Access Holdings Plc has announced the resignation of one of its non-executive directors, Mr. Roosevelt Ogbonna, after three and a half years of service on its board.
The notice, which was sent to the Nigerian Exchange Limited on Wednesday, explained that Ogbonna’s resignation is in line with the Central Bank of Nigeria’s (CBN) Corporate Governance Guidelines for Financial Holding Companies, 2023. The regulation stipulates that the board of a financial holding company cannot exceed nine directors.
Although he is stepping down from the board of Access Holdings, Ogbonna will continue to serve as the Managing Director and Chief Executive Officer of Access Bank Plc, the flagship subsidiary of the group.
The company stated, “Access Holdings Plc (‘the Company’) today announces the resignation of one of its Non-Executive Directors, Roosevelt Ogbonna, from the board after three and a half years of dedicated service. His resignation allows the company to comply with the Central Bank of Nigeria’s Corporate Governance Guidelines for Financial Holding Companies in Nigeria, 2023, which stipulates a maximum of nine (9) directors for the board of a financial holding company.”
Speaking on the development, the Company Secretary, Mr. Sunday Ekwochi, expressed appreciation for Ogbonna’s contribution to the group. “The board appreciates Ogbonna for his outstanding and continued contributions to the Access Group,” he said.
Ogbonna, who has spent most of his professional career with Access Bank, became the Chief Executive Officer of the bank in May 2022. He has played a central role in the bank’s growth, digital transformation, and expansion into other African markets. His position as MD/CEO of Access Bank Plc will remain unaffected by the resignation.
Access Holdings Plc, the parent company of Access Bank Plc, was created in 2022 following the bank’s restructuring into a financial holding company. The group has interests across banking, payments, consumer lending, insurance, and asset management, and is positioning itself as one of Africa’s leading financial services providers.
Industry analysts say the resignation underscores the impact of the CBN’s new corporate governance rules, which are aimed at strengthening transparency, accountability, and compliance in Nigeria’s financial sector. By limiting the number of directors, the regulator hopes to streamline decision-making and prevent potential overlaps in responsibilities within holding structures.
With this adjustment, Access Holdings is expected to restructure its governance framework to ensure alignment with the new regulatory requirements, while still maintaining strong oversight of its subsidiaries.
The company assured stakeholders that the change will not affect its operations or its growth trajectory, stressing that the group remains committed to creating value for shareholders and deepening financial inclusion across Africa.
