds Paul Abiagam, whose leadership has guided the Bank through an important period of strategic transformation and positioned it strongly for its next phase of growth.

The appointment comes at a defining moment in the Bank’s evolution. Earlier this year, Coronation Merchant Bank celebrated its tenth anniversary, successfully exceeded the Central Bank of Nigeria’s minimum capital requirements, strengthened its governance framework, accelerated the digitisation of key operating processes, and achieved a Fitch Ratings assessment of Long-Term Issuer Default Rating (IDR) at ‘B-‘ with a Stable Outlook. Collectively, these milestones reinforce the Bank’s strategy of disciplined growth, prudent risk management and sustainable value creation.

Commenting on the appointment, Babatunde Folawiyo, Chairman of Coronation Merchant Bank, said:

“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, Paul 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.”

Obeahon Ohiwerei brings more than three decades of banking experience and a distinguished record of building businesses, leading high-performing teams and delivering sustainable growth across Africa’s financial services industry. His executive leadership experience spans corporate banking, institutional banking, risk management, banking operations, business transformation and client coverage. During his career, he has held several senior leadership positions, including Pioneer Managing Director of UBA Ghana, Executive Director at Access Bank Plc, and Managing Director of Keystone Bank. He assumes leadership of a well-capitalised institution with a clear strategic direction, strong governance framework and a mandate to accelerate growth while maintaining the disciplined execution for which the Bank is recognised.

Speaking on his appointment, Obeahon 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.”

Strengthening the Board

As part of its continued commitment to the highest standards of corporate governance and institutional oversight, the Bank also announced the appointment of Ms Nana-Adjua Mensah and Mrs Adetola Owolabi as Independent Non-Executive Directors.

Ms Nana-Adjua Mensah brings more than twenty-five years of executive leadership experience across banking, treasury and corporate trust services. She 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. Her appointment further strengthens the Board’s expertise in governance, financial markets and enterprise risk oversight. Mrs Adetola Owolabi brings extensive banking and entrepreneurial experience to the Board. She enjoyed a distinguished seventeen-year career at Guaranty Trust Bank, where she rose 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).

These appointments further enhance the depth, diversity and experience of the Board as Coronation Merchant Bank continues to strengthen its governance and pursue its long-term strategic ambitions.

As the Bank enters this new chapter, it remains firmly focused on partnering with clients to achieve their ambitions, preserving the disciplined approach to governance and risk management that has earned their trust, and creating sustainable long-term value for shareholders while contributing meaningfully to Nigeria’s economic development.