Nigeria September 29, 2011-
Wema Bank, Nigeria’s longest surviving Indigenous financial institution, today announced the appointment of two new directors to its Board, Mr. Abubakar Lawal and Mr. Ramesh Naraindas Hatharamani. The new appointments, an indication of the bank’s continued commitment to the sustenance of good corporate governance and its transformation agenda stands to boost the bank’s existing Board Structure as they bring with them quality experience and expertise having distinguished themselves in various endeavors and have made significant contributions to the growth of the nation’s economy.
This brings to four, the number of Non-executive directors on the Bank’s Board.
In a similar development, 100 young executives within the Bank’s ranks were elevated and others appointed to key positions with oversight functions for different areas of the Bank’s operations.
Speaking on the appointments, Mr Segun Oloketuyi, Managing Director of the Bank said the appointments were part of the Bank’s short to medium term strategic plans to enable it meet the demands of modern banking whilst also positioning Wema Bank to effectively compete with other top industry players. He said the Bank will continue to make significant investments in its people, processes, Information Technology and other structures to drive its goal of becoming a foremost provider of banking services in Nigeria.
Mr Oloketuyi further stated that the transformation exercise, which started a little over two years ago, has also witnessed the voluntary resignation of a few staff across different cadre which has in avertedly also provided opportunities for the Bank’s growing dynamic younger workforce to exploit their full potentials in contributing towards the growth and success of the bank.
Established in 1945, Wema Bank, Nigeria’s most resilient and longest surviving indigenous bank is steadily repositioning itself to become a model for relationship banking in Nigeria. With the appointment of a new Management team in 2009, the Bank has witnessed a 200% increase in its profits through a strategic focus on good corporate governance, providing exceptional value and a re-visioning exercise.
Profiles of New Directors
Mr Abubakar Lawal
Mr. Lawal is a fellow of the Chartered Institute of Stockbrokers, The Chartered Institute of Bankers in Nigeria, The Institute of Directors (IOD) and a retired council member of the Nigerian Stock Exchange. Until his appointment, Mr. Abubakar Lawal was the Managing Director/CEO of GTI Capital ltd.
Mr. Ramesh Naraindas Hatharamani
A naturalised Nigerian, Mr. Hatharamani has over 40 years management experience in Nigeria and abroad, and sits on the Board of several companies. A consummate philanthropist, Mr. Hatharamani is also the Chairman of one of Nigeria’s largest conglomerates, The Dana Group.