LAGOS – Coronation Merchant Bank has appointed seasoned banker Obeahon Ohiwerei as its new Managing Director and Chief Executive Officer following approval from the Central Bank of Nigeria (CBN), ushering in a new era of leadership as the institution marks its 10th anniversary.
Ohiwerei succeeds Paul Abiagam, whose tenure was marked by significant achievements, including the successful recapitalisation of the bank, stronger corporate governance, accelerated digital transformation and sustained business growth.
In a statement, the bank said it has exceeded the CBN’s minimum capital requirement over the past decade, strengthened its governance framework, digitised key operational processes and secured a ‘B-‘ Long-Term Issuer Default Rating with a Stable Outlook from Fitch Ratings, reflecting improved financial stability and investor confidence.
Chairman of the Board, Babatunde Folawiyo, described Ohiwerei’s appointment as a reflection of the board’s confidence in his leadership, experience and strategic vision.
He also commended Abiagam for laying a solid foundation that strengthened the bank’s capital base, enhanced operational efficiency and boosted stakeholder confidence.
Folawiyo revealed that Ohiwerei would also become part of the bank’s shareholder base, a move intended to align executive leadership more closely with shareholders’ long-term interests.
Reflecting on his time in office, Abiagam expressed gratitude for the opportunity to lead the bank, describing his tenure as rewarding and impactful. He said the institution is well-positioned to build on its achievements under the new leadership.
With more than 30 years of banking experience, Ohiwerei brings extensive expertise in corporate and institutional banking, risk management, business transformation and banking operations.
His career includes serving as the pioneer Managing Director of UBA Ghana, Executive Director at Access Bank Plc and Managing Director of Keystone Bank, where he played key roles in driving business growth and institutional transformation.
Speaking on his appointment, Ohiwerei pledged to strengthen client relationships, explore new market opportunities, expand the bank’s advisory and capital markets businesses, enhance digital banking services and uphold high standards of corporate governance and risk management.
The bank also announced the appointment of Nana-Adjua Mensah and Adetola Owolabi as Independent Non-Executive Directors to further strengthen its board and governance structure.
Mensah brings over 25 years of experience in banking, treasury and corporate trust services. She previously served as Managing Director and Chief Executive Officer of First Trustees Nigeria Limited and held senior leadership roles at United Bank for Africa (UBA) and First City Monument Bank (FCMB).
Owolabi has more than 17 years of banking experience, rising to the position of Assistant General Manager at Guaranty Trust Bank, where she led the bank’s shipping and maritime business. She currently serves as Chief Operating Officer of Black Pelican Limited (IL Bagno).
According to the bank, the appointments underscore its commitment to strengthening board expertise in governance, financial markets and enterprise risk management as it pursues long-term strategic growth and sustainable value creation for shareholders.
The leadership changes come at a critical period for Nigeria’s banking industry, as financial institutions continue to strengthen their capital positions, accelerate digital innovation and adapt to evolving regulatory requirements.