Access Holdings confirms Roosevelt Ogbonna’s resignation from its Board to comply with CBN governance rules while he remains CEO of Access Bank

Access Holdings has confirmed the resignation of Non-Executive Director Roosevelt Ogbonna from its Board, after three and a half years of service.

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The decision, announced in a notice to the Nigerian Exchange Limited on Wednesday, was taken to comply with the Central Bank of Nigeria’s (CBN) 2023 Corporate Governance Guidelines for Financial Holding Companies.

Ogbonna, who also serves as the Managing Director and Chief Executive Officer of Access Bank Plc, the flagship subsidiary of Access Holdings, stepped down to ensure the company remains aligned with regulatory requirements.

The guideline sets a maximum of nine directors on the Board of a financial holding company.

In a statement, the company acknowledged Ogbonna’s valuable contributions. “The Board appreciates Ogbonna for his outstanding and continued contributions to the Access Group,” said Company Secretary, Sunday Ekwochi.

Despite leaving the holding company’s Board, Ogbonna will continue to lead Access Bank Plc, a role in which he has played a pivotal part in driving growth and strengthening the bank’s market position.

Access Holdings stressed that the resignation underscores its commitment to corporate governance and regulatory compliance, values seen as vital for maintaining investor confidence and stability in Nigeria’s financial sector.

Also read: Access Bank finalises acquisition of National Bank of Kenya, expands East African footprint

The move marks a key step in aligning the group’s structure with the CBN’s directive, ensuring Access Holdings continues to operate within the boundaries of good governance practices.