For 80 years, Wema Bank has stood as a symbol of resilience, reinvention, and indigenous pride in Nigeria’s financial industry. What began in 1945 as a two-room enterprise, Agbonmagbe Bank, founded by Chief Matthew Adekoya Okupe, has evolved into the nation’s oldest surviving indigenous bank. Wema Bank’s leadership journey from colonial exclusion to digital disruption tells the story of bold transitions, strategic pivots, and a relentless pursuit of progress now guided by its first female Chairman, Dr. (Mrs.) Oluwayemisi Olorunshola, writes Nume Ekeghe

Birth of Indigenous Banking: 1945–1969

Founded on May 2, 1945, by Chief Matthew Adekoya Okupe, a nationalist and trader, the bank emerged as a response to the colonial exclusion of local businesses from financial services. Chief Okupe, frustrated by the discriminatory credit practices of colonial banks, established Agbonmagbe Bank to serve Nigerians—especially traders like himself—who lacked access to loans and financial inclusion.

“He was intuitive and deeply resourceful,” said Alaba Adegboyega Okupe, Chief Okupe’s eldest surviving child, in an interview with The Nation Newspaper. “He kept diaries, records, and managed staff with remarkable discipline. The bank started from a modest two-room office in Agbonmagbe Lodge and quickly grew.”

The early years saw branches opening in Ebute-Metta, Mushin, Ifo, Abeokuta, Sagamu, Ago-Iwoye, and Ijebu-Igbo, unprecedented for a wholly indigenous bank in colonial Nigeria.

Expansion, Diversification, Institutionalisation

In 1969, amid economic restructuring and capital reforms, the Western Nigeria Marketing Board converted a £200,000 deposit into equity, becoming the majority shareholder. Agbonmagbe Bank was renamed Wema Bank Limited that same year, ushering in a new phase of institutional governance.

During the oil-fueled 1970s, Wema Bank expanded into Lagos and beyond, diversifying its portfolio to include savings accounts, loans, foreign exchange, and computerized systems—uncommon in Nigerian banking at the time.

2000s:  Overcoming Financial Headwinds

By the early 2000s, Wema Bank, though still standing strong as Nigeria’s oldest indigenous bank, was grappling with systemic challenges common in the financial industry. In 2005, amidst a nationwide wave of banking consolidation driven by Central Bank reforms, Wema faced leadership transitions and governance concerns that would test its stability.

Rather than buckle under pressure, Wema Bank used the moment as a springboard for reform. With a renewed commitment to transparency and institutional integrity, the bank initiated critical internal evaluations, paving the way for a more accountable and resilient financial structure.

The Reformers: Oloketuyi, Asekun

When Segun Oloketuyi took over as Managing Director and CEO of Wema Bank in June 2009, the institution was in dire straits. The bank was burdened by over N45 billion in negative retained earnings and had been classified by regulators as a bank in grave financial condition. Investor confidence was eroding.

Oloketuyi came in with the mission to return Wema Bank to profitability and national relevance. His approach was both pragmatic and visionary. He introduced a three-phase turnaround strategy: stabilise, restructure, and scale, focusing first on strengthening internal controls, risk management, and cost discipline.

As part of the initial stabilisation phase, Oloketuyi led a voluntary downgrade from a national license to a regional banking license in 2011, a move that allowed the bank to streamline its operations and consolidate its core market in Southwest Nigeria. This strategic retreat laid the groundwork for future growth. As the Bank moved from stabilising to restructuring, 2012 saw Adeyinka Asekun, the former Nigerian Ambassador to Canada, take up the role of Chairman, Wema Bank Plc. As Oloketuyi championed the reform of Wema Bank, Asekun stood as a catalyst, setting the pace, stimulating growth and accelerating results.

By 2015, Wema Bank had regained its national banking license from the Central Bank of Nigeria (CBN), a key milestone that validated the success of the restructuring phase. That same year, the bank’s financials began showing signs of resurgence. The bank’s profit before tax (PBT) reached N1.83 billion in 2015, up from the loss positions recorded in previous years. Deposit liabilities had risen to N254.5 billion, reflecting renewed public confidence.

However, Oloketuyi’s most transformative legacy was digital innovation. In 2017, Wema Bank launched ALAT, Nigeria’s first fully digital bank. This initiative redefined how Nigerians interacted with banking. Users could open an account, request cards, and perform transactions entirely via mobile without stepping into a branch. Within its first year, ALAT onboarded over 250,000 users, processed N1.6 billion in savings, and set a new benchmark for digital banking in West Africa.

By 2018, the platform had grown to serve over 500,000 customers, contributing significantly to the bank’s digital revenue and cost-to-income ratio improvements. ALAT helped reduce operational expenses as fewer customers relied on physical branches.

Under Oloketuyi’s leadership:

• Gross earnings rose from N30.37 billion in H1 2017 to N31.93 billion in H1 2018, a 5.12 per cent increase.
• Deposit liabilities surged by 39 per cent to N354.88 billion.
• The bank’s profit before tax climbed 27.44 per cent from the previous year to N1.83 billion.
• Wema Bank’s total assets grew from N344.6 billion in 2015 to over N391.7 billion in 2016, a 13.7 per cent increase.

