Coronation Merchant Bank Appoints Ohiwerei as MD/CEO

Coronation Merchant Bank has announced the appointment of 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 marked by stronger governance, successful recapitalisation, digital transformation and enhanced market […]

Coronation Merchant Bank has announced the appointment of 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 marked by stronger governance, successful recapitalisation, digital transformation and enhanced market positioning.

The leadership transition comes as the bank marks several significant milestones, including its 10th anniversary, exceeding the Central Bank of Nigeria’s minimum capital requirement, strengthening its governance framework, accelerating digitalisation of operations and earning a ‘B-’ Long-Term Issuer Default Rating with a Stable Outlook from Fitch Ratings.

Chairman of Coronation Merchant Bank, Babatunde Folawiyo, described the appointment as a reflection of the Board’s confidence in Ohiwerei’s leadership and its commitment to sustaining the bank’s long-term growth.

According to him, the bank enters its next phase from a position of strength following its successful recapitalisation, which has enhanced its capacity to support clients while reinforcing shareholders’ confidence in its long-term strategy.

Folawiyo also commended Abiagam for his stewardship, noting that under his leadership the bank strengthened its capital base, improved governance standards, modernised operations and deepened the confidence of clients, regulators and other stakeholders.

He added that Ohiwerei’s inclusion among the bank’s shareholders under his leadership contract further aligns management’s interests with those of investors.

In his farewell remarks, Abiagam said leading the bank had been a privilege, expressing pride in the institution’s achievements, including stronger capitalisation, world-class governance structures and enhanced operational efficiency.

He said he was confident the bank was well-positioned for sustained growth under its new leadership.

Ohiwerei brings over three decades of banking experience, having held senior executive positions across corporate banking, institutional banking, risk management, operations and business transformation.

His previous roles include Pioneer Managing Director of UBA Ghana, Executive Director at Access Bank Plc and Managing Director of Keystone Bank.

Speaking on his appointment, Ohiwerei said he was honoured to join the bank at a pivotal stage of its growth.

“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,” he said.

He outlined his priorities to include strengthening client relationships, expanding into new market opportunities, leveraging the bank’s advisory and capital market capabilities, enhancing digital service delivery and maintaining high standards of governance and risk management.

The bank also announced the appointment of Nana-Adjua Mensah and Adetola Owolabi as Independent Non-Executive Directors to strengthen its corporate governance framework.

Mensah brings over 25 years of experience in banking, treasury and corporate trust services, having previously served as Managing Director and Chief Executive Officer of First Trustees Nigeria Limited.

Owolabi spent 17 years at Guaranty Trust Bank, where she rose to Assistant General Manager, before becoming Chief Operating Officer of Black Pelican Limited.

According to the bank, the appointments further strengthen the Board’s expertise and position Coronation Merchant Bank to pursue its long-term strategic objectives while delivering sustainable value to clients, shareholders and the Nigerian economy.