WEMASEC Gets New CEO
The Board of Directors, Wema Securities and Finance Plc (WEMASEC) has approved the appoindnent of Mr. Remi Babalola as the new General Manager/Chief Executive Officer (CEO) of the company.
Mr. Remi Babalola (38), who until his new appointment was Head, Treasury Services, succeeds the former MD/CEO of the company, Mr. Yomi Adewusi who has now been promoted to the position of Executive Director of Wema Bank Plc.
Mr. Adewusi was at the helms of affairs at WEMASEC based on a technical management agreement, which the company enjoyed with Wema Bank.
The new CEO was an officer at the Credit and Marketing Department of Wema Bank Plc before he was seconded in July 1992 as one of the foundation staff of WEMASEC.
He rose through the ranks and dint of hard work to become the Head of Treasury of the Company in 2001, a position he held until his new appointment.
He was for more than six years in charge of the Credit Department of WEMASEC where he helped to grow the credit portfolio from a nil level to N2.08Billion before he was transferred to Treasury Operations in 2001.
While in Treasury Services Department, the deposit portfolio of the company witnessed a leap fron1 N1.67billion in December 2000 to N6.43billion as at December 2003.
Prior to his secondement to WEMASEC, Mr. Babalola was a Banking Officer between 1992 and 1995, and Executive Assistant between 1991 and 1992 with Wema Bank Plc.
He also worked briefly with~Abiola Bookshops Ltd as Kaduna Branch Manager between 1990 and 1991 and, a Higher Executive Officer (Accounts) with Maritime Academy of Nigeria, Oron, Akwa Ibom State between 1988 and 1989.
Mr. Babalola who was at various times acting Managing Director of WEMASEC between 1997 and 2003, is also a member of the Board of Directors, Independent Securities Limited (1995 to date); Steering and Implementation Committee, First Strategic Plan, WEMASEC (1996 to date); First and Second Strategic plans (1996 and 2002 respectively); Management Committee (1996 to date); Asset and Liability Committee (1992 to date); Recovery Committee (1992 to 2000); and was the Secretary, Board of Directors, Credit Committee of the Company (1997-2000), among others.
A graduate of Business Administration, Mr. Babalola attended Community Grammar School, Akanran, Oyo State between 1979 and 1983. He later proceeded to University of Benin, Edo State where he bagged a Bachelor of Science (B.Sc) degree in Business Administration, (2nd Class Upper) in 1988. He also holds a Masters in Business Administration (MBA) from Ogun State University (O.S.U), Ago Iwoye (now Olabisi Onabanjo University (OOU), in 1998.
The new CEO of WEMASEC has attended various seminars and courses in Nigeria and overseas organized by Equipment Leasing Association of Nigeria; Lagos Business School and Euro Money Training, New York, among others.
He is presently a member of Senior Management programme Course at Lagos Business
School. He is also an Associate member of Nigeria Institute of Management (NIM) and
Equipment Leasing Association of Nigeria (ELAN).
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