Access Holdings Plc has announced that Roosevelt Ogbonna, Managing Director and Chief Executive Officer of Access Bank Plc, has resigned from its board to comply with new regulatory guidelines from the Central Bank of Nigeria (CBN).
In a statement signed by Company Secretary Sunday Ekwochi on Tuesday, the firm said Ogbonna’s exit was in line with the CBN’s 2023 Corporate Governance Guidelines for Financial Holding Companies, which limit board membership to nine directors.
“His resignation became necessary to ensure compliance with the CBN guidelines,” the statement noted.
Despite stepping down from the HoldCo board, Ogbonna remains MD/CEO of Access Bank Plc, the group’s flagship subsidiary, where he has played a key role in driving growth and expansion.
The board expressed appreciation for his contributions, saying: “We appreciate Mr. Ogbonna for his outstanding and continued contributions to the Access Group.”
Ogbonna, who assumed the top job in May 2022 after serving as Deputy MD from 2017 and Executive Director since 2013, joined Access Bank in 2002 from Guaranty Trust Bank. He holds an MBA from IMD Business School, Switzerland, and an LL.M in International Corporate & Commercial Law from King’s College London.
Access Holdings’ board is chaired by Aigboje Aig-Imoukhuede, with Bolaji Olaitan Agbede as Acting Group CEO and Lanre Bamisebi as Executive Director.
Analysts say the move reinforces Access Holdings’ commitment to regulatory compliance while ensuring continuity at its flagship banking arm.
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