…As Fitch affirms rating at BBB- with a stable outlook
Moruf Oseni, the Executive Director in charge of North & Retail Directorate at Wema Bank Plc. has been appointed as a member of the Lagos State Economic Advisory Committee whose primary role is to offer advice to the government under the four strategic 2012-2025 Lagos State Development Plan (LSDP). Moruf was named part of the 12-member committee that has representatives from both the public and the private sectors in January.
A statement by the state government confirmed the rationale behind its decision to select Wema Bank director as a member of the elite team. The Secretary to the State Government (SSG), Tunji Bello, noted that the Wema Bank Executive Director and other members of the committee were selected based on their track record of integrity, independence of thought and outlook, as well as diverse industry experience.
Moruf joined Wema Bank in 2012 after years of experience at global investment banks like Citigroup, Salmon Brothers and Renaissance Capital.
He holds an MBA degree from the prestigious Institut European d’Administration des Affaires (INSEAD) in France, a Masters in Finance (MiF) from the London Business School, London, and a B.Sc. degree in Computer Engineering from Obafemi Awolowo University (OAU), Ile-Ife, Nigeria. He is also a product of King’s College, Lagos.
Lagos State government, which has the fifth largest economy in Africa, expects to tap the experience of members of the Economic Committee’s to help Lagos to improve its business environment and advance economic development. He will serve on the committee for at least two years.
Meanwhile, Fitch Ratings has affirmed the long-term national rating of the bank at (BBB-). This is reflective of the bank’s stable outlook and viability, despite the continued headwinds facing the country.
In Fitch’s opinion, the banking industry will remain challenging considering low oil prices, slow growth, policy uncertainty and constraints regarding foreign exchange liquidity. As such, the industry could be impacted by asset quality deterioration and limited capital buffers, though Fitch expects the sector to remain profitable.