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Wema Bank appoints ex-Ogun deputy governor, Adesegun as executive director

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Wema Bank has appointed former Ogun State deputy governor, Olusegun Adesegun as a non-executive director amidst declining customer deposits and earnings.

In a letter dated July 23, 2021, Wema Bank said the ex-deputy governor has been appointed into its board of directors to contribute to policy decisions.

Adesegun, who was Ogun State deputy governor from 2011 to 2015, also served as the state’s Commissioner for Works and Housing.

READ ALSO: Wema Bank records N13.51bn revenue shortfall as loan restructure, moratorium bites

His appointment comes at a period Wema Bank’s earnings had declined considerably.

The lender’s gross earnings dropped from N20.57 billion in Q1 2020 to N17.96 billion in the same period of this year.

Customers’ deposits also reduced from N804.87 billion in Q1 2020 to N795.53 billion in Q1 2021.

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