E-Financial
Coronation Merchant Bank Strengthens Management Team with New Appointments
Coronation Merchant Bank Limited has announced the appointment of three key experienced professionals to its executive management team.
A statement from the Bank explained that the new appointees are expected to strengthen its management team and bring fresh expertise in its operations.
The Executives joining the Bank are: Mr. Arini Awotunde, who has taken up the role of Chief Financial Officer (CFO). Arini is an experienced financial expert with about two decades’ experience in diverse aspect of financial control. He is a fellow of the Chartered Institute of Bankers of Nigeria, the Institute of Chartered Accountant of Nigeria, and an associate of the Chartered Institute of Taxation of Nigeria. His area of competence also includes an advanced understanding of the International Financial Reporting Standard (IFRS), the U.S Corporate Reporting and the American Financial Accounting Standards.
Mr. Saheed Alamutu, joined the Bank as the Chief Risk Officer (CRO). Saheed has over two decades’ experience in corporate governance, risk management and compliance. He is a fellow of the Chartered Institute of Bankers in Nigeria (CIBN) and a member of Chartered Institute of Bankers in Scotland. He is also a member of the Chartered Institute for Securities, and Investment, United Kingdom (MCSI) and the Institute of Operational Risk (PIOR), also in the United Kingdom. In his previous roles, he contributed significantly to elevating risk management to a strategic enabler of organization goals.
Mr. Paul Abiagam joins the Bank as the Deputy Managing Director. Paul is an accomplished professional with over 25 years of banking experience in Nigeria and West Africa. He is a fellow of the American Institute of Chartered Management Accountants (AICPA) and the Chartered Institute of Management Accountant (CIMA United Kingdom). He is also a member of the Chartered Institute of Directors, Nigeria (CIoD) and an Honorary Senior member of the Chartered Institute of Bankers of Nigeria (HCIB). His experience spans across Corporate, Commercial & Investment Banking, Wealth/Pension Management, Project Management and Strategy, as well as International Trade, and Risk Management.
Paul has a distinguished record of accomplishment in his past leadership positions, notably as Group Head of Corporate Banking in Guaranty Trust Bank Limited, Non-Executive Director of Guaranty Trust Bank (Cote D’Ivoire) Limited and Managing Director of Guaranty Trust Pension Managers (a subsidiary of Guaranty Trust Holding Company Plc).
Commenting on the appointment, the Chairman of Coronation Merchant Bank Limited, Mr. Babatunde Folawiyo, while congratulating the new members of the management team enthused that, “with their wealth of experience, expertise, and commitment to excellence and innovation, the newly appointed executives will be reinforcing our position as a leading force in the Nigerian financial services industry.”
Also welcoming the executives, Mr. Banjo Adegbohungbe, MD/CEO of Coronation Merchant Bank Limited, stated that “the track record and deep understanding of the appointees in the financial service industry will be instrumental in driving strategic initiatives as we remain focused on delivering exceptional value to our clients.”
Titan Trust Bank has selected Oracle FSS for its core and digital banking technology, it is understood.
The start-up bank recently obtained its license by the Central Bank of Nigeria (CBN).
It’s understood that Temenos and Infosys also competed for the deal.
The shortlist came down to the two most widely installed international core systems in Nigeria, Infosys’ Finacle and Oracle FSS’s Flexcube.
The Nigerian banking sector has seen a great deal of upheaval over the years, with many mergers, start-ups and closures. Flexcube is a well respected name since the late 1990s (the pioneer was Access Bank, now one of the country’s top five banks) and has been a commonly selected platform since then.
The new bank is believed to be one of five to have gained regulatory approval of late (Globus Bank is another).
Local media sources say the new licences stem from the Central Bank’s desire to attract new investments into the sector and better serve the country’s 50 million+ unbanked and under-banked citizens.
Titan Bank is said to be headed by a former executive director of Heritage Bank (which is a Finacle user).
Oracle FSS did not respond to request for comment.
International Monetary Fund (IMF), has appointed Tony Elumelu, Nigerian billionaire and group chairman of Heirs Holdings, owners of United Bank of Africa, to its advisory council on entrepreneurship and growth, convened by Kristalina Georgieva, the fund managing director.
The announcement was disclosed in a statement on Friday.
According to the statement, the IMF advisory council comprises global business leaders, policymakers, and academics dedicated to identifying and addressing regulatory barriers to entrepreneurship.
The IMF said Elumelu will be instrumental in ensuring that Africa’s entrepreneurship is central in policy making.
“Elumelu, Africa’s leading advocate of entrepreneurship and whose Foundation has funded, mentored, and trained over 25,000 African entrepreneurs since 2015, champions entrepreneurship as the engine for the economic transformation of Africa,” the statement reads.
“A self-made entrepreneur, Elumelu’s embracing of entrepreneurship is fundamental to his concept of Africapitalism, his belief that Africa’s private sector can and must play a leading role in the continent’s development, making long-term investments that deliver social and economic value.
“Elumelu will be instrumental in ensuring that Africa’s entrepreneurial potential is central to global economic policy making.”
Speaking at the inaugural meeting of the advisory council on March 26, Georgieva said the appointees would share their experiences on how macroeconomic and financial policies “can provide a supportive environment for innovation, entrepreneurship, and productivity — key ingredients for a thriving private sector and strong economic growth”.
Africa’s Micro, Small, and Medium Enterprises, fintech industry, scaling remittances, and cross-border payments will be the driving forces behind the continent’s digital ballooning payments system, which is estimated to reach $1.5 trillion by 2030.
This is according to a MasterCard-commissioned study by Genesis Analytics, which states that the digital payments economy is growing faster on the continent.
This comes as the World Bank says Sub-Saharan Africa has shown significant growth in financial inclusion over the past decade, much of it driven by mobile money account adoption.
Dimitrios Dosis, president, Eastern Europe, Middle East and Africa at MasterCard, comments: “Africa is filled with immense possibilities, and its people have the potential to shape the global economy in the decades ahead.
“MasterCard remains deeply committed to driving digital transformation across the continent, working closely with entrepreneurs, merchants, banks, start-ups, telcos, and governments. By increasing our investments, expanding innovation, and fostering inclusion, we are helping build a more connected and accessible digital future.”
The payment technology company went on to say as a longstanding technology partner to Africa, its continues to strengthen its commitment to the continent’s digital growth through strategic investments, public-private partnerships, and innovation initiatives that drive financial health and economic growth.
In addition, it says trends in Africa signal a strong shift towards digital transactions, with businesses and consumers increasingly embracing contactless solutions, further accelerating economic participation and financial accessibility across the region.
“For over five decades, MasterCard has worked alongside African governments, businesses, and communities to advance financial inclusion and economic development.
“With Africa projected to host nine of the world’s 20 fastest-growing economies, we are focused on leveraging our expertise and a technology to support the continent’s continued digital transformation.
“Our investments today will help build a more resilient economy for the future,” says Mark Elliott, division president, Africa, MasterCard
By fostering collaboration with key stakeholders, MasterCard says it aims to enhance digital connectivity, expand economic opportunities, and enable millions of people and businesses to thrive in the digital economy.
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