Coronation Merchant Bank Appoints New CEO

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), marking a new chapter in the lender’s leadership and growth strategy.

Ohiwerei succeeds Paul Abiagam, who led the bank through a period of strategic transformation, strengthening its capital base, governance framework, and operational capabilities while positioning the institution for its next phase of growth.

With more than three decades of experience in the banking industry, Ohiwerei brings extensive 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 driving sustainable growth across Africa’s financial services sector.

Alongside the leadership transition, Coronation Merchant Bank also announced the appointment of Nana-Adjua Mensah and Adetola Owolabi as Independent Non-Executive Directors, further strengthening the bank’s corporate governance 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.

Commenting on the appointment, Chairman of Coronation Merchant Bank, Babatunde Folawiyo, said the board is confident in Ohiwerei’s ability to lead the institution into its next phase of development.

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“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 characterised Coronation Merchant Bank,” Folawiyo said.

Outgoing Managing Director Paul Abiagam expressed gratitude for the opportunity to lead the bank, highlighting key achievements during his tenure, including strengthening the bank’s capital position, embedding world-class governance structures, modernising its operating platform, and deepening client trust.

“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.

Speaking on his appointment, Ohiwerei said he was honoured to assume leadership at a pivotal stage in the bank’s growth journey.

He outlined priorities that include deepening client relationships, expanding into attractive market opportunities, leveraging the bank’s strengths in advisory and capital markets, enhancing digital capabilities and service delivery, and maintaining the disciplined governance and risk management practices that have become hallmarks of Coronation Merchant Bank.

The leadership appointments underscore the bank’s focus on sustainable growth, innovation, and strengthening its position within Nigeria’s competitive merchant banking sector.