Coronation Merchant Bank has appointed Obeahon Ohiwerei as its new Managing Director and Chief Executive Officer following a no-objection approval from the Central Bank of Nigeria (CBN), ushering in a new phase of leadership aimed at accelerating the bank’s long-term growth strategy.
Ohiwerei succeeds Paul Abiagam, who steered the merchant bank through a period of strategic transformation. During his tenure, Abiagam strengthened the bank’s capital base, enhanced its corporate governance framework, modernized operations, and positioned the institution for sustained growth in Nigeria’s evolving financial services landscape.
With more than 30 years of banking experience, Ohiwerei brings deep expertise in corporate and institutional banking, risk management, business transformation, banking operations, and client relationship management. Throughout his career, he has built and led high-performing teams while delivering sustainable growth across Africa’s financial sector.
As part of the leadership transition, Coronation Merchant Bank also announced the appointment of Nana-Adjua Mensah and Adetola Owolabi as independent non-executive directors, a move designed to further strengthen the bank’s governance structure and strategic oversight.
According to the bank, the appointments come at a defining moment in its evolution and reinforce its commitment to disciplined growth, prudent risk management, and long-term value creation.
Board Expresses Confidence in New Leadership
Chairman of Coronation Merchant Bank, Babatunde Folawiyo, said the board is confident that Ohiwerei possesses the leadership required to guide the institution through its next phase of development.
“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 characterized Coronation Merchant Bank.”
Folawiyo noted that aligning executive leadership with shareholder interests reflects the bank’s long-standing governance philosophy and commitment to creating sustainable value.
Outgoing CEO Reflects on His Tenure
Outgoing Managing Director Paul Abiagam expressed appreciation for the opportunity to lead the institution, highlighting key milestones achieved during his tenure.
“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.”
Abiagam said his administration focused on strengthening the bank’s capital position, embedding world-class governance standards, modernizing its operating platform, and deepening client trust.
Ohiwerei Sets Out Strategic Priorities
Speaking on his appointment, Ohiwerei described the opportunity as an honour and said he is assuming leadership at a pivotal point in the bank’s growth journey.
He outlined several strategic priorities, including strengthening client relationships, expanding into attractive market opportunities, leveraging the bank’s advisory and capital markets capabilities, enhancing digital services, and maintaining the disciplined governance and risk management culture that has become synonymous with Coronation Merchant Bank.
Positioning for Sustainable Growth
The latest leadership appointments underscore Coronation Merchant Bank’s focus on sustainable growth, innovation, and strengthening its competitive position within Nigeria’s merchant banking sector.
With a seasoned banking executive at the helm and an expanded board of independent directors, the bank is positioning itself to capitalise on emerging opportunities while maintaining the governance and operational discipline expected in an increasingly competitive financial services environment.
