Access Holdings Plc, the parent company of Access Bank, has announced the resignation of Roosevelt Ogbonna as a non-executive director from its board. According to the company, this move is necessary to comply with the Central Bank of Nigeria’s Corporate Governance Guidelines for Financial Holding Companies, which stipulate a maximum of nine directors on the board of a financial holding company.
The Company Secretary, Sunday Ekwochi, confirmed Ogbonna’s resignation in a statement, highlighting that his departure is a strategic decision to ensure adherence to regulatory requirements. Notably, Ogbonna will continue to serve as the Managing Director and Chief Executive Officer of Access Bank, a position he has held since May 2022.
The board of Access Holdings has expressed appreciation for Ogbonna’s contributions to the Access Group, acknowledging his outstanding performance and dedication. Ogbonna’s dual role as CEO of Access Bank and non-executive director of Access Holdings necessitated the resignation to avoid any potential conflict of interest and ensure compliance with regulatory guidelines.
The Central Bank of Nigeria’s Corporate Governance Guidelines aim to strengthen the governance structure of financial holding companies, promoting transparency, accountability, and stability in the financial sector. By limiting the number of directors on the board, the guidelines seek to prevent undue influence and ensure that decision-making processes are efficient and effective.
Ogbonna’s resignation is a significant development in the Nigerian financial sector, underscoring the importance of regulatory compliance and good governance practices. As Access Bank continues to operate under Ogbonna’s leadership, the company is expected to maintain its commitment to transparency and accountability, upholding the highest standards of corporate governance.
The resignation is also a testament to the company’s dedication to adhering to regulatory requirements, demonstrating its willingness to take proactive steps to ensure compliance with relevant guidelines and regulations. With Ogbonna’s continued leadership at Access Bank, the company is poised to navigate the complexities of the financial sector, driven by a strong governance framework and a commitment to excellence.
