Paul Abiagam, Coronation Merchant Bank’s confirmed Managing Director and CEO was the Deputy Managing Director before he became the chief executive officer. But before any of that, he had built a work-life of consistency and determination, working at the former Diamond Bank PLC and Guaranty Trust Bank in 2005.
His appointment as the Managing Director and CEO of the bank was on December 1, 2025, by the Central Bank of Nigeria. This took place in the same year that the bank marked its tenth anniversary. The Board mentioned his excellent performance as a key criterion in making their decision.
Building Momentum: Key Milestones Under Abiagam
Under the executive direction of Paul Abiagam Coronation Merchant Bank identified the year 2024 as transformational, marked by the introduction of two strategic business lines: Public Sector and Financial Institutions. These divisions were specifically designed to streamline execution and enhance client relationships across broader economic sectors while he served as acting MD and CEO.
During this period, Paul Abiagam Coronation Merchant Bank operations expanded at an accelerated pace across key financial metrics, top-line earnings, and total balance sheet growth. Under his management, the bank launched premium savings and checking solutions, including the Vintage Naira and Dollar Accounts. The institution also expanded its suite of VISA credit and debit card offerings while partnering with strategic fintech players to enhance digital payment infrastructure, personalized affluent banking services, and foreign trade capabilities.
He was also involved in executing several landmark equity transactions during that time. He expanded the bank’s network in areas like payments, private banking, and trade (Coronation Merchant Bank). In June 2024, while he was still the second-in-command at the bank, a prominent ratings company (Fitch) raised the safety rating of the bank to ‘B-‘.
When Paul joined Coronation Merchant Bank, he had been employed as their Deputy Managing Director. In August 2024, he was appointed the acting CEO. Babatunde Folawiyo, the bank’s chairman at the time, explained that the move was a transition from the outgoing CEO, Banjo Adegbohungbe. This allowed the board to assess his performance over 16 months. The performance review period ended when he was appointed in December 2025. The Chairman explained that the appointment reflects their confidence in Abiagam’s ability to sustain the bank’s growth (Business Day).
A Proven Track Record of Success
Before becoming the Deputy Managing Director of Coronation Merchant Bank in 2023, he worked his way up and assumed some of the most senior positions in two of the leading financial organizations in Nigeria, Diamond Bank and Guaranty Trust Bank. In these two roles, he took care of the Commercial and Corporate Banking Divisions (Business Day). He has been known to establish new businesses and lead international business activities before.
He holds the distinction of being the first managing director and CEO of Guaranty Trust Pension Managers. He has also gained exposure working in other countries, since he once served as the director of Guaranty Trust Bank in Côte d’Ivoire.
Paul Abiagam has over 27 years of extensive experience in finance, spanning several fields. Some key areas include day-to-day business banking, corporate banking, pensions, investments, and corporate strategy. He also has expertise in financial risk management.
Abiagam’s formal education and certification complement his many years of experience. He has an MBA degree from Lagos Business School, where he also volunteered as a committee member of the alumni association from 2018 to 2022. He took executive management courses at the Nanyang Business School of Singapore. He also holds prestigious professional fellowships from the Chartered Institute of Management Accountants (UK) and the American Institute of Certified Public Accountants and is an Honorary Senior Member of the Chartered Institute of Bankers of Nigeria (Business Day).
Beyond his regular work in the office, Abiagam is a respected leader. He actively participates in various summits, including the Africa Financial Industry Summit and the Africa CEO Forum—where leaders in the banking sector meet to tackle issues such as healthy business competition, strong leadership, and how to improve the the African financial sector.
For startup founders and executives, good performance while in the “acting” capacity is evidence that the board of directors considers when making any position permanent.
For more insights on trailblazing executives reshaping African capital markets, read how Adesuwa Okunbo Rhodes built Aruwa Capital into a private equity powerhouse.
The Vision Ahead
After his appointment as the Managing Director and CEO, Paul Abiagam stated very clearly what his priorities would be for the bank in the coming years.
His priority is to improve the value the bank offers its customers, create a stronger position for the bank in the market, and foster innovation within all departments.
“As we celebrate a decade of impact, our focus remains on deepening value for clients, strengthening our market position, and driving innovation across every part of our business,” he said. (BusinessDay)
Abiagam’s leadership is only at an early stage right now. All the achievements that he made during his time as a temporary leader is genuinely a good foundation. To that effect, the next ten years might just be an extremely crucial one for him and the entire Nigerian financial industry.
Up Next: Continue Reading on Venture Stori
Up Next: Continue Reading on Venture Stori
1. The $80 Million Woman: How Adesuwa Okunbo Rhodes Survived 8 Years of Rejection to Become Private Equity’s Newest Star
Category: Intelligence & Data
An inside look at how Aruwa Capital founder Adesuwa Okunbo Rhodes overcame structural fundraising barriers to build one of West Africa’s most successful female-led private equity firms.
2. Sony RX10 V 2026: The Camera African Content Creators Have Been Waiting For
Category: Technology & Creator Economy
How Sony’s latest superzoom flagship is revolutionizing production workflows and equipment budgets for digital storytellers across the continent.
3. PayPal Stock 2026: What the 85% Decline Teaches African Fintech Founders About Valuation
Category: Intelligence & Data
Critical lessons on tech valuation resets, unit economics, and building resilient financial infrastructure in volatile global markets.