Coronation Merchant Bank names Ohiwerei CEO after recapitalisation
Coronation Merchant Bank has appointed Obeahon Ohiwerei as chief executive, signalling a strategic pivot to growth after the Nigerian lender completed a recapitalisation and secured a Fitch rating.
Coronation Merchant Bank has appointed Obeahon Ohiwerei as Managing Director and Chief Executive Officer, succeeding Paul Abiagam with the approval of the Central Bank of Nigeria.
The leadership change marks a strategic pivot for the lender. Having recently completed a recapitalisation that exceeded the regulator's minimum capital requirements, the bank is transitioning from a period of internal strengthening to one of market expansion. This shift is underpinned by a B- long-term issuer default rating with a stable outlook assigned by Fitch Ratings.
Chairman Babatunde Folawiyo said the bank was entering a new phase from “a position of considerable strength.” He noted that the recapitalisation has enhanced the bank's capacity to support clients and demonstrated shareholder confidence in its long-term strategy. Abiagam, who steered the bank through its capital raise and operational modernisation, said he was leaving the institution "exceptionally well positioned for the future."
Ohiwerei brings over three decades of banking experience to the role. His previous senior leadership positions include serving as the pioneer managing director of UBA Ghana, an executive director at Access Bank Plc, and managing director of Keystone Bank.
The new chief executive indicated the bank will look to capitalise on this foundation by focusing on advisory and capital markets. “Our priorities are clear. We will deepen client relationships, expand into attractive market opportunities, leverage our strengths in advisory and capital markets, continue to enhance our digital capabilities and service delivery, and maintain the disciplined approach to governance, risk management and execution that has become the hallmark of Coronation Merchant Bank,” Ohiwerei said.
To support this growth mandate, the lender also named Nana Adjua Mensah and Adetola Owolabi as independent non-executive directors. The bank said these board appointments are designed to strengthen corporate governance and broaden expertise as it pursues its long-term objectives.
