Coronation Merchant Bank has appointed Banjo Adegbohungbe as the new acting managing director. The position is effective February 1, 2020.

Retirement of the current managing director and chief executive officer, Abubakar Jimoh (Abu), is effective April 30, 2020.

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Prior to his new role, Adegbohungbe joined Citibank Nigeria over 26 years ago. In 2007, he joined Access Bank PLC as deputy general manager. In June 2018, he joined Coronation Merchant bank as executive director and chief operating officer.

Work experience also includes working in global trade, corporate and investment banking, operations, treasury management, global payments, strategic planning, information technology, business process improvement, and corporate services departments.

Adegbohungbe has an MBA in Business Administration from the International Institute for Management (IMD) Switzerland and a B.Sc. in Mechanical Engineering from Obafemi Awolowo University.

Established in 2015, Coronation Merchant Bank has services in investment and corporate banking, private banking/wealth management and global markets/treasury services.

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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.

“Abu 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”.