Coronation Merchant Bank has announced the appointment of Obeahon Ohiwerei as its Managing Director and Chief Executive Officer. This appointment follows the Central Bank of Nigeria’s No Objection approval.
Mr. Ohiwerei takes over from Paul Abiagam, who successfully guided the bank through a significant period of strategic transformation. Abiagam's leadership positioned the bank strongly for its next phase of growth.
Leadership Transition and Bank Achievements
The appointment marks a defining moment for the bank, which earlier this year celebrated its tenth anniversary. Coronation Merchant Bank successfully exceeded the Central Bank of Nigeria’s minimum capital requirements and strengthened its governance framework.
The bank also 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. These milestones underscore the bank’s strategy of disciplined growth, prudent risk management, and sustainable value creation.
Babatunde Folawiyo, Chairman of Coronation Merchant Bank, stated that the bank begins this new chapter from a position of considerable strength. He expressed appreciation to Paul Abiagam for his stewardship, professionalism, and dedication, noting that under his leadership, the bank strengthened its capital base and enhanced its governance architecture.
Folawiyo added that Obeahon Ohiwerei’s appointment reflects the Board’s confidence in his leadership and commitment to sustaining the bank’s long-term growth trajectory. He also highlighted that Ohiwerei will join the bank’s distinguished shareholder base under his leadership contract.
Paul Abiagam commented on his departure, saying it was a privilege to lead Coronation Merchant Bank. He expressed pride in the accomplishments, including strengthening the capital position, embedding world-class governance structures, and modernising the operating platform.
Obeahon Ohiwerei brings over three decades of banking experience, with a distinguished record of building businesses and leading high-performing teams across Africa’s financial services industry. His executive leadership experience includes roles such as Pioneer Managing Director of UBA Ghana, Executive Director at Access Bank Plc, and Managing Director of Keystone Bank.
Upon his appointment, Ohiwerei stated his honour to join the bank at an exciting point in its journey. He outlined priorities to deepen client relationships, expand into attractive market opportunities, leverage strengths in advisory and capital markets, and enhance digital capabilities and service delivery.
Strengthening the Board
In line with its commitment to high corporate governance standards, Coronation Merchant Bank also announced two new Independent Non-Executive Directors. Ms Nana-Adjua Mensah and Mrs Adetola Owolabi have been appointed to the Board.
Ms Nana-Adjua Mensah has over twenty-five years of executive leadership experience in banking, treasury, and corporate trust services. She previously served as Managing Director and Chief Executive Officer of First Trustees Nigeria Limited, following senior leadership positions at UBA Plc and First City Monument Bank.
Mrs Adetola Owolabi contributes extensive banking and entrepreneurial experience. She had a distinguished seventeen-year career at Guaranty Trust Bank, rising to Assistant General Manager with responsibility for the bank’s shipping and maritime business. She currently serves as Chief Operating Officer of Black Pelican Limited (IL Bagno).
These appointments enhance the depth, diversity, and experience of the Board as Coronation Merchant Bank continues to strengthen its governance and pursue its long-term strategic ambitions. The bank, established in 2015, provides wholesale banking and is the first and only merchant bank in Nigeria with an international risk rating (B- from Fitch).