His tenure also marked a significant cultural shift. Internally, he invested in staff training and leadership development. Externally, he reintroduced Wema Bank as a competitive brand that could attract not only retail and Small and Medium Enterprise (SME) clients but also digital-savvy millennials.

In recognition of his role in stabilising and transforming the bank, industry analysts hailed his leadership as a benchmark for crisis management and strategic turnaround in Nigerian banking. He stepped down in July 2018, leaving behind a stronger, more agile, and future-ready bank.

With the foundation firmly laid, Wema Bank was no longer a bank fighting for survival, it had become a tech-forward, customer-first institution, poised for scalable national growth.

Ademola Adebise and Digital Expansion

Appointed Managing Director in October 2018, Mr. Ademola Adebise was not new to Wema Bank. He had served as Executive Director since 2009 and as Deputy Managing Director from 2015. With a strong background in IT and management consulting honed during his time at Accenture, Adebise’s leadership under the Chairmanship of the now retired Babatunde Kasali, marked Wema Bank’s most aggressive digital evolution. Their regime gave rise to a new era of digital transformation for Wema Bank.

During this transformative regime, Adebise expanded ALAT’s capabilities, onboarding over 1.3 million users and pioneering financial services tailored for SMEs, youth, and women. Notably, the bank became Nigeria’s most awarded digital bank, securing top rankings in the KPMG Digital Scorecard and winning the BusinessDay SME Bank of the Year 2020.

His leadership saw the bank’s assets rise from N470 billion to over N1.2 trillion. Deposits grew by 214 per cent, and the customer base surged by 2 million. Perhaps most striking was the bank’s return to dividend payment—a feat not achieved in 13 years—signaling restored investor confidence. Adebise also partnered with the Bank of Africa to extend services to Nigerian businesses across the continent. He launched the Wema SME Business School, which trained over 20,000 entrepreneurs, and advanced the Anchor Borrowers’ Scheme to support farmers and food security. Adebise’s style was empathetic and collaborative. His book, The Transformational Leader: The Journey of a Tech Bro Turned Bank CEO, chronicles his journey, emphasising innovation, leadership, and nation-building.

Oseni and New Era of Digital Governance

When Moruf Oseni was appointed Managing Director and CEO of Wema Bank in April 2023, he brought over 25 years of experience and a deep understanding of the bank’s transformative journey. Having joined Wema Bank in 2012 as an Executive Director and later serving as Deputy Managing Director for four years, Oseni had been a key player in shaping the bank’s digital infrastructure and strategic operations.

Armed with an MBA from INSEAD, a Master’s in Finance from the London Business School, and a degree in Computer Engineering from Obafemi Awolowo University, Oseni represents a rare blend of technical acumen, financial foresight, and leadership excellence. His appointment came at a time when Wema Bank had laid solid digital foundations and was ripe for rapid scale and innovation. Under Oseni’s leadership, Wema Bank has reinforced its identity as Nigeria’s most resilient and innovative indigenous bank. His primary focus has been digital optimization, operational efficiency, and broadening financial inclusion, especially through tech-driven platforms.

Building on the success of ALAT, Oseni introduced CoopHub, a first-of-its-kind digital banking platform for cooperative societies. The solution provides end-to-end automation for cooperatives, from account opening to loans and savings management, offering financial services to underserved communities. The platform also reduces financial mismanagement and introduces transparency through automation, digital ledgers, and real-time reporting. Beyond its technology, CoopHub is a social impact initiative. By improving financial literacy and providing easier access to credit, the platform supports smallholder farmers, market women, artisans, and gig workers, groups typically excluded from formal banking.  Oseni has also announced plans to integrate micro-insurance and investment products within CoopHub, offering members more robust financial tools to grow their communities. Oseni’s impact is also Financially measurable. In Wema Bank’s FY 2024 unaudited results, the bank reported:

• Robust Revenue Growth:
  • Gross earnings soared by +89.61 per cent, reaching N430.26 billion, a testament to diversified income sources and stronger market engagement.
  • Interest income rose by +89.52 per cent to N351.83 billion, driven largely by increased lending activity and returns from investment securities.
• Enhanced Non-Interest Income:
  • Non-interest income grew by +89.94 per cent to N78.43 billion, supported by improved fee-based services, commissions, and foreign exchange revaluation gains.
• Digital Banking Excellence:
  • Revenue from digital banking nearly doubled, rising by +91.97 per cent from N7.35 billion in FY 2023 to N14.11 billion, reflecting the success of digital transformation initiatives and customer adoption.
• Stronger Balance Sheet Position:
  • Total assets climbed to a remarkable N3.62 trillion, underscoring the bank’s scale and stability.
  • Customer deposits grew substantially to N2.79 trillion, highlighting increased trust and an expanded retail footprint.
  • Loans and advances rose to N1.20 trillion, showcasing improved credit disbursement and risk management strategies.
• Profitability and Market Confidence:
  • Profit before tax stood at N60.62 billion, affirming the bank’s operational efficiency.
  • Profit after tax closed at N52.74 billion, reflecting solid bottom-line growth.
  • Market capitalisation reached N238.95 billion, reinforcing investor trust and market performance.
  • Share price appreciated to N8.00, a strong indicator of investor confidence and market momentum or confidence

