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When Queen Elizabeth II died Thursday afternoon, the crown was immediately passed on to her eldest son and heir, Charles, as part of the United Kingdom’s constitutional monarchy system.

 

Charles is now king, Buckingham Palace said in a statement announcing Elizabeth’s death, though a coronation—traditionally held at Westminster Abbey—will be planned later to officially crown the new king (Charles’ wife, Camilla, is now the queen consort, according to the palace).

 

First in line to the throne is now Charles’ eldest son Prince William, who regularly makes public appearances on behalf of the crown along with his wife Kate.

 

Second in line is William’s 9-year-old son Prince George, who is an elementary school student beginning to take part in more engagements with his parents, having made his debut at the Wimbledon finals this year, a royal tradition (after George, next in the line of succession are his two young siblings, Princess Charlotte, age 7, and Prince Louis, age 4.)

 

Prince William’s 37-year-old younger brother Prince Harry—Charles and Princess Diana’s second son—is now fifth in line after William’s children

 

NEWS PEG

Elizabeth died Thursday at Balmoral Castle, her privately-owned residence in Scotland, after Buckingham Palace announced earlier in the day that she had been placed under medical supervision by her doctors out of concern for her health. Senior members of the royal family, including William, Andrew and Elizabeth’s third son Edward and his wife Sophie were photographed arriving in Scotland to be with the queen. The news comes after 96-year-old Elizabeth suffered from health issues over the past year.

 

KEY BACKGROUND

While the sovereign of the United Kingdom is the official head of state, they no longer play a political or executive role in the British government. Instead, kings and queens undertake constitutional and representational duties year-round with support from their immediate family, according to Buckingham Palace. Charles has stepped up to take over some of his mother’s royal duties over the past few years. Earlier this year, Elizabeth indicated she would like Charles’ second wife, Camilla, to become queen consort rather than princess consort—a move widely seen as Elizabeth’s

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Business

Last Set of Winners Emerge in Season 2 of Wema Bank’s 5for5 final Promo Draw

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Winners have emerged in the ground-breaking final live draw of the 5for5 promo event held in Lagos on January 20, 2023. This event featured mouth-watering cash prizes of N10,000, N100,000, and the star prize of N1,000,000, which 2 lucky customers won.

 

Abubakar Bisoye Bisi of Broad Street Branch, Lagos and Toyeeb Hussain of Ondo Branch emerged the two lucky winners of N1 million each. 55 other customers won N10,000 each, while another 20 others won N100,000 each in electronic draws conducted at the bank’s Head Office.

 

Season 1 of the promo began in 2021 as part of activities to reward its customers and encourage a healthy savings culture. This second edition closed the curtains on the second season of the 5for5 promo with an impeccable event line-up, social networking, and entertainment, which created a memorable experience for participants that participated physically in Lagos and virtually on Instagram Live on @alat_ng.

 

Speaking to pressmen during the event, The Chief Finance and Strategy Officer, Tunde Mabawonku, in his closing remarks, emphasized the uniqueness of the 5for5 promo grand finale, stating that it was designed to give a personalized feel to the event. “One of the highlights of the event is to remind our customers that the bank and all of the activities we host are designed to help them navigate the various financial services we offer and make their experiences the best in the history of the Nigerian banking industry,” he stated. “This is our way of thanking and rewarding customers for their loyalty.

 

Speaking further, he said, “This season’s grand finale has been a success, and it is already generating considerable interest in the banking industry and among shareholders.”

 

The Divisional Head, Retail Banking, Mr. Dotun Ifebogun, said the promo is a way of promoting the savings culture among customers as well as encouraging the use of the bank’s alternate digital channels.

 

He explained that participating customers needed to do five transactions using the alternate channels as qualification criterion.

 

During the cheque presentation ceremony, the newly appointed Managing Director, Moruf Oseni, expressed his unwavering faith in the promo event and its enormous impact on the banking community. In addition, he praised the efforts of the organizing committee, the able knights, and every other participant in the event’s success.

 

The stakeholders of the Nigerian banking behemoth Wema Bank praised the bank’s management and board for their shrewd leadership and customer-centric values, which contributed to the success of the second season of the promotion.

 

Wema bank pledges to return with a bigger and better third season of the 5for5 promo and urges customers to keep an eye out for this upcoming event and many other opportunities to improve their lives.

 

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WEMA Bank MD, Adebise Drops Baton for Deputy, *Oseni* After 13 Yearsome

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Wema Bank Plc has announced the retirement of its Managing Director/CEO, *Ademola* *Adebise* . He will be proceeding on terminal leave from January 2nd, 2023, after over 13 years of meritorious service on the Board of the Bank. He will be succeeded by *Moruf* *Oseni* , currently the Deputy Managing Director.

