Coronation Merchant Bank appoints Obeahon Ohiwerei as CEO

By Philippine Duru

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Coronation Merchant Bank has appointed veteran banker Obeahon Ohiwerei as its new Managing Director and Chief Executive Officer following regulatory approval from the Central Bank of Nigeria (CBN), ushering in a new phase of leadership for the financial institution.

Ohiwerei succeeds Paul Abiagam, who led the bank through a transformative period marked by successful recapitalisation, stronger corporate governance, digital transformation, and sustained business growth. The leadership transition comes as the bank seeks to build on its strengthened capital position and expand its footprint in Nigeria’s investment banking and financial services sector.

Announcing the appointment, Chairman of Coronation Merchant Bank, Babatunde Folawiyo, said the institution is entering a new chapter from a position of strength following its successful recapitalisation, which has enhanced its ability to support clients and reinforced shareholders’ confidence in the bank’s long-term strategy.

Folawiyo also paid tribute to the outgoing CEO, Paul Abiagam, commending his stewardship during a significant phase in the bank’s development.

According to him, Abiagam strengthened the bank’s capital base, enhanced its governance framework, accelerated operational transformation, and reinforced the confidence of clients, regulators and other stakeholders.

He added that the board’s decision to appoint Ohiwerei reflects its confidence in his leadership capabilities and commitment to sustaining the bank’s long-term growth trajectory. The chairman also noted that Ohiwerei would become part of the bank’s shareholder base under his leadership contract, further aligning management with shareholders’ interests.

Speaking on his appointment, Ohiwerei expressed appreciation for the opportunity to lead the bank at what he described as an exciting period in its history.

He said the institution is well positioned for growth, backed by a strong balance sheet, an experienced workforce and the confidence of clients and investors.

According to the new CEO, his immediate priorities include deepening client relationships, expanding into attractive market opportunities, strengthening the bank’s advisory and capital markets businesses, enhancing digital capabilities and service delivery, while maintaining high standards of governance, risk management and execution.

Ohiwerei brings more than three decades of banking experience spanning corporate banking, institutional banking, risk management, banking operations, business transformation and client relationship management.

Over the course of his career, he has served as the pioneer Managing Director of UBA Ghana, Executive Director at Access Bank Plc, and Managing Director of Keystone Bank, positions that have given him extensive experience in leading financial institutions across diverse markets.

Meanwhile, outgoing CEO Paul Abiagam described his tenure at Coronation Merchant Bank as a privilege, expressing pride in the milestones achieved under his leadership. He said the bank had strengthened its capital position, embedded world-class governance structures, modernised its operating platform and deepened the trust of clients and business partners.

Abiagam added that he was leaving the institution confident that it was well positioned for future growth under its new leadership.

In addition to naming Ohiwerei as CEO, Coronation Merchant Bank also announced the appointment of Nana-Adjua Mensah and Adetola Owolabi as Independent Non-Executive Directors.

The bank said the appointments are expected to strengthen the board’s expertise, diversity and governance capacity as it pursues its long-term strategic objectives.

The appointments come at a time when Nigerian banks are strengthening their capital base and leadership structures in response to evolving regulatory requirements and increasing competition within the financial services industry. With a successful recapitalisation completed and a new executive team in place, Coronation Merchant Bank is positioning itself to deepen its presence in advisory services, capital markets, trade finance and digital banking while supporting economic growth across Nigeria and the wider African market.