Coronation Merchant Bank holds virtual AGM, appoints substantive MD

Coronation Merchant Bank Limited held its 5th Annual General Meeting (AGM) on Tuesday, April 14, 2020. 

The meeting, which took place at the Bank’s head office, was held in strict compliance with social distancing rules and the directives of the Federal and Lagos State Governments. Only nine persons attended physically, while others participated via video conference.

The Bank’s audited figures presented showed a 14% increase in Profit After Tax from N4.484 billion in 2018 to N5.097 billion. Total Assets grew by 14% from N222.78 billion in 2018 to N253.35 billion. Cost of risk remained at a healthy level of 0.05% while the Bank sustained its zero Non-Performing Loan ratio indicative of strong risk management practices and good quality of risk assets.

The shareholders were informed that the Central Bank of Nigeria recently approved the appointment of Mr. Banjo Adegbohungbe as the substantive Managing Director/CEO following the retirement of Mr. Abubakar Jimoh, who led the leadership team of the Bank from inception in 2015 until recently when he commenced his terminal leave. 

Commenting on the appointment of Mr. Adegbohungbe as MD/CEO, the Acting Chairman noted that, “The seamless transition in the Bank’s leadership is a result of deliberate succession planning by the Board, in line with its commitment to strong corporate governance standards. In the past 20 months, Banjo has distinguished himself in service to the organization 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”.

He further stated that: “The outgoing Managing Director, Mr Abubakar 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 service to the Bank and for the strong values he instituted in the organization.

The outgoing Managing Director/CEO, Mr. Abubakar Jimoh acknowledged the wise counsel and professional guidance that he and his leadership team enjoyed from the Board of Directors and other key stakeholders that contributed to the Coronation MB success story. He also congratulated the in-coming MD/CEO for his well-deserved appointment and appealed to the Board members and all stakeholders to accord him a higher level of support that will propel him to greater success.