These figures reflect a bank that is not only financially healthy but is also experiencing its most profitable run in decades. Beyond financial metrics, Oseni has placed a premium on ESG (Environmental, Social, and Governance) principles. Wema Bank, under his stewardship, has deepened its role as a founding signatory of the UN Principles for Responsible Banking, with commitments aligned to the Sustainable Development Goals and the Paris Climate Agreement. Internally, this has translated to more responsible lending, investment in green technologies, and gender-inclusive policies like the SARA by Wema initiative, which supports female entrepreneurs and professionals.

In the words of industry observers, Oseni is not just managing a bank, he is engineering a movement. By merging innovation with inclusion and performance with purpose, he is reshaping the future of indigenous banking in Nigeria. His leadership signals a new era for Wema Bank, one where tradition meets transformation, and legacy fuels the leap into the future.

Also, Wema Bank Plc has lived up to its promise of an improved return on investment for shareholders with the declaration of a One Naira (N1) dividend per share for its 2024 financial year, a 104 per cent increase over the previous year’s to be approved by the shareholders during the 2024 Annual General Meeting (AGM).  The management of Wema Bank had paid shareholders N0.49 dividend in 2023 financial year and in 2022 and 2021, shareholders took home N0.29 and N0.23 dividends, respectively.

 By the Bank’s 2024 financial performance, submitted to the Nigerian Exchange Limited (NGX), as part of the Post Listing Requirements for quoted companies, the N1 dividend for the 2024 financial year amounts to a 20.69per cent payout ratio. 

Commenting on the N1.00 dividend declared for 2024 financial year, the National Chairman of Progressive Shareholders Association, Mr. Boniface Okezie, said Wema Bank had kept to its promise of good returns to the shareholders, which is highly commendable.  He added that “the progressive dividend payout is a strategic statement and an excellent reflection of the sound management and capability and good standing of the bank in the market.”

 Okezie described the proposed dividend as generous and a motivator for the existing shareholders of the Bank, urging them to use the dividend to take up their Right Issue fully when the bank capital raise opens. 

 According to him, the Bank got it right with its repositioning and operational re-engineering, which has placed it on the path of sustained profitability and growth. ” The current development in the bank is a win-win situation for all the stakeholders,” he noted.

Oluwayemisi Olorunshola at the Helm

In a landmark appointment, Dr. Mrs. Oluwayemisi Olorunshola became Chairman of the Board in 2024, succeeding Mr. Babatunde Kasali. With decades of experience in business management and supply chain, Olorunshola brings a unique mix of corporate governance, community development, and strategic foresight.

She is not only the first woman to occupy the role in the bank’s history but also a symbol of Wema Bank’s commitment to inclusive leadership. A scholar, educator, and community advocate, she has served on numerous boards and contributed to gender empowerment initiatives, including SARA by Wema, a platform designed to support women-led businesses.

Her leadership signals continuity and progress, building on the digital and financial foundations laid by her predecessors while pushing forward the bank’s social impact goals.

80 Years of Vision, Resilience, Reinvention

From its humble birth in Ebute Metta to its current position as a digital pioneer with over N1.2 trillion in assets and more than 140 branches, Wema Bank’s 80-year journey is a masterclass in resilience and reinvention. Each leadership phase, marked by visionaries like Chief Okupe, technocrats like Oloketuyi, digital disruptors like Adebise, and inclusive strategists like Dr. Olorunshola, has added a new layer to the bank’s legacy.

As Wema Bank enters its next chapter, it continues to champion responsive banking, meeting the needs of every generation, from colonial-era traders to digital-native entrepreneurs. With ALAT, CoopHub, SME empowerment programs, and national expansions, Wema Bank is not just Nigeria’s oldest indigenous bank. It is Nigeria’s leading innovative bank and more than ever, Africa’s most forward-looking.

QUOTES

“By the early 2000s, Wema Bank, though still standing strong as Nigeria’s oldest indigenous bank, was grappling with systemic challenges common in the financial industry. In 2005, amidst a nationwide wave of banking consolidation driven by Central Bank reforms, Wema faced leadership transitions and governance concerns that would test its stability. Rather than buckle under pressure, Wema Bank used the moment as a springboard for reform. With a renewed commitment to transparency and institutional integrity, the bank initiated critical internal evaluations, paving the way for a more accountable and resilient financial structure.”

“Building on the success of ALAT, Oseni introduced CoopHub, a first-of-its-kind digital banking platform for cooperative societies. The solution provides end-to-end automation for cooperatives, from account opening to loans and savings management, offering financial services to underserved communities. The platform also reduces financial mismanagement and introduces transparency through automation, digital ledgers, and real-time reporting. Beyond its technology, CoopHub is a social impact initiative.”