Roosevelt Ogbonna, the Managing Director and Chief Executive Officer of Access Bank Plc, has resigned from his role as a non-executive director at Access Holdings Plc, the bank’s parent company.
This decision, effective after over three and a half years of service, aligns with the Central Bank of Nigeria’s (CBN) 2023 Corporate Governance Guidelines for Financial Holding Companies, which limit board membership to a maximum of nine directors.
Despite stepping down from the Holdings board, Ogbonna will continue to lead Access Bank Plc as its CEO, driving its growth and strategic initiatives across Nigeria and beyond.
Why Did Ogbonna Resign?
The resignation was prompted by the CBN’s governance regulations, introduced in 2023, to enhance oversight, prevent conflicts of interest, and ensure accountability in Nigeria’s financial sector.
The guidelines cap the number of directors on a financial holding company’s board at nine, necessitating Ogbonna’s exit to ensure compliance.
This move is not a reflection of internal disputes but a strategic step to adhere to regulatory standards, allowing Access Holdings to maintain a streamlined and compliant board structure.
In a statement filed with the Nigerian Exchange (NGX), Access Holdings’ Company Secretary, Sunday Ekwochi, noted, “Mr Ogbonna’s resignation allows the company to comply with the Central Bank of Nigeria’s Corporate Governance Guidelines for Financial Holding Companies in Nigeria, 2023.”
The board expressed gratitude for Ogbonna’s “outstanding and continued contributions” to the Access Group, emphasising his ongoing role as Access Bank’s CEO.
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Ogbonna’s Impact on Access Bank
Since joining Access Bank in 2002 from Guaranty Trust Bank, Roosevelt Ogbonna has been a pivotal figure in its transformation into Nigeria’s largest bank by assets.
Appointed CEO in May 2022, after serving as Deputy Managing Director (2017–2022) and Executive Director (2013–2017), Ogbonna has spearheaded significant milestones, including:
- Acquisition of National Bank of Kenya (NBK): In a $100 million deal with KCB Group, Access Bank is set to acquire NBK, strengthening its footprint in East Africa’s largest economy. The transaction is expected to close by Q3 2025, positioning Access Bank as a key player in the region.
- $280 Million Financing Deal: Ogbonna led negotiations with the U.S. International Development Finance Corporation (DFC) to secure $280 million to support small and medium-sized enterprises (SMEs) in Nigeria, with a focus on women-led businesses, addressing the financing gap and promoting financial inclusion.
- Major Mergers: He played a critical role in the successful mergers with Intercontinental Bank Plc and Diamond Bank Plc, which significantly expanded Access Bank’s market share and solidified its leadership in Nigeria’s banking sector.
These achievements highlight Ogbonna’s strategic vision, which has driven Access Bank’s aggressive expansion across 14 African countries and beyond, including subsidiaries in the UK and South Africa.
What’s Next for Access Holdings and Ogbonna?
Access Holdings is now transitioning into a consolidation phase under its 2023–2027 strategic plan, focusing on enhancing shareholder value through increased dividend payouts and operational efficiency.
Ogbonna’s continued leadership at Access Bank will be instrumental in executing this strategy, leveraging his expertise as a Fellow of the Institute of Chartered Accountants of Nigeria (FCA) and a Chartered Financial Analyst (CFA) charter holder.
His academic credentials, including an MBA from IMD Business School and an LL.M from King’s College London, further equip him to navigate the complexities of the financial sector.
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The current Access Holdings board, led by Chairman Aigboje Aig-Imoukhuede and Acting Group CEO Bolaji Olaitan Agbede, includes independent non-executive directors Abubakar Aribidesi Jimoh, Fatimah Bintah Bello-Ismail, and Ibironke Adeyemi, alongside other non-executive directors.
Ogbonna’s resignation ensures compliance while maintaining a strong leadership structure to drive the group’s ambitions.
As Access Holdings embarks on its consolidation phase, Ogbonna’s expertise will be crucial in driving sustainable growth and shareholder value.
For the latest updates on Nigeria’s financial sector, stay tuned to our fintech news platform.
Ronnie Paul is a seasoned writer and analyst with a prolific portfolio of over 1,000 published articles, specialising in fintech, cryptocurrency, and digital finance at Africa Digest News.
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