Coronation Merchant Bank appoints Abiagam as acting CEO

Coronation Merchant Bank has appointed Paul Abiagam as its acting Managing Director/CEO.

According to a recent statement, the appointment takes effect immediately, as part of a succession framework designed to ensure the ‘Bank’s continued leadership and innovation in the African financial subsector’.

“Paul Abiagam, who previously served as Deputy Managing Director of Coronation Merchant Bank, has a track record of spearheading strategic initiatives that have significantly enhanced the Bank’s financial and operational performance. His expertise spans corporate, commercial, and consumer banking, with a notable focus on strategic business development and wealth management,” the report stated.

Babatunde Folawiyo, Chairman of Coronation Merchant Bank, said, “Paul is a proven leader whose strategic acumen and extensive experience in the banking sector make him the ideal choice to steer Coronation Merchant Bank through its next phase of growth.”

“His appointment as Acting Managing Director/CEO aligns with our phased leadership transition plan, carefully executed with the cooperation of the erstwhile MD/CEO, Banjo Adegbohungbe. We have full confidence in Paul’s ability to drive our strategic goals and deliver exceptional value to our stakeholders,” he stated.

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Through his professional career, spanning over two decades, Abiagam has built a reputation for leading high-performing teams to achieve remarkable results.

His roles at recognised financial services companies involved driving significant transformations with innovative strategies, and aligning systems with corporate goals, thereby unlocking exponential profitability and growth, the report noted.

“Paul’s leadership skills are complemented by his strong analytical capabilities in finance, risk management and operations, which have been instrumental in developing cutting-edge insights that propel sustainable profits. His forward-thinking approach to international trade finance and asset management has established him as a leader within the banking industry,” it said.

Before joining Coronation Merchant Bank in 2023, Abiagam served in several senior roles locally and internationally. He was the pioneer Managing Director at Guaranty Trust Pension Managers Ltd., Non-Executive Director at Guaranty Trust Bank (Cote D’Ivoire) Ltd., and held various leadership positions at Guaranty Trust Bank Ltd., Nigeria including GM & Divisional Head, Corporate Banking Division.

An alumnus of the University of Benin (B.Sc. in Botany), Paul Abiagam also holds an MBA from the Lagos Business School and served as Sub-Chair of the institution’s Alumni Association Committee from 2018 to 2022.

In 2011, he was honoured as a Senior Member of the Chartered Institute of Bankers of Nigeria. He is a Fellow of the American Institute of Certified Public Accountants, the Chartered Institute of Management Accountants in the United Kingdom, and a member of the Chartered Institute of Directors, in Nigeria.