Meet Ademola Adebise, Wema Bank’s New Acting Managing Director

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Ademola Adebise has been appointed as Acting Managing Director of Wema Bank Nigeria Plc, according to a notice seen by Naija247news.com sent to the Nigerian Stock Exchange (NSE) last week.

His appointment takes effect from the 1st of July 2018, subject to regulatory approval. Prior to this, he was the Deputy Managing Director (DMD). Segun Oloketuyi, the current Managing Director will be retiring, having completed 10 years in office. CBN rules limit bank MDs to a maximum of 10 years in office.

From June, 2009 to December, 2016, Adeise was an Executive Director. From October 2005 to May 2009, he worked with Accenture in its Lagos Office as Head, Finance & Performance Management Practice at Accenture.

He also worked in Chartered Bank from May, 1988 to November 2000 as an Assistant General Manager, and the defunct National Bank of Nigeria as General Manager between December, 2000 to September, 2005.

He attended the University of Lagos between 1983-1987, where he obtained a Bachelor’s degree in Computer Science. He then attended the Lagos Business School, graduating with a Master’s degree in Business Administration.

He is a member of several professional bodies including the Institute of Chartered Accountants of Nigeria (ICAN), Chartered Institute of Taxation and Computer Professionals (Registration Council of Nigeria), Chartered Institute of Bankers of Nigeria (CIBN) and Institute of Directors (IOD).

Wema Bank shares are currently trading at N0.73 in today’s session on the Nigerian Stock Exchange (NSE). Year to date the shares are up 34.16%.

Results for the first quarter ended March 2018 show Gross Earnings increased from N15.2 billion in 2017 to N16 billion in 2018. Profit before tax increased from N849 million in 2017 to N883 million in 2018. Profit after tax also increased from N722 million in 2017 to N764 million in 2018.

The bank during its Annual General Meeting (AGM) held this year, indicated it would raise N20 billion through a bond raise. Proceeds of which will be used to boost the bank’s Capital Adequacy Ratio (CAR).

The Capital Adequacy Ratio (CAR) is the ratio of a bank’s qualified capital (equity) as a percentage of its total risk assets (money lent out by the bank).

In simple terms, the ratio measures a bank’s ability to shoulder loans should they go bad. The Central Bank of Nigeria (CBN) set a CAR of 10% for commercial banks and 15% for commercial banks that have a foreign subsidiary.

Wema Bank was incorporated in 1945 under the name Agbonmagbe Bank Limited. It later transformed into a public limited company in April, 1987 and was listed on the Nigerian Stock Exchange (NSE) in January 1990.

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Samson Gbenga Salau [Editorial Board Adviser] Gbenga Samuel Salau is a professional journalist with over 17 years experience in journalism, he is a graduate of Communication and Language Arts, University of Ibadan. On completion of his youth service, he joined The Guardian as a freelance journalist and was later absorbed as a staff. While in the University, he was a campus journalist reporting for the Independence Hall and Faculty of Arts Press Clubs. As a campus journalist, he won the following awards; Independence Hall Press Best News writer; University of Ibadan Union of Campus Journalists’ Best News Reporter/Writer; First Runner-up, Reuben Abati Award for Investigative Journalism; Association of Faculty of Arts Students’ Press Best Reporter; University of Ibadan Union of Campus Journalists’ Best Political Writer; Winner, Reuben Abati Award for Investigative Journalism, and University of Ibadan Union of Campus Journalists’ Best Interviewer. He served the Association of Communication and Language Arts Students, as the Public Relation Officer, the same year he was appointed the News Editor of the Association of Faculty of Arts Students Press. The following session, he was made the General Editor, and a member of the 13-man University of Ibadan Students’ Union Transition Committee. As a reporter in The Guardian, in 2014, he won the Promasidor Quill Award Best Report on Nutrition and DAME Business Reporting category. In the 2015 edition of the Promasidor Quill Award, he won the best Report on Nutrition and Brand Advocate Categories, while in 2016, he won the NMMA Print Journalist of the Year, first runner-up Golden Pen Reporter of the Year and SERAs CSR Awards. Gbenga Salau loves traveling, reading, and listening to songs with good lyrics no matter the genre.

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