Onome Amuge

Access Holdings Plc, Nigeria’s largest financial services group by assets, has announced the resignation of Roosevelt Ogbonna from its board of directors, a move designed to bring the company in line with new regulatory guidelines imposed by the Central Bank of Nigeria (CBN).

Ogbonna, who has served as a non-executive director at the holding company for three and a half years, will continue in his role as managing director and chief executive officer of Access Bank, the flagship banking subsidiary of the group.

The decision reflects compliance with the CBN’s 2023 Corporate Governance Guidelines for Financial Holding Companies, which stipulate a maximum of nine directors on the boards of holding entities. The rules are part of a regulatory effort to tighten oversight of Nigeria’s financial conglomerates, streamline governance structures, and limit conflicts of interest across group entities.

Access Holdings, created in 2022 following the restructuring of Access Bank into a holding company model, has faced the task of aligning its governance framework with heightened regulatory scrutiny. The resignation of Ogbonna from the parent company’s board is seen as a technical adjustment rather than a shift in strategy.

Industry analysts say the move underscores how Nigerian regulators are placing increased emphasis on governance discipline as financial groups diversify across banking, pensions, insurance, and payments. By enforcing smaller board sizes, the CBN aims to sharpen accountability and ensure independent oversight in sprawling financial institutions.

Ogbonna, 52, is a veteran of Nigeria’s banking industry with more than two decades of experience. He joined Access Bank in 2002 from Guaranty Trust Bank and has since risen through the ranks, serving as executive director from 2013, deputy managing director from 2017, and chief executive officer since May 2022.

Under his stewardship, Access Bank has consolidated its position as the country’s largest lender by customer base, while accelerating expansion in South Africa, the UK, and other African markets. He also represents the group on the boards of the African Finance Corporation and Central Securities Clearing System Plc, and holds non-executive positions in Access Bank’s subsidiaries in London and Johannesburg.

His academic and professional credentials span leading global institutions, including Harvard Business School, IMD in Switzerland, King’s College London, and the Cheung Kong Graduate School of Business in Beijing. He is a fellow of the Institute of Chartered Accountants of Nigeria and a CFA charterholder, reflecting a blend of technical expertise and international exposure.

Access Holdings said the board appreciates  Ogbonna for his outstanding and continued contributions to the group. His exit from the parent board is not expected to affect operational leadership at Access Bank, where he remains central to the lender’s strategy of pan-African expansion and digital transformation.