How CBN Rule forced Ogbonna to step down from Access Holdings Board
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Ogbonna, who has served on the board of Access Holdings for three and a half years, will, however, continue in his primary capacity as the Managing Director/Chief Executive Officer of Access Bank Plc, the group’s flagship banking subsidiary.
By Kazeem Ugbodaga
Access Holdings Plc has confirmed the resignation of Mr. Roosevelt Ogbonna as a Non-Executive Director from its Board of Directors, a move driven by regulatory compliance rather than corporate disagreement.
In a disclosure filed with the Nigerian Exchange (NGX) and signed by the Company Secretary, Sunday Ekwochi, the financial services group explained that Ogbonna’s resignation was necessitated by the Central Bank of Nigeria’s (CBN) Corporate Governance Guidelines for Financial Holding Companies (2023).
The directive restricts the number of directors on the board of a holding company to a maximum of nine.
Ogbonna, who has served on the board of Access Holdings for three and a half years, will, however, continue in his primary capacity as the Managing Director/Chief Executive Officer of Access Bank Plc, the group’s flagship banking subsidiary.
By stepping down, he ensures the group’s compliance with the CBN’s governance framework, which is designed to strengthen oversight, avoid conflicts of interest, and promote accountability in the management of financial institutions.
The board commended Ogbonna’s dedication and enduring contributions, stating: “The board appreciates Mr. Ogbonna for his outstanding and continued contributions to the Access Group.”
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