The Group Managing Director/CEO of Wema Bank, Mr Moruf Oseni, accompanied by other members of his Management team on Wednesday, August 23, 2023, paid a business visit to the Group Headquarters of Odu’a Investment Co. Ltd., Cocoa House, Ibadan. The Wema Bank team was received by the Group Managing Director/CEO, of Odu’a Investment Company, Mr Adewale Raji and his team.
Mr. Oseni in his address said that the visit was to show respect and regard to the Odu’a Group and to seek better collaboration between the two organisations noting that with the support of the Odu’a Group and the 6 Executive Governors of the South Western States, Wema bank will move forward to becoming the bank among other banks.
He said that the aspiration of the board and management is to scale the bank from where it is presently to becoming a more systemically important bank to be reckoned with. To achieve this, Mr Oseni emphasised the need to shore the bank’s capital base up with an additional 40 billion so as to be better capitalised and well positioned ahead of a potential capital increase by the CBN.
He mentioned that the bank will strive to put its customers first and meet all their needs whether through local banking or through ALAT, the digital banking system saying that Wema Bank will continue to work towards the goal of becoming a Nigerian dominant digital banking platform.
“The Bank will continue to seek to improve its position in the industry by implementing a digital-first banking strategy design to strengthen the push towards becoming a leading digital banking in Nigeria” He added.
In his response, Odu’a Group Managing Director, Mr Raji thanked Wema Bank’s GMD and his team for the visit and acknowledged the relationship between Oduá and Wema Bank, noting that there is room for more engagement with Wema Bank within the Group and its subsidiaries. He made mention of the board of Oduá which is made up of distinguished business personalities who are set to deliver on the shareholders’ mandate “to be the engine room for the economic development of the South West”
He said that Oduá would continue to make forays into new and profitable ventures that will not only give returns to its shareholders but create employment opportunities for the young and teeming population.
Mr Raji shared some of the recent strides of success of the company including the creation of a South West Innovation & Technology (SWIT) company to drive investment in ICT & Digital Economy and the successful bid for BITA Marginal Oil Field in the Oil and Gas sector.
The GMD also mentioned the ongoing Premier Hotel Redevelopment from an 87-room hotel to a 154-room five-star hotel equipped with world-class facilities and services. He noted that the redevelopment Project is to be delivered by the first quarter of 2025
The Wema Bank team on the visit included Mr Wole Akinleye, Deputy Managing Director, Mr Tunde Mabawonku, ED Retail Digital, Mr Sylvanus Eneche, Chief Risk Officer, Mr Olaitan Sunday, RE, South West, Mr Johnson Lebile, LA/CS and Mrs EniolaOyedele, Zonal Manager Ibadan 1.
Accompanied by GMD to receive the Wema Bank team were the Group Chief Financial Officer, Mr Abdulrahman Yinusa, Group Financial Controller Mr Abiodun Bamiduro, Group Head of transformation and strategy, Mr Olukayode Olutimayin, Company Secretary/Head of Legal, Mrs Abiola Ajayi, Head of Equity, Mr Olusola Ojeniyi, Commercial Manager, Mr Ade Ajayi and Head Branding & Communication, Mr Victor Ayetoro.