The Central Bank of Nigeria (CBN) has approved the appointment of Mr Paul Abiagam as the substantive Managing Director and Chief Executive Officer of Coronation Merchant Bank, marking the formal conclusion of the bank’s leadership transition plan. The appointment is effective December 1, 2025.
Abiagam’s confirmation follows a period where he served as the Acting Managing Director (since August 2024), during which the bank reported one of its strongest performance cycles in recent years, demonstrating significant growth across core metrics and improved profitability.
Mr Abiagam brings over 27 years of extensive experience spanning corporate banking, commercial banking, wealth management, investment banking, and risk management. His career includes senior leadership roles at major Nigerian financial institutions, including Diamond Bank and Guaranty Trust Bank, where he also served as the pioneer Managing Director/CEO of Guaranty Trust Pension Managers.
His confirmation aligns with the bank’s tenth anniversary, marking the beginning of a new phase focused on heightened ambition and deeper institutional maturity.
The Chairman of the Board, Mr. Babatunde Folawiyo, expressed confidence in Abiagam’s ability to sustain the bank’s growth trajectory, citing his strategic insight and steady execution as key strengths.
Abiagam has emphasized the bank’s mission to drive impact, scale, and leadership within the Nigerian financial ecosystem, particularly in mobilizing capital for critical economic sectors.
The CBN’s final approval for the appointment is a mandatory regulatory requirement for all senior executive positions in Nigerian financial institutions. It signifies that the candidate has passed the fit and proper person test and ensures stability and good governance in the leadership of the nation’s banking sector.
This leadership change reinforces the bank’s focus on its core merchant banking activities, which include investment banking, private banking and wealth management, and global markets/treasury services.
