Access Bank gets new MD, announces completion of Holdco structure

In its bid to strengthen its long-term competitiveness and growth prospects, Access Bank Plc has announced the successful completion of its restructuring into a Holding Company structure (Holdco) known as Access Holdings Plc.

In a notification to the Nigerian Exchange (NGX) Limited on Monday, the company said, Mr. Bababode Osunkoya would be the chairman while Mr. Herbert Wigwe would remain as the group managing director and chief executive officer of Access Holdings Plc.

For the banking subsidiary, Mr. Roosevelt Ogbonna has been appointed as the managing director/CEO, Mr. Victor Etuokwu as deputy managing director (North) and Mrs. Chizoma Okoli, deputy managing director (South).

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Under the new re-organisation, Access Holding Company Plc would serve as the parent company for the group – Access Bank Nigeria and its many subsidiaries. The parent company now holds 100 per cent shares of Access Bank Nigeria and 100 per cent shares of all non-banking subsidiaries of the bank.

Access Bank Nigeria now owns all its banking subsidiaries (15 in total) and all its three representative offices in India, China and Lebanon.

Other members of Access Holdings Plc board are: Mr. Abubakar Jimoh (Independent Non-Executive Director),

Mrs. Fatimah Bello-Ismail (Independent Non-Executive Director), Mrs. Ojinika Olaghere (Non-Executive Director), Mr. Olusegun Ogbonnewo (Non-Executive Director), Mr. Roosevelt Ogbonna (Non-Executive Director), Mr. Oluseyi Kumapayi (Non-Executive Director) and Ms. Bolaji Olaitan Agbede (Executive Director).

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Herbert Wigwe, the new Access Holdings CEO, started his professional career with Coopers & Lybrand Associates, an international firm of Chartered Accountants. He spent over 10 years at Guaranty