LAGOS, NIGERIA – 30th December 2022 – Wema Bank PLC(Bloomberg: Wema NL) (“Wema” or “the Bank”) announces retirement of its Managing Director/CEO.

·         Managing Director/CEO Ademola Adebise to retirefrom Wema Bank Plc; with effect from March 31, 2023.

• Moruf Oseni, current Deputy Managing Director appointed asManaging Director/CEO

·         Wole Akinleye, Executive Director appointed asDeputy Managing Director and Tunde Mabawonkuappointed as Executive Director.

Wema Bank Plc. hereby announces the retirement of its Managing Director/CEO, Ademola Adebise. He will be proceedingon terminal leave from January 2nd, 2023, after over 13 years ofmeritorious service on the Board of the Bank. He will be succeededby Moruf Oseni, currently the Deputy Managing Director.

Ademola Adebise was appointed as the Managing Director/Chief Executive Officer of Wema Bank Plc in June 2018. He joined theBank in June 2009 as an Executive Director and rose to become theDeputy Managing Director in 2015. Under his leadership, heexpanded the bank’s footprints to other locations in Nigeria, he improved the performance of the Bank and spearheaded the first Dividend payment in 13 years, since then, he has ensured consistent dividend payment over the last 4 years. The Bank has grown its Total Assets by 155%, from N470 billion to over N1.2trillion. Deposits also grew by 214% from N350 billion to N1.1 trillion. He initiated the partnership with Bank of Africa to support its customers across the African continent which has increased the Bank’s market share and customer base. All theseled to an additional growth of 2 million customer accounts in Nigeriaand a market share of 3% of industry volumes. The Bank is now the leading collection bank for state and government agenciesdue to its effective and efficient platform. The Bank’s rating byagencies was upgraded to BBB investment grade.

The Bank significantly changed the digital landscape through the ALAT platform. The innovative platform also came tops in theKPMG Digital Scorecard for leading retail banks in Nigeria and thiswas based on in-depth insights into the state of user experience on retail banks’ digital channels. Furthermore, the Bank launchedthe first SME Business School for capacity building andempowerment of SMEs – this has benefitted over 20,000 smallbusinesses. The Bank also became one of the founding members of the United Nations Environmental plan for financial institutions (UNEP- FI) and continues to provide digital solutions for societalimpact.

The Chairman of the Board, Mr. Babatunde Kasali on behalf of the Board and Management expressed its profound gratitude toAdemola for his service and wish him the best in his futureendeavors.

Further, Wema Bank Plc. is pleased to announce the appointmentof Mr. Moruf Oseni as the Managing Director/CEO subject to theapproval of the Central Bank of Nigeria.

Moruf Oseni joined Wema Bank in June 2012 as an Executive Director. He has over 25 years of experience with more than 16 years at Senior and Executive Management levels. Moruf Oseni was an Executive Director for 6 years and Deputy Managing Director for the last 4 years and has demonstrated capacity to lead the Bank. He presently has responsibility for the Digital Optimization Directorate which includes – Digital, Retail, Treasury,Operations, and the Technology Divisions. Moruf is also the Executive Compliance Officer of the Bank. He supervised the launch of ALAT – Nigeria’s 1st digital Bank that has received local and global awards and multiple accolades. Before joining WemaBank, Moruf was the CEO of MG Ineso Limited, a principalinvestment and financial advisory firm. Prior to MG Ineso, Moruf was a Vice President at Renaissance Capital, and an Associate at Salomon Brothers/Citigroup Global Markets in London.

Moruf holds an MBA degree from the Institut Europeand’Administration des Affaires (INSEAD) in France, a Master’s in Finance (MiF) from the London Business School and a B.Sc. in Computer Engineering from Obafemi Awolowo University (OAU), Ile-Ife, Nigeria. He is also an alumnus of both the Advanced Management Program (AMP) of the Harvard Business School and King’s College, Lagos.

Other Board appointments include:

Wole Akinleye: Appointed as the Deputy Managing Director. Wole has over 32 years Banking experience. He presentlyoversees Corporate Banking and South West Business Directoratefor the Bank. A Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), Wole is an alumnus of the Advanced Management Program of the Harvard Business School. He obtained his first degree in Accounting from Obafemi Awolowo University in 1989 and subsequently, a master’s degree inBusiness Administration (Finance) from the same University.

Tunde Mabawonku: Appointed as Executive Director. He has over 23 years of experience and is presently the Chief Finance Officer and the Divisional Head of Finance & Corporate Services. Tunde has a master’s in finance from the London Business School and a first degree in Economics from University of Ibadan. He is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) & Chartered Institute of Taxation ofNigeria (CITN) and is an Honorary member of the CharteredInstitute of Bankers (HCIB). He has also attended several SeniorLeadership programs.

In conclusion, the Board of Directors are confident that theappointment of the Executives will lead to the continuedtransformation and growth of the Bank, particularly as the Bankpositions itself as a market leader in Nigeria’s retail bankingsegment through technology and innovation.

The appointments take effect from April 1, 2023 and are subject to the approval of the Central Bank of Nigeria and otherregulatory authorities.

By Order of the Board.

BY THE ORDER OF THE BOARD

 SIGNED