Roosevelt Ogbonna, the Managing Director and Chief Executive Officer of Access Bank Plc, has stepped down from his position as a non-executive director at its parent company, Access Holdings Plc. This move, which became effective after Ogbonna served on the board for three and a half years, is a direct response to new corporate governance regulations in Nigeria.
The Central Bank of Nigeria’s 2023 Corporate Governance Guidelines limit the number of directors on a financial holding company’s board to nine. To comply with these new rules, Ogbonna resigned from the board of Access Holdings. He will, however, continue to lead Access Bank, the group’s main subsidiary. Access Holdings’ board praised Ogbonna for his “outstanding and continued contributions to the Access Group.”
During his time on the board, Ogbonna was a driving force behind Access Bank’s aggressive expansion across Nigeria and the African continent. One of his most notable recent achievements was leading the acquisition of the National Bank of Kenya (NBK) from the KCB Group. This strategic deal, valued at around $100 million, is expected to close by the third quarter of 2025. It is a key move that will significantly strengthen 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). This funding is aimed at providing crucial support to Small and Medium-sized Enterprises (SMEs) in Nigeria, with a special focus on businesses owned or led by women. This initiative is designed to close the significant financing gap faced by these businesses and promote financial inclusion.
Roosevelt Ogbonna’s influence was also critical in two major mergers that reshaped the Nigerian banking landscape. His leadership was instrumental in the successful mergers with Intercontinental Bank Plc and Diamond Bank Plc, which were key to making Access Bank Nigeria’s largest lender by asset.
A seasoned banker with more than 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 vital as Access Holdings shifts from a period of aggressive investment to one of consolidation, as outlined in its 2023-2027 strategic plan. This new phase is anticipated to boost shareholder value by increasing dividend payouts.
