Ogbonna steps down from Access Holdings board after three years

Roosevelt Ogbonna has resigned from his position as a non-executive director at Access Holdings Plc, a move that aligns the financial institution with Nigeria’s new corporate governance guidelines. Ogbonna will continue to serve as the Managing Director and Chief Executive Officer of Access Bank Plc, the company’s flagship subsidiary.

The resignation, effective after three and a half years of service on the holdings company’s board, is a direct response to the Central Bank of Nigeria’s 2023 Corporate Governance Guidelines. These regulations cap the number of directors for a financial holding company at nine. The board of Access Holdings expressed its gratitude to Mr. Ogbonna for his “outstanding and continued contributions to the Access Group.”

During his tenure on the board, Ogbonna was a pivotal figure in the bank’s ambitious expansion strategy, both locally and across the African continent. One of his most significant recent achievements includes spearheading the acquisition of the National Bank of Kenya (NBK) from the KCB Group. This strategic move, valued at approximately $100 million, is slated for completion by the third quarter of 2025 and is set to solidify Access Bank’s presence in East Africa’s largest economy.

Under Ogbonna’s leadership, Access Bank also secured a $280 million financing deal with the U.S. International Development Finance Corporation (DFC) to bolster support for Small and Medium-sized Enterprises (SMEs) in Nigeria. This initiative is aimed at addressing the significant financing gap for SMEs and promoting financial inclusion, with a particular focus on women-owned and-led businesses. His influence was also critical in the successful mergers with the defunct Intercontinental Bank Plc and Diamond Bank Plc, which were instrumental in positioning Access Bank as Nigeria’s largest lender by asset.

A seasoned banker with over two decades of experience, Ogbonna has been with Access Bank since 2002. He is a Fellow of the Institute of Chartered Accountants of Nigeria (FCA) and a Chartered Financial Analyst (CFA) charter holder. His leadership is expected to be crucial as Access Holdings transitions from a phase of aggressive investment into a period of consolidation, a key component of its 2023-2027 strategic plan. This new phase is anticipated to deliver increased shareholder value through enhanced dividend payouts.

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