How we saved Wema Bank from becoming moribund- Ex- MD, Adebise
CHIGOZIE AMADI
The former Managing Director/CEO of Wema Bank Plc, Mr. Ademola Adebise has disclosed that the management of the financial institution embarked on drastic reforms to save the bank from going into extinction.
Adebise emphasized that the bank faced significant challenges, including a weak capital base of just ₦2.8 million, poor public perception, weak management, liquidity issues, an absence of technology, and bureaucratic inefficiencies.
He noted that, to address the challenges, the bank implemented several strategic measures such as the introduction of comprehensive on-the-job training programs for staff, recruitment of highly qualified professionals, investment in cutting-edge technology, and strengthening customer engagement through the media.
He spoke on Friday, at the second reunion of Ex-Colleagues, who are former staff of Wema Bank tagged “Oluyole 2025” held at the Jogor Event Centre, Ibadan.
According to him, staff welfare was made a priority, ensuring that the people remained at the heart of the transformation.
He said these efforts were instrumental in laying the foundation for the remarkable progress that the bank has made overtime.
“Over the years, we have seen the evolution of banking from the traditional brick-and-mortar model to the digital age, where customers demand seamless and real-time transactions. The resilience of Wema Bank has been tested on numerous occasions, from economic downturns to regulatory reforms, yet through it all, the bank has continued to innovate, adapt, and thrive.
“This spirit of adaptability has been ingrained in our DNA, and it is one of the reasons why we are here celebrating 80 years of success.
“Some of the Key defining milestones along the way are: impact of the structural adjustment program in 1985 and the devaluation of the Naira, listing on the stock exchange in 1991 to access more capital, business process reengineering and transformation program of the mid 90s, leadership transition challenges of the late 90s and early 2000, response to the CBN recapitalization program in 2004 and subsequent acquisition of National Bank in 2006 (Soludo era), Ownership and board crisis that led to the takeover of the bank by CBN in 2008 and subsequent handover to new investors and management, response to the global financial crisis and economic recession of 2008, and recapitalization and transformation of the bank between 2009 and 2015, ongoing response to the new recapitalization policy of the CBN.”
Adebise who prides Wema Bank as a leader in digital innovation within the Nigerian banking landscape, maintained that, the launch of ALAT, Africa’s first fully digital bank, in 2017, marked a turning point not only for Wema Bank but for the entire industry.
“ALAT revolutionized the way banking is conducted, offering a seamless, customercentric experience that aligns with global trends in digital finance.
“Despite economic challenges, Wema Bank recorded a Profit Before Tax (PBT) of N102.5 billion in 2024, with customer deposits rising to N2.5 trillion and total assets closing at N3.6 trillion. Shareholders’ funds stood at N256.5 billion”, Adebise stated.
Acknowledging the harsh economic realities facing retirees and former staff, Adebise called for a deeper, more structured alumni engagement.
“There is of immense value within this network of former staff — individuals with decades of experience, regional understanding, and deep-rooted relationships”.
“Rather than allow this wealth of knowledge to lie dormant, we must harness it through purposeful engagement”, he said.
He proposed initiatives such as establishing a welfare foundation, creating cooperative investment schemes, and forming an alumni council to collaborate with Wema Bank’s CSR team on community development projects.
“As we look to the future, it is imperative that we remain resolute in delivering value to our stakeholders,” Adebise emphasized, stressing that success must now be measured by societal impact and inclusivity.
The former Wema Bank Managing Director/CEO advised the ex-colleagues to prioritize health, reconnect with family, continue learning, and let go of past grievances.
“Let go of the past so it does not hold you back from enjoying the present. We served with honor. What matters now is our peace, not old battles”, he urged.
Earlier, in his welcome address, Chairman of the Reunion Planning Committee, Prince Wale Adedapo congratulated Wema Bank on reaching its 80th milestone, describing the achievement as “a testament to the bank’s resilience, innovation, and adaptability over eight decades”.
He stressed that the reunion provided an opportunity for both celebration and introspection.
“Our gathering here today is not only a moment to celebrate but also a moment to recommit ourselves to the ideals that built Wema Bank into the institution it is today,” Adedapo said.
The event, tagged “Oluyole 2025,” was filled with nostalgia, camaraderie, and strategic discussions aimed at securing the bank’s future and preserving its legacy.
