For 80 years, Wema Bank has stood as a shining example of resilience, innovation, and indigenous pride in Nigeria’s financial landscape. What began in 1945 as Agbonmagbe Bank, a humble two-room operation founded by Chief Matthew Adekoya Okupe, has transformed into Nigeria’s oldest surviving indigenous bank and one of its most technologically advanced institutions. With Dr. (Mrs.) Oluwayemisi Olorunshola now leading as the first female Chairman, Wema’s journey is a powerful tale of visionary leadership, digital evolution, and national relevance.
1945–1969: Indigenous Banking is Born
Wema’s origins are rooted in the determination of Chief Matthew Adekoya Okupe, a nationalist and businessman who refused to accept the financial exclusion imposed by colonial-era banks. In response to these discriminatory practices, he established Agbonmagbe Bank on May 2, 1945, to provide financial access to Nigerian traders and local businesses.
With remarkable discipline and foresight, Okupe laid strong foundations—opening branches in Ebute-Metta, Mushin, Ifo, Abeokuta, Sagamu, Ago-Iwoye, and Ijebu-Igbo. This growth was unprecedented for an indigenous bank at the time and became a defining chapter in Nigeria’s financial independence.
1969–1980s: A Strategic Shift and Institutional Growth
In 1969, following major economic reforms, the Western Nigeria Marketing Board converted a £200,000 deposit into equity, becoming the bank’s majority shareholder. This transition led to the rebranding of Agbonmagbe Bank as Wema Bank Limited, marking a new era of institutional governance.
Wema expanded rapidly in the 1970s, entering Lagos and other urban markets. It diversified into foreign exchange, savings, and computerized banking—innovations rare in Nigeria at the time.
2000s: Reform Amidst Financial Turbulence
By the early 2000s, Wema Bank was facing significant challenges amid nationwide banking consolidations. In 2005, as regulatory reforms reshaped the sector, Wema confronted governance issues and financial strain. Yet, rather than crumble, the bank used this period as a catalyst for self-examination and renewal.
This marked the beginning of a transformative reform era driven by strategic leadership.
2009–2018: Oloketuyi and Asekun Drive a Turnaround
Appointed as CEO in 2009, Segun Oloketuyi inherited a bank in distress—negative earnings exceeding N45 billion and a crisis of confidence. Undeterred, he implemented a bold three-phase strategy: stabilise, restructure, and scale. His decision to temporarily downgrade to a regional banking license in 2011 allowed the bank to refocus and consolidate in the Southwest region.
Alongside Adeyinka Asekun, who became Chairman in 2012, the duo led Wema back to profitability. By 2015, the bank regained its national banking license and recorded a profit before tax of N1.83 billion, with deposit liabilities rising to N254.5 billion.
Oloketuyi’s greatest legacy, however, was digital transformation. In 2017, Wema launched ALAT, Nigeria’s first fully digital bank, allowing users to open accounts, transact, and manage finances entirely via mobile. Within its first year, ALAT onboarded over 250,000 users and handled N1.6 billion in savings.
By 2018:
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Customer base exceeded 500,000 on ALAT.
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Deposit liabilities rose to N354.88 billion.
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Gross earnings increased to N31.93 billion.
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Profit before tax surged by 27.44%.
Internally, a culture of continuous learning and digital readiness was embedded, making Wema Bank a forward-thinking, millennial-friendly institution.
2018–2023: Adebise Expands the Digital Frontier
Ademola Adebise, a seasoned IT and management professional, became Managing Director in 2018. With deep experience in digital transformation and operational strategy, he led Wema’s most aggressive expansion phase, both in reach and innovation.
Under his leadership:
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ALAT onboarded 1.3 million+ users.
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Assets jumped from N470 billion to over N1.2 trillion.
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Deposits grew by 214%, and customer base increased by 2 million.
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Wema returned to dividend payments for the first time in 13 years.
Notably, he launched initiatives like:
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Wema SME Business School (training 20,000+ entrepreneurs).
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Partnerships with Bank of Africa for continental reach.
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SARA by Wema, empowering women-led businesses.
His leadership style, collaborative and empathetic, ushered in an era of digital-first banking, national recognition, and restored investor confidence.
2023–Present: Oseni Ushers in the Era of Digital Governance
Appointed in 2023, Moruf Oseni brought a rich blend of tech expertise and financial acumen. Having served in key roles since 2012, he understood the bank’s DNA and its digital evolution.
With a strong academic background and years of strategy execution, Oseni launched CoopHub, a unique digital platform serving cooperative societies with end-to-end automation. This initiative offers access to credit, savings, and real-time financial management for underserved populations—market women, farmers, and gig workers.
Under Oseni’s leadership in FY 2024:
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Gross earnings soared by 89.61% to N430.26 billion.
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Interest income rose by 89.52%, reaching N351.83 billion.
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Digital banking revenue nearly doubled to N14.11 billion.
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Total assets reached N3.62 trillion.
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Customer deposits hit N2.79 trillion.
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Profit after tax closed at N52.74 billion.
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Share price rose to N8.00.
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Market cap reached N238.95 billion.
Wema Bank’s commitment to ESG has also deepened—aligning with UN principles, supporting green finance, and promoting gender inclusivity.
2024: Olorunshola’s Trailblazing Chairmanship
In a groundbreaking appointment, Dr. Mrs. Oluwayemisi Olorunshola became Wema Bank’s first female Chairman in 2024. A seasoned expert in corporate governance and supply chain management, she brings a fresh blend of experience and vision.
Her appointment underscores the bank’s evolving culture of inclusive leadership. Her continued support for initiatives like SARA by Wema reinforces the bank’s role in empowering communities and women entrepreneurs.
A Legacy of Vision, Innovation, and Indigenous Pride
From its early days in Ebute-Metta to its current standing as Nigeria’s most innovative indigenous bank, Wema Bank’s 80-year journey is a testament to resilience and reinvention.
Led by visionaries like Okupe, digital disruptors like Adebise, and purpose-driven strategists like Oseni and Olorunshola, Wema Bank has consistently transformed to meet the needs of each generation.
With over 140 branches, groundbreaking platforms like ALAT and CoopHub, and a renewed commitment to inclusive and sustainable banking, Wema Bank stands not just as a survivor—but as a trailblazer.
