SW8 Investment takes control of Nigeria's Wema Bank

LAGOS, June 10 (Reuters) - Nigeria's Wema Bank (WEMA.LG) said on Wednesday one of its largest investors, SW8 Investment Ltd, has assumed management control after acquiring a 40 percent stake in the troubled bank.

The new team, led by former executive director at Skye Bank (SKYE.LG) Segun Oloketuyi, said it hoped to turn around the ailing bank within the shortest possible time.

"The new team is saddled with the task of redefining and reinvigorating the bank that has gone through a period of crisis," said Oloketuyi, who is the bank's new managing director.

Other senior executives include Accenture's Ademola Adebisi and Taiwo Adeniji from Africa Finance Corporation.

SW8 Investment has wanted to take a controlling interest in the bank since at least April, when it received regulatory approval to acquire a 27 percent stake in Wema Bank.

Since then, industry sources said, the consortium has bought up additional shares through other shareholders and bank employees, allowing it to become the company's largest investor.

Wema is one of 25 banking groups to emerge in Africa's top oil producer after reforms in 2005 that reduced the number of operators from 89 mainly weak institutions.

But while other lenders rapidly expanded their operations, Wema's fortunes declined after it was hit by a boardroom crisis that has led to a series of litigations.

Nigeria's central bank removed Wema's then managing director last September after accusing him of warehousing 40 percent of the bank's shares in a bid to illegally take control of the company. (Reporting by Oludare Mayowa; Editing by Randy Fabi, Gary Hill)