Coronation Merchant Bank Gets New Managing Director

The Board of Directors of Coronation Merchant Bank Limited has announced the appointment of Banjo Adegbohungbe as the bank’s Acting Managing Director.

The appointment took effect from February 1, following the Central Bank of Nigeria’s approval. Adegbohungbe succeeds Abubakar Jimoh, who has retired.

Coronation Merchant Bank Chairman, Babatunde Folawiyo, said: “The seamless transition is a result of deliberate succession planning by the Board in line with the bank’s commitment to strong corporate governance standards.

In the past 18 months, Banjo has distinguished himself in service to the organisation and contributed immensely to the overall growth of the bank. We are confident that his appointment will further strengthen and position the Bank for improved performance.”

Adegbohungbe started his career at Citibank Nigeria over 26 years ago. He joined Access Bank PLC in March 2007 as Deputy General Manager and in June 2018, joined Coronation Merchant Bank as Executive Director/Chief Operating Officer.

On the outgoing Managing Director, Folawiyo noted: “Jimoh gave himself to the growth of the bank, having led a team that turned around a nearly-extinct Associated Discount House Limited and converted it to an “A+ rated” merchant bank in Nigeria within five years of its existence. We will always be grateful to Abu for his years of selfless service to the bank and for the strong values he instituted in the organisation.”