Samuel Adegbite: The Winner At Wema Bank
Samuel I. Adegbite, 58, managing director/chief executive officer of Wema Bank Plc, is an achiever of no mean repute. Adegbite started his banking career in 1961, as a clerk in Standard Bank of West Africa [now First Bank of Nigeria Plc] soon after passing the GCE 'O' level of the University of London. He however has made indelible mark in the way he resuscitated ailing Wema Bank an turned it into one of the most formidable players in Nigeria's money market today. He achieved this objective by convincing the Western State governments to divest their majority shareholding in the bank making them minority share-holders.
By broadening the banks ownership structure, greater confidence was introduced into it, and the interfering hand of government minismised while a sense of professionalism was introduced in recruiting staff and managing the bank. This reflected in bountiful returns to the bank's financial records. As at March when its last full year report was released, Wema Bank had total assets of N13.44 billion, four times its size in 1993; loan portfolio of N4.73 billion and deposits of N9.32 billion. The bank had a gross earning of N1.74 billion and profit before tax of N264.60 million. This is a commendable performance for a medium-sized bank like Wema Bank.
Although the 1998 report is not out, indications from the bank shows that it will do better than 1997. Its unaudited interim result for the half year ended September 30, 1997 reveals, a gross earning of N936.45 million and a profit before tax of N189.24 million last year. The bank was one of the earliest to meet the new equity capital of N500 million set by the Central Bank of Nigeria. This reflects Adegbite's good management of the bank in line with its mission statement of being "a leading and dynamic financial institution providing quality service and optimising stakeholders' interests."
In the banks annual report for 1997, Adegbite states that three things: service quality, information technology and articulate planning are needed by banks now and in the future to excel. Wema Bank is determined to harness these variables to become one of the market leaders. Wema Bank is committed to providing high quality customer service to meet the increasing sophistication of the clients and the competition in the industry. This has necessitated greater computerisation and automation of its work processes through the Business Process Re-engineering an updating its technology by acquiring the global software package. The bank aims at offering customers speedy and personalised services while securing their funds.
As at 1997, 16 branches or about 20 percent of the bank's branches had been re-engineered while many more were slated for the 1997/1998 financial year. The bank's ultimate goal is to achieve on-line, real-time, wide area network among its branches so that customers can get access to their accounts and carry out transactions from any of the bank's branches. Wireless radio and vsat will be employed to this end.
Wema Bank in 1997 acquired a new corporate headquarters, Wema Towers, on Marina which has boosted its corporate image apart from providing a more conducive environment for work compared to its old head office on the rowdy Nnamdi Azikiwe Street, Lagos. Adegbite attended West London College and Holborn College of Law, London between 1963 and 1969 where he qualified as a lawyer. He was called to the bar in 1971. Earlier on he had gotten a diploma in Banking.
He has fellowship of the Chartered Institute of Bankers, London and Nigeria; Chartered Institute of Secretaries ad Administrators, London and Nigeria and the Nigerian Institute of Management. He has also won many awards and was the chairman of council and president, Chartered Institute of Bankers of Nigeria between 1987 and 1989. These qualifications helped Adegbite excel in the positions he occupied and still occupies including directorship of Lever Brothers of Nigeria Plc.
Newswatch June 29, 1998
" Newswatch 1998