Daily Independent (Lagos)
Tunde Olofintila
22 October 2008
opinion
At the peak of his luxuriant musical career in the early 90s, the Afro Juju superstar, Sir Shina Peters, sang thus "Dancing time, dancing time baby, dancing time, dancing time bobo". By this, the musical maestro popularly known for his vigorous and vibrant dancing steps, was merely prodding his fans, who were mainly young and vibrant adults to take a cue from him.
If it was dancing time for Shina Peters and his array of supporters and fans in the early 1990s, it was certainly dancing time for Wema Bank when the 63-year old financial institution launched two new three re-branded savings and credit products into the nation's financial firmament at a colourful ceremony at the Lagoon Restaurant, Victoria Island, Lagos on Thursday 24th July, 2008.
The new products are Wema Premium Savings Account (WEPSA) and Prestige Current Account (PCA) while the re-branded ones are Wema Treasure Account (WTA), Wema Assets Acquisition scheme (WAAS) and Wema Target Savings Account (WETSA) which has seven variants.
The variants are Christmas/Sallah Savings Account (XSSA), Household Appliances Target Savings Account (HATSA), Artisan/Apprentice Savings Account (ASSA) and Pilgrimage Savings Account (PISSA) among others.
Dancing in itself, whether for Wema Bank or for any other purpose, should ordinarily not be an unusual thing since it is an expression of inner joy and/or satisfaction. But when such was initiated by the royalty in the full glare of the public and joined by other opinion leaders in society, then it becomes an issue that should not be glossed over.
The well respected, always prompt and time conscious Awujale of Ijebuland , Alayeluwa, Oba (Dr) Sikiru K. Adetona, the Chief Launcher of the these five products, had barely finished his speech when he launched into this rendition: "Wema Bank yi ti gbogbo wa ni, ko ma gbodo baje, tori kosi b'omiran ti a le lo, ajo ko le da bi ile, eje a pawo po ka fimo s'okan, gbe , k'emi gbe" meaning "Wema Bank is ours, we must all work together to ensure its continued survival".
As the royal father began to dance on the podium, he was joined by Oba of Lagos, Alayeluwa Oba Akiolu I who was the Special Guest, Acting Chairman of the Bank, Mr Festus Ajani, then Ag. GMD/CEO, Mr John Aboh, who has been variously described as a catalyst and mobiliser, GMD/CEO of Odua Group, the urbane and suave Mr. Adebayo Jimoh, bank's Executive Director, Risk Management and Control, the soft spoken and highly professional Nurudeen Fagbenro and Managing Director/CEO of Coleman Wire & Cables Technical Industries Ltd, Mr. George Onafowokan, among others all of whom danced to the sonorous music of Big Tee in a way that would leave acknowledged great dancers like King Sunny Ade and Micheal Jackson of the thriller fame envious.
Earlier, Oba Adetona had encouraged the bank, under the leadership of Aboh (on whom he showered tones and tones of encomiums) to always strive not only to sustain its drive for survival but also to out- perform its competitors in the financial services industries.
Oba Adetona added: "We should not allow the bank to suffer. It has gone through a lot of tribulations in the past few months and now that some people, especially the board, are trying to put it back on track, we should do all within our means as customers and stakeholders in the bank to lift it back to its international financial supermarket status".
The Royal father commended the bank for successfully transforming from an old generation Bank to a new one that has sharpened its competitive edge for the current dispensation.
His words " I seize this opportunity to congratulate the Board Management and Staff of the Bank for the great journey from that humble beginning in 1945 to the present status of the internationally acclaimed financial supermarket".
To him, the launching of the five products was an attestation of the Bank's management resilience towards attracting greater patronage from both existing and prospective customers through the deployment of innovative ideas.
In his own remarks, the Oba of Lagos, who led a retinue of white cap chiefs to the launch called on all stakeholders of the Bank to support the financial institution to enable it sustain its value added services, convenience, trust and adequate returns on investment.
As the only surviving indigenous bank, the royal father pleaded that all hands must be on deck to ensure that the bank continues to maintain its pride of place in the comity of banks in the country.
He extolled the qualities inherent in the John Aboh led management which he said has been able to restore the confidence of all stakeholders, saying "Wema Bank in the past years, has embarked on self-renewal and regeneration exercise, which have made the 63-year old bank attractive to both young and old".
He added "This is exemplified in its excellence service delivery, driven by modern Information Technology platform and a committed workforce that provides innovative solutions to customers needs".
Oba Akiolu commended the bank for its immense contributions to the economic well-being of Lagos State, pointing out that "from just one branch in Ebute-Metta in 1945, the bank's branch network has increased to 46 in Lagos State alone".
"As an attestation to the stabilising efforts and effects of Aboh's assignment since January 23, Oba Akiolu said the history of Wema is related to the history of the Yoruba Aboh has done what Napoleon cold not do. All hands must therefore be on deck to lift the bank back to life. The bank will be moving by geometrical ratio if everybody, including the staff, supports the recent development embarked upon by Aboh and the Board of the Bank".
In his welcome remarks, the Ag. Chairman of the Bank, Mr Festus Ajani said the products launch was a culmination of the bank's initiative and commitment to meeting the needs of its valued customers.
Ajani recalled how the 63-year old financial institution has distinguished itself as a customer-focused institution among its peers and its realisation that customer satisfaction is vital to its success.
He disclosed that the bank sees the continued development of new products for all segments of the society as a key strategy to its survival.
In his address, Aboh said the products were designed with the customers in mind realising the fact that they are the ones in real terms that pay the wages of workers, while patronising the various products and services on offer.
Emphasising the proactive nature of the bank, He said "The new products were developed in order to meet the identified needs of the customers while three existing ones were re-branded to meet customers' changing tastes and preferences.
He emphasised that the bank will soon approach the capital market to shop for a fresh N100billion to enhance its competitiveness and position it to take advantage of existing opportunities in the economy.
In his view, as an organisation with commercial orientation, operating in a competitive environment, the bank is aware that its success depends on its ability to provide unparalleled services to its customers.
"We affirm that you (customers) remain the reason for our existence and reiterate our commitment to continue to provide you with excellent and prompt services" he said.
He assured the bank's stakeholders that with its present 150 branch network throughout the country and its preparedness to open additional 40 before the close of business this year that they should be prepared to enjoy more of the bank's quality services.
On its part, the Group Managing Director of O'dua Group of Companies, Mr Adebayo Jimoh, expressed delight at the dynamism of the board of the bank and prodded it on to do more while it should be encouraged and supported by all concerned.
The Babel of voices that rejoiced with Wema at the product launch included that of an Investor, Chief Remi Oyepeju, who commended what he described as the good works done by Aboh as a result of which he appealed to all to cooperate with the Ag. GMD in his drive to "restore the bank to be a leading player in the banking industry ".
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