Coronation Merchant Bank Holds Virtual AGM, Appoints Substantive MD

Must Read

How To Block Your Bank Account And SIM Card In Case Of Emergency

Losing your phone and wallet or having them stolen can be very frustrating. However, in case that happens to...

List of United Bank for Africa (UBA) Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number that usually identifies both the bank and the branch where an account is held. The sort...

Here is a list of all Microfinance Banks’ USSD Codes in Nigeria.

A Microfinance bank is a type of bank that offers small loans, or microloans, to individuals, entrepreneurs and small...
- Advertisement -

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.

- Advertisement -

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.

- Advertisement -
Coronation Merchant Bank Holds Virtual AGM, Appoints Substantive MD - Brand SpurCoronation Merchant Bank Holds Virtual AGM, Appoints Substantive MD - Brand Spur

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

- Advertisement -


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Coronation Merchant Bank Holds Virtual AGM, Appoints Substantive MD - Brand SpurCoronation Merchant Bank Holds Virtual AGM, Appoints Substantive MD - Brand Spur

Latest News

Solar Hybrid Mini-Grid: REA electrifies Ogun state community after 200 years (Photos)

It was the turn of the indigenes of Olooji community, Ijebu-East, Ogun state. We delivered a 100kWp Solar Hybrid...

Taraba State Governor Flags Off 82Km Mararaba-Baissa-Abong Road; Challenges FG on the Mambilla Hydro Power Project

Taraba State Governor, Darius Dickson Ishaku has challenged the Federal Government to show clear intentions on building the Mambilla Hydro Power Dam because, if...

NSE Lifts Suspension on Trading in FTN Cocoa Processors Shares

The suspension earlier placed on the trading in the shares of FTN Cocoa Processors Plc has been lifted by the Nigerian Stock Exchange (NSE). The...

What to expect from Art X Lagos 2020

ART X Lagos 2020, is happening online at ARTXLAGOS.COM from 2-9 December 2020. The virtual presentation will include ART X Talks, ART X Live!, ART X...

Nigeria’s Hopes for Energy Sufficiency Bolstered with Recently Inaugurated Local Refinery

In the just concluded week, the Federal Government’s refinery roadmap which includes the construction of greenfield plants, rehabilitation of the existing refineries and collocation...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -Coronation Merchant Bank Holds Virtual AGM, Appoints Substantive MD - Brand SpurCoronation Merchant Bank Holds Virtual AGM, Appoints Substantive MD - Brand Spur