Access Holdings, the parent company of one of Nigeria’s largest banks, Access Bank, recently announced the resignation of Roosevelt Ogbonna as a Non-Executive Director of the group.
The resignation of Roosevelt, a veteran of the bank and one of the most recognizable figures in the Nigerian banking industry, sent shock waves across the sector, with many questionings why such a decision was taken at this time.
Access Bank explained that the move was in compliance with the Central Bank of Nigeria’s Corporate Governance Guidelines for Financial Holding Companies (2023), which stipulate that no more than nine directors can sit on the board of a financial holding company.