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.
