Nigeria: Access Bank completes holdco structure, announces new changes in subsidiary

MINA Blog- Access Holdings Plc has announced board changes at its banking subsidiary, Access Bank Plc, with the completion of the scheme of arrangement and holders of its fully paid ordinary shares of 50k.

This is coming following the completion of the scheme of arrangement between Access Bank Plc and the holders of its fully paid ordinary shares of 50 kobo each resulting in the listing of Access Holdings Plc as the parent entity of the bank and related group companies on the Nigerian Exchange Limited (NGX) and the delisting of the bank.

A statement at the NGX signed by Mr Sunday Ekwochi, the Group Company Secretary, on Monday in Lagos said the board appointed Mr Roosevelt Ogbonna as the Managing Director/Chief Executive Officer of the bank, Mr Victor Etuokwu, Deputy Managing Director, Retail North and Mrs Chizoma Okoli, Deputy Managing Director, Retail South.

It noted that the three appointments had been approved by the Central Bank of Nigeria, effective May 2, 2022

It also announced the resignation of Mr Adeolu Bajomo as Executive Director, Information Technology and Operations, with effect from Sept. 30, 2022, following his decision to pursue other personal interests.

It added that the appointment underscores the effectiveness of the Group’s robust succession planning arrangement and follows the appointment of the incumbent, Dr Herbert Wigwe, as the Group Managing Director/ Chief Executive Officer, Access Holdings Plc.

“Ogbonna has been the bank’s Deputy Managing Director since 2017. Prior to 2017, he was appointed Executive Director, Commercial Banking Division, in October 2013.

“He is a through-bred and consummate professional with over two decades of banking experience having joined Access Bank in 2002 from Guaranty Trust Bank.

“He has a robust corporate board experience and currently serves as a Non-Executive Director of the bank’s subsidiaries in United Kingdom and South Africa.

“He also represents the bank on the boards of its investee companies – African Finance Corporation and CSCS Plc,” it said.

The statement noted that Etuokwu was appointed an Executive Director of the bank in 2012 and his appointment was renewed in 2022 following the expiration of his second term.

Etuokwu holds a Bachelor’s of Science degree and a Master’s in Business Administration from University of Ibadan and University of Benin respectively. He has attended several executive education programmes in prestigious institutions including Oxford Business School.

He is an Honorary Senior Member of the Chartered Institute of Bankers of Nigeria and represents the Bank on the boards of e-Tranzact Plc and Unified Payments Services Ltd. He also sits on the board of Access Pension Fund Custodian Ltd.

According to the statement, Okoli is a seasoned professional with approximately three decades of robust banking experience.

She commenced her professional career in 1992 as an Executive Trainee in the defunct Diamond Bank Plc where she distinguished herself and rapidly rose through the ranks to become an Executive Director in 2016.

Her robust experience cuts across commercial and consumer banking; corporate banking; branch banking, institutional banking, business banking and business development.

She obtained a Bachelor’s of Law degree from University of Benin and a Master’s in Business Administration from Warwick Business School, United Kingdom.

She is an Honorary Senior Member of the Chartered Institute of Bankers of Nigeria and a Member of the Institute of Credit Administration of Nigeria.

Commenting on these developments, Mr Bababode Osunkoya, the Chairman of the Board said: “the new appointments reflect the robustness of our leadership succession plan and our decision to considerably strengthen our retail business while harnessing the potentials of SMEs and financial inclusion towards the attainment of group’s strategy.

“The appointees have been selected based on their exceptionally rich, professional, academic, and corporate board experiences, which are all relevant to the needs of our Board.

“We are deeply convinced that their skills will no doubt continue to add significant value to our Bank’s quest to become Africa’s Gateway to the World.”

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