Wema Bank strengthens leadership with key executive appointments

Oluwatosin Racheal Alabi -
  • Wema Bank appointed Oluwole Ajimisinmi as deputy managing director, effective Dec. 1, 2024.
  • Olukayode Bakare joins the board as executive director, bringing over 32 years of expertise in treasury and finance.
  • The board affirmed its confidence in the new executives to drive growth and strengthen stakeholder value.

Wema Bank, a leading Nigerian financial institution partly owned by gambling magnate Kessington Adebutu, has announced significant changes to its executive team. The bank has named Oluwole Ajimisinmi as deputy managing director (DMD) and Olukayode Bakare as executive director (ED). These appointments underline Wema Bank’s commitment to reinforcing its leadership as it continues delivering value to stakeholders.

Ajimisinmi named deputy managing director

Oluwole Ajimisinmi will succeed Oluwole Akinleye, who is retiring after a decade of distinguished service on Wema Bank’s board. Ajimisinmi’s appointment as DMD takes effect on December 1, 2024.

Ajimisinmi has been with Wema Bank for over 15 years and has built extensive expertise in banking and corporate governance. Prior to this role, he served as Executive Director responsible for the Lagos Business Directorate and the Remedial/Recovery Department. He joined the bank in 2009 as Company Secretary/Legal Adviser and was appointed to the board in 2020.

A graduate of Law from the University of Jos, Ajimisinmi also holds a B.L. from the Nigerian Law School and is an alumnus of Harvard Business School’s General Management Program. His skill set spans strategic planning, product development, and portfolio management.

Commenting on his appointment, the bank stated:
"Oluwole’s experience and capabilities make him an ideal fit to drive our strategic growth and deepen our commitment to stakeholders."

Bakare appointed as executive director

Olukayode Bakare has been named an Executive Director to fill the role vacated by Ajimisinmi. Bakare, a treasury and finance expert with over 32 years of combined academic and professional experience, brings a wealth of knowledge to the position.

Previously, Bakare served as Divisional Executive overseeing Treasury, Wholesale Funding, and Global Trade Business. He holds a degree in Economics from Ogun State University and an MSc in Economics from the University of Ibadan. Bakare also earned an ACI Dealing Certificate with Distinction from the Financial Markets Association in Paris, France.

Wema Bank expressed confidence in Bakare’s leadership:
"With Olukayode’s deep expertise in treasury operations and his strong leadership capabilities, we are well-positioned to sustain our momentum in delivering exceptional financial services."

Capital-raising initiative supports strategic goals

These leadership appointments come as Wema Bank continues to execute its strategic capital-raising plan. The bank recently completed the first phase of this initiative, securing $26.3 million to meet the Central Bank of Nigeria’s (CBN) capital requirements by March 2026.

Wema Bank’s enhanced leadership team is expected to play a critical role in driving growth and innovation, reinforcing its position as a leading provider of financial services in Nigeria.