Obeahon Ohiwerei has taken over from Paul Aviagam, who has successfully led the Bank through a critical phase of strategic change, allowing it to emerge well-prepared for future growth.
This shift comes at a pivotal time for the Bank. Earlier this year, Coronation Merchant Bank marked its 10th anniversary, surpassing the Central Bank of Nigeria’s minimum capital requirements, enhancing its governance structure, speeding up the digital transformation of key operations, and earning a Fitch Ratings Long-Term Issuer Default Rating (IDR) of ‘B-‘ with a Stable Outlook. These achievements collectively reinforce our approach to disciplined expansion, careful risk governance, and sustainable value generation.
In remarks about the new appointment, the Chairman of Coronation Merchant Bank, Babatunde Folawiyo, stated:
“We start this new chapter from a robust foundation. Our successful recapitalization boosts our capacity to serve our clients and reflects our shareholders’ continued confidence in our long-term vision. On behalf of the Board, I extend our heartfelt thanks to him for his dedication and professionalism during this vital phase in the Bank’s journey. Under his guidance, we have fortified our capital position, refined our governance structure, and accelerated operational improvements. The selection of Mr. Ohiwerei underscores our confidence in his leadership and the ongoing growth trajectory of the Bank. We are also glad that he becomes part of our esteemed shareholder base, bolstering the cooperation between management and shareholders that defines Coronation Merchant Bank.”
Paul Aviagam shared his thoughts on this transition:
“Leading Coronation Merchant Bank through this significant chapter has been a privilege. From enhancing our capital to establishing a world-class governance framework and modernizing our operational setup, I’ve cherished our accomplishments together as we deepen trust. I believe the bank is very well-positioned for what’s ahead, and I wish Obeahon and the team all the success in building on these solid foundations.”
Obeahon Ohiwerei brings over 30 years of diverse banking experience with a solid history of building businesses and leading successful teams across Africa’s financial landscape. His career includes significant leadership roles such as Pioneer Managing Director of UBA Ghana, Executive Director at Access Bank Plc, and Managing Director of Keystone Bank. He steps into a well-capitalized institution that has a clear strategic vision, robust governance, and aims to accelerate growth while adhering to disciplined business practices.
Commenting on his new role, Mr. Ohiwerei expressed:
“I’m thrilled to join Coronation Merchant Bank at such an exciting phase. We have a solid foundation, a capable team, and trust from our customers and shareholders. We have clear priorities: strengthening our client relationships, exploring attractive market opportunities, maximizing our expertise in advisory and capital markets, enhancing our digital capabilities, and maintaining the disciplined governance and risk management that identifies Coronation Merchant Bank.”
To further strengthen its commitment to high standards of corporate governance, the Bank has appointed Ms. Nana-Ajua Mensah and Ms. Adetola Owolabi as independent non-executive directors.
Nana-Ajua Mensah offers over 25 years of executive experience in banking and treasury services, having previously held senior roles at UBA Plc and First City Monument Bank before becoming CEO of First Trustees Nigeria Limited. Her addition enhances the Board’s expertise in governance and risk management. Ms. Adetola Owolabi also brings extensive experience, having spent 17 years at Guaranty Trust Bank and now serving as COO of Black Pelican Limited.
These appointments enhance the Board’s depth and diversity as Coronation Merchant Bank works toward its long-term goals.
As the Bank enters this next chapter, it remains dedicated to partnering with clients to realize their ambitions, upholding the disciplined governance that has built trust, and creating sustainable long-term value for shareholders while contributing to Nigeria’s economic progress.
About Coronation Merchant Bank Limited
Founded in 2015, Coronation Merchant Bank aims to provide wholesale banking to a previously underserved market. It offers corporate and investment banking, private banking/wealth management, and global markets/treasury services. The bank is Nigeria’s first and only merchant bank to receive an international risk rating (B- by Fitch), with branches in Abuja and Port Harcourt, and a headquarters in Lagos.
Coronation Merchant Bank has received various national and international accolades, including Best Investment Bank in Nigeria from several reputable organizations.
