Access Bank Explains Change To Holdco, Announces New CEO

The Chief Executive Officer of Access Bank Plc, Dr. Herbert Wigwe, has explained that the need to reposition the bank for global relevance informed its change to holding company structure.

At a news  conference in Lagos, Wigwe said: “First of all the Banking Act has established the fact that you rather be a bank place or you could simply choose a narrow licence. So in the past under Sanusi Lamido Sanusi as the Central Bank governor, we have chosen to pursue a narrow licence with Access Bank Plc, just a traditional aspect of the business. Now when we finished our five years plan we told ourselves that we wanted to create a different type of institution, we wanted to create an institution that gives premium position in an ecosystem that will be connected globally and all of that. Therefore the narrow licence could no longer be enough and sufficient. So we began another five years plan that culminated where we are to basically establish a holding company for this purpose”.

He said: “Now the existing shareholders of Access Bank were people we migrated to the holding company. Now we obviously had to delist the traditional bank from NGX and put it on the OTC platform where Access Holding PLC is the sole shareholders.

“The answer is we are creating a big business institution and there is no reason why, perhaps  in the next 15 years, when you are counting some of the top five African indigenous banks Access Bank will not be there”.

The bank had earlier appointed Roosevelt Ogbonna as its new  Managing Director/Chief Executive Officer of Access Bank.

The development was sequel  to the appointment of Herbert Wigwe as the Group MD/CEO of Access Holdings Plc, according to a statement from  the bank.

Ogbonna has since 2017 been Access Bank’s deputy managing director. Before  2017, he was appointed executive director, commercial banking division, in October 2013.

He  was described as “a thoroughbred and consummate professional with over two decades of banking experience having joined Access Bank in 2002 from Guaranty Trust Bank.

“Ogbonna has a very rich professional cum academic background. He is a fellow of the Institute of Chartered Accountants of Nigeria, an honorary member of the Chartered Institute of Bankers, 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,” according to the statement.

He holds a Master’s degree in Business Administration 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.”

Besides,the board of Access Holdings announced the appointment of Victor Etuokwu as Access Bank’s deputy managing director (Retail North) and Chizoma Okoli as deputy managing director (Retail South).

It announced the resignation of Adeolu Bajomo as executive director, information technology and operations with effect from September 30, 2022.

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.

It said the three appointments had been approved by the Central Bank of Nigeria and would be effective May 2, 2022.

The board further announced the resignation of Adeolu Bajomo as executive director, information technology and operations with effect from September 30, 2022.

The statement said this followed his decision to pursue other personal interests.

Access Bank, 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 Bajomo for his contributions to the bank,” Access Bank said.

Speaking  on the developments, Bababode Osunkoya, 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.”