Coronation Merchant Bank Appoints Ohiwerei As MD/CEO

Coronation Merchant Bank has appointed Obeahon Ohiwerei as its Managing Director and Chief Executive Officer after receiving the Central Bank of Nigeria’s No Objection approval.

Ohiwerei succeeds Paul Abiagam, who led the bank through recapitalisation, governance changes and digital operations work. Daily Trust and Punch both reported the appointment from the bank’s statement.

The bank said the transition comes after its 10th anniversary, compliance with the CBN’s minimum capital requirement and a Fitch Ratings Long-Term Issuer Default Rating of B- with a Stable Outlook.

Chairman Babatunde Folawiyo said the bank was entering a new phase from a stronger position after recapitalisation improved its capacity to support clients and showed shareholder confidence in its strategy.

Folawiyo also thanked Abiagam for his stewardship, saying the bank strengthened its capital base, governance and market position during his tenure.

For Coronation, the appointment puts a new chief executive in charge as merchant banks continue to adjust to higher capital expectations and tighter regulatory oversight in Nigeria’s financial sector.

Sources: Daily Trust, Punch