Access Holdings Plc has disclosed that Mr. Roosevelt Ogbonna has stepped down as a Non-Executive Director of the group after three and a half years on the board, while remaining Managing Director/Chief Executive Officer of Access Bank Plc, the group’s banking subsidiary.
The key announcement (the event)
The company filed an official disclosure with the Nigerian Exchange (NGX) announcing Mr. Ogbonna’s resignation. The notice was signed by the Company Secretary, Mr. Sunday Ekwochi. The disclosure made clear Ogbonna is retiring from the holdings board role but will continue as Managing Director/Chief Executive Officer of Access Bank Plc.
Pre-event background and why this matters
The move aligns with the Central Bank of Nigeria’s (CBN) Corporate Governance Guidelines for Financial Holding Companies (2023), which restrict how many directors may sit on a financial holding company board and require stronger separation between holding company and operating bank roles. The resignation is aimed at ensuring compliance with those guidelines.
Mr. Ogbonna became Managing Director and CEO of Access Bank in May 2022 after previously serving as Deputy Managing Director and Executive Director. He joined Access Bank in 2002 and is widely regarded as a senior banking executive with a mix of local and international experience.
Access Holdings’ historical filings and recent corporate documents show a multi-member board with a mix of executive, non-executive and independent directors. Recent changes at the group level, including new appointments and acting CEO arrangements, make board rebalancing and regulatory compliance an active priority for the company.
The immediate implications
By removing Ogbonna from the holdings board while retaining him as CEO of the bank, the group reduces potential governance overlap that CBN rules aim to prevent. This step is likely intended to avoid future regulatory friction and to demonstrate adherence to the 2023 guidance.
Market watchers will note that this is not an exit from operational leadership. Access Bank will continue to be led by Ogbonna, preserving executive continuity for customers, investors and employees.
Although largely administrative, investors often watch board composition for governance risk signals. Firms that act proactively on CBN guidance can avoid uncertainty that otherwise affects share prices or investor sentiment.
Post-event analysis and what to watch next
NGX filings and formal minutes will confirm whether the board will be reconstituted to maintain quorum and committee coverage.
Regulatory commentary or approvals may follow, particularly if the board resizing is part of a wider realignment package. The CBN could acknowledge it in upcoming compliance reviews.
Because Ogbonna remains MD and CEO, operational strategies announced under his leadership such as regional expansion, SME financing initiatives and strategic partnerships should continue without disruption. Any reshuffle at the executive committee level will be worth monitoring.
Analysts and investors are expected to evaluate the move through the lens of governance risk reduction. Market sentiment may interpret it as neutral, positive for compliance, or as an early sign of deeper restructuring.
