Coronation Merchant Bank names new CEO as it plans for future growth

Coronation Merchant Bank has appointed Obeahon Ohiwerei as its new Managing Director and Chief Executive Officer. This follows the Central Bank of Nigeria’s approval.

Mr Ohiwerei takes over from Paul Abiagam, who has led the bank during a key time of change. Under his leadership, the bank has set itself up well for the next stage of growth.

This change comes at an important time for the bank. Earlier this year, Coronation Merchant Bank celebrated its tenth anniversary. The bank not only met the Central Bank of Nigeria’s minimum capital requirements but also improved its governance. It also sped up the digital transformation of its processes and received a Long-Term Issuer Default Rating (IDR) of ‘B-‘ with a Stable Outlook from Fitch Ratings. These achievements show the bank’s focus on steady growth, careful risk management, and creating lasting value.

Babatunde Folawiyo, Chairman of Coronation Merchant Bank, commented on the new appointment. He 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.”

He continued, “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.”

Paul Abiagam also spoke about the transition. He 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.”

Mr Obeahon Ohiwerei brings over thirty years of banking experience. He has a strong record in building businesses and leading teams in Africa’s financial services sector. His experience includes corporate banking, risk management, and business transformation.

He has held senior roles such as Managing Director of UBA Ghana and Executive Director at Access Bank Plc. Now, he leads a well-capitalised bank with clear goals, strong governance, and a plan for growth while maintaining its disciplined approach.

On his new role, Mr 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, use 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 Ms Nana-Adjua Mensah and Mrs Adetola Owolabi as Independent Non-Executive Directors. Ms Mensah has over twenty-five years of experience in banking and corporate trust services. She was previously the Managing Director of First Trustees Nigeria Limited and held positions at UBA Plc and First City Monument Bank.

Her appointment adds to the Board’s knowledge in governance and financial markets. Mrs Owolabi has extensive banking experience and a successful career at Guaranty Trust Bank. She is currently the Chief Operating Officer of Black Pelican Limited (IL Bagno).

These new appointments improve the Board’s depth and experience as Coronation Merchant Bank works towards its long-term goals.

As the bank starts this new phase, it focuses on working with clients to achieve their goals. They plan to keep their careful approach to governance and risk management that clients trust, while also creating long-term value for shareholders and contributing to Nigeria’s economic growth.