 

Ademola Adebise was appointed as the Managing Director/Chief Executive Officer of Wema Bank Plc in June 2018. He joined the Bank in June 2009 as an Executive Director and rose to become the Deputy Managing Director in 2015.

Under his leadership, he expanded the bank’s footprints to other locations in Nigeria, he improved the performance of the Bank and spearheaded the first Dividend payment in 13 years, since then, he has ensured consistent dividend payment over the last 4 years. The Bank has grown its Total Assets by 155%, from N470 billion to over N1.2trillion. Deposits also grew by 214% from N350 billion to N1.1 trillion.

 

He initiated the partnership with Bank of Africa to support its customers across the African continent which has increased the Bank’s market share and customer base.

 

All these led to an additional growth of 2 million customer accounts in Nigeria and a market share of 3% of industry volumes. The Bank is now the leading collection bank for state and government agencies due to its effective and efficient platform. The Bank’s rating by agencies was upgraded to BBB investment grade.

 

The Bank significantly changed the digital landscape through the ALAT platform. The innovative platform also came tops in the KPMG Digital Scorecard for leading retail banks in Nigeria and this was based on in-depth insights into the state of user experience on retail banks’ digital channels. Furthermore, the Bank launched the first SME Business School for capacity building and empowerment of SMEs – this has benefitted over 20,000 small businesses.

 

The Bank also became one of the founding members of the United Nations Environmental plan for financial institutions (UNEP- FI) and continues to provide digital solutions for societal impact.

 

The Chairman of the Board, Mr. Babatunde Kasali on behalf of the Board and Management expressed its profound gratitude to Ademola for his service and wish him the best in his future endeavors.

 

Further, Wema Bank Plc. is pleased to announce the appointment of Mr. Moruf Oseni as the Managing Director/CEO subject to the approval of the Central Bank of Nigeria.

 

Moruf Oseni

 

Moruf Oseni joined Wema Bank in June 2012 as an Executive Director. He has over 25 years of experience with more than 16 years at Senior and Executive Management levels. Moruf Oseni was an Executive Director for 6 years and Deputy Managing Director for the last 4 years and has demonstrated capacity to lead the Bank. He presently has responsibility for the Digital Optimization Directorate which includes – Digital, Retail, Treasury, Operations, and the Technology Divisions. Moruf is also the Executive Compliance Officer of the Bank.

 

He supervised the launch of ALAT – Nigeria’s 1st digital Bank that has received local and global awards and multiple accolades. Before joining Wema Bank, Moruf was the CEO of MG Ineso Limited, a principal investment and financial advisory firm. Prior to MG Ineso, Moruf was a Vice President at Renaissance Capital, and an Associate at Salomon Brothers/Citigroup Global Markets in London.

 

Moruf holds an MBA degree from the Institut European d’Administration des Affaires (INSEAD) in France, a Master’s in Finance (MiF) from the London Business School and a B.Sc. in Computer Engineering from Obafemi Awolowo University (OAU), Ile-Ife, Nigeria. He is also an alumnus of both the Advanced Management Program (AMP) of the Harvard Business School and King’s College, Lagos.

 

Other Board appointments include

 

Wole Akinleye: Appointed as the Deputy Managing Director. Wole has over 32 years Banking experience. He presently oversees Corporate Banking and South West Business Directorate for the Bank. A Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), Wole is an alumnus of the Advanced Management Program of the Harvard Business School. He obtained his first degree in Accounting from Obafemi Awolowo University in 1989 and subsequently, a master’s degree in Business Administration (Finance) from the same University.

 

Tunde Mabawonku: Appointed as Executive Director. He has over 23 years of experience and is presently the Chief Finance Officer and the Divisional Head of Finance & Corporate Services. Tunde has a master’s in finance from the London Business School and a first degree in Economics from University of Ibadan. He is a Fellow of the Chartered Institute of Taxation of Nigeria (CITN) and is an Honorary member of the Chartered Institute of Bankers (HCIB). He has also attended several Senior Leadership programs.

 

In conclusion, the Board of Directors are confident that the appointment of the Executives will lead to the continued transformation and growth of the Bank, particularly as the Bank positions itself as a market leader in Nigeria’s retail banking segment through technology and innovation.

 

The appointments take effect from April 1, 2023 and are subject to the approval of the Central Bank of Nigeria and other regulatory authorities.

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