In a notice sent to the Nigerian Stock Exchange (NSE) today, Wema Bank Plc has announced the appointment of Ademola Adebise as Acting Managing Director.
His appointment takes effect from the 1st of July 2018, subject to regulatory approval. Prior to this, he was the Deputy Managing Director (DMD). Segun Oloketuyi, the current Managing Director will be retiring, having completed 10 years in office. CBN rules limit bank MDs to a maximum of 10 years in office.
From June, 2009 to December, 2016, Adeise was an Executive Director. From October 2005 to May 2009, he worked with Accenture in its Lagos Office as Head, Finance & Performance Management Practice at Accenture.
He also worked in Chartered Bank from May, 1988 to November 2000 as an Assistant General Manager, and the defunct National Bank of Nigeria as General Manager between December, 2000 to September, 2005.
He attended the University of Lagos between 1983-1987, where he obtained a Bachelor’s degree in Computer Science. He then attended the Lagos Business School, graduating with a Master’s degree in Business Administration.
He is a member of several professional bodies including the Institute of Chartered Accountants of Nigeria (ICAN), Chartered Institute of Taxation and Computer Professionals (Registration Council of Nigeria), Chartered Institute of Bankers of Nigeria (CIBN) and Institute of Directors (IOD).
Wema Bank shares are currently trading at N0.73 in today’s session on the Nigerian Stock Exchange (NSE). Year to date the shares are up 34.16%.
Results for the first quarter ended March 2018 show Gross Earnings increased from N15.2 billion in 2017 to N16 billion in 2018. Profit before tax increased from N849 million in 2017 to N883 million in 2018. Profit after tax also increased from N722 million in 2017 to N764 million in 2018.
The bank during its Annual General Meeting (AGM) held this year, indicated it would raise N20 billion through a bond raise. Proceeds of which will be used to boost the bank’s Capital Adequacy Ratio (CAR).
The Capital Adequacy Ratio (CAR) is the ratio of a bank’s qualified capital (equity) as a percentage of its total risk assets (money lent out by the bank).
In simple terms, the ratio measures a bank’s ability to shoulder loans should they go bad. The Central Bank of Nigeria (CBN) set a CAR of 10% for commercial banks and 15% for commercial banks that have a foreign subsidiary.
Wema Bank was incorporated in 1945 under the name Agbonmagbe Bank Limited. It later transformed into a public limited company in April, 1987 and was listed on the Nigerian Stock Exchange (NSE) in January 1990.