Coronation Merchant Bank has appointed Obeahon Ohiwerei as its Managing Director and Chief Executive Officer following the receipt of the Central Bank of Nigeria’s No Objection approval.
Ohiwerei succeeds Paul Abiagam, who led the bank through a period of strategic transformation, according to a statement from the bank on Sunday.
The appointment comes after the bank marked its 10th anniversary earlier this year and exceeded the Central Bank of Nigeria’s minimum capital requirements. The bank also strengthened its governance framework, accelerated the digitisation of key operating processes and received a Fitch Ratings Long-Term Issuer Default Rating of ‘B-’ with a Stable Outlook.
Commenting on the appointment, the Chairman of Coronation Merchant Bank, Babatunde Folawiyo, said the bank was entering a new phase from a position of strength.
“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.
