Coronation Merchant Bank has announced the appointment of Obeahon Ohiwerei as its Managing Director and Chief Executive Officer, following a no-objection approval by the Central Bank of Nigeria (CBN).

Ohiwerei succeeds Paul Abiagam, whose leadership guided the bank through a period of transformation and positioned it strongly for its next phase of growth.

Ohiwerei brings more than three decades of banking experience and a distinguished record of building businesses, leading high-performing teams and delivering sustainable growth across Africa’s financial services industry. His executive leadership experience spans corporate banking, institutional banking, risk management, banking operations, business transformation and client coverage.

The bank also announced the appointment of Nana-Adjua Mensah and Adetola Owolabi as independent non-executive directors.

The appointments come at a defining moment in the bank’s evolution, the statement said.

“Collectively, the milestones reinforce the Bank’s strategy of disciplined growth, prudent risk management and sustainable value creation,” the statement said.

Commenting on the appointment, Chairman of Coronation Merchant Bank, Babatunde Folawiyo, said: “The appointment of Ohiwerei reflects the board’s confidence in his leadership and its commitment to sustaining the bank’s long-term growth trajectory. We are also pleased that, under his leadership contract, he will join the bank’s distinguished shareholder base, reinforcing the alignment between management and shareholders that has long characterised Coronation Merchant Bank.”

Abiagam noted: “Leading Coronation Merchant Bank through this important chapter has been a privilege. I am proud of what we have accomplished together — from strengthening our capital position and embedding world-class governance structures to modernising our operating platform and deepening the trust of our clients and partners. I am confident that the bank is exceptionally well-positioned for the future and wish Obeahon and the entire team every success as they build on these strong foundations.”

“I am honoured to join Coronation Merchant Bank at such an exciting point in its journey. 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. 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:

Mensah brings more than twenty-five years of executive leadership experience across banking, treasury and corporate trust services. She previously served as Managing Director and Chief Executive Officer of First Trustees Nigeria Limited after holding senior leadership positions at UBA Plc and First City Monument Bank. Her appointment further strengthens the Board’s expertise in governance, financial markets and enterprise risk oversight.

Owolabi brings extensive banking and entrepreneurial experience to the Board. She enjoyed a distinguished seventeen-year career at Guaranty Trust Bank, where she rose to the position of 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).