Access Bank transits to Holding company, modifies board appointments

By Chioma Obinagwam

Access Bank Plc has completed the Scheme of Arrangement of shareholders of the bank and the subsequent listing of Access Holdings Plc (‘Access Holdings’) as the parent entity of the Bank and related group companies on the Nigerian Exchange Limited (NGX).

Confiance News gathered from the bank on Monday.

The bank in a statement noted that Dr. Herbert Wigwe, who was the erstwhile Managing Director/Chief Executive Officer (MD/CEO) of the bank assumes the position the Group Managing Director/ Chief Executive Officer of the group- Access Holdings whereas Mr. Roosevelt Ogbonna becomes the new MD/CEO of Access Bank (now subsidiary of Access Holdings)

“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 of Access Holdings,” it disclosed in the statement.

According to the bank, 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. Mr. Ogbonna has a very rich professional cum academic background. He is a Fellow of the Institute of Chartered Accountants of Nigeria (FCA), an Honorary Member of the Chartered Institute of Bankers (HCIB), a graduate of the Harvard Kennedy School of Government’s Senior Executive Fellow programme, an alumnus of Harvard Business School and a CFA charter holder.

“He holds a Master’s degree in BusinessAdministration from IMD Business School, Switzerland; a Master’s degree (LL.M) in International Corporate & Commercial Law from King’s College, London; an Executive Master’s degree in Business Administration from Cheung Kong Graduate School of Business; and a Bachelor’s degree in Banking and Finance from University of Nigeria, Nsukka. In 2015, he was selected as one of the Institute of International Finance (IIF) Future Global Leaders. Roosevelt has attended Executive Management Development Programmes on diverse areas of banking and management in world leading institutions,” the statement disclosed.

The bank added that he has a robust corporate board experience and currently serves as a Non-Executive Director of the Bank’s subsidiaries in UK and South Africa. He also represents the Bank on the Boards of its investee companies – African Finance Corporation and CSCS Plc.

Mr. Victor Etuokwu – Deputy Managing Director, Retail North

Mr. 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. He has approximately three decades of banking experience cutting across Operations, Information Technology, Business Development and Retail Banking. He commenced his professional career in Citibank Nigeria where he served in various capacities including Head, Operations, Records and Reconciliations.

He joined the Bank in 2003 and has led several critical projects including the mergers with the defunct Intercontinental Bank Plc and Diamond Bank Plc. Mr 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 Limited. He also sits on the Board of Access Pension Fund Custodian Limited.

Mrs. Chizoma Okoli-Deputy Managing Director, Retail South

Mrs. 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. Following the Bank’s merger with the defunct Diamond Bank in 2019, she was appointed Executive Director, Business Banking Division by the Bank. 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. Mrs. Okoli has attended various courses in Nigeria and abroad including the Advanced Management Programme of Wharton Executive Education, University of Pennsylvania, and the Senior Management Programme of the Lagos Business School. She is also an Honorary Member of the Chartered Institute of Bankers of Nigeria.
The three appointments have been approved by the Central Bank of Nigeria and are effective May 2, 2022.

Resignation 

The Board also announces the resignation of Mr. Adeolu Bajomo as Executive Director, Information Technology and Operations with effect from September 30th, 2022. This follows his decision to pursue other personal interests. Mr. Bajomo has confirmed that he has no disagreement with the Board and there is no matter relating to his resignation that needs to be brought to the attention of the regulatory authorities.

“The Board would like to express its appreciation to Mr. Bajomo for his contributions to the Bank,” the statement stated.

Reacting to the 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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