By Nonso Agbodi
The Announcement and Immediate Implications
Access Holdings Plc has confirmed the resignation of Mr. Roosevelt Ogbonna, its Non-Executive Director, from the Board of Directors. The disclosure was made in a regulatory filing to the Nigerian Exchange (NGX) and signed by the company’s secretary, Mr. Sunday Ekwochi.
Ogbonna, who joined the board three and a half years ago, stepped down in line with new corporate governance requirements set by the Central Bank of Nigeria (CBN) for financial holding companies. Despite his exit from the parent company’s board, he will continue to hold his position as Managing Director and Chief Executive Officer of Access Bank Plc, the flagship banking subsidiary of the group.
The resignation comes at a time when Access Holdings is streamlining its governance structure to comply with evolving regulatory frameworks. By ensuring the board remains within the CBN’s stipulated limit of nine directors, the group underscores its commitment to transparency, accountability, and sustainable corporate governance.
Why the Resignation Was Necessary
The Central Bank of Nigeria, in its 2023 Corporate Governance Guidelines for Financial Holding Companies, directed that no more than nine directors can serve on the board of a financial holding company. This policy was introduced to reduce boardroom congestion, improve decision-making, and ensure a balanced governance structure across Nigeria’s financial sector.
By stepping aside, Ogbonna’s decision highlights not only his personal commitment to regulatory compliance but also the Access Group’s proactive stance in upholding best practices. Analysts have described his move as a strategic adjustment rather than a sign of internal conflict, noting that Access Holdings has consistently been at the forefront of regulatory compliance and innovation in the banking industry.
The board, in its official statement, expressed deep appreciation for Ogbonna’s contributions. “The board appreciates Mr. Ogbonna for his outstanding and continued contributions to the Access Group,” the disclosure noted, emphasizing that his leadership at Access Bank remains critical to the group’s long-term strategy.
Continuity and the Road Ahead for Access Group
While his departure from the board may seem significant, Ogbonna’s influence within the Access Group remains strong. As CEO of Access Bank Plc, he continues to lead Nigeria’s largest bank by customer base and footprint, driving both digital innovation and regional expansion.
His continued leadership at the banking subsidiary ensures that Access Holdings retains stability, strategic direction, and investor confidence. Industry observers believe the move will allow Ogbonna to dedicate more focus to steering Access Bank’s ambitious growth agenda, including its push for wider African presence, enhanced financial inclusion, and deeper digital transformation.
The resignation also signals Access Holdings’ readiness to adapt to regulatory changes while safeguarding shareholder value. By aligning with CBN rules, the group reinforces its image as a forward-thinking institution committed to corporate governance excellence.
As Access Holdings looks to the future, the balance between boardroom compliance and operational excellence will remain central. With Roosevelt Ogbonna firmly at the helm of Access Bank, stakeholders expect the group to continue consolidating its position as one of Africa’s most influential financial powerhouses.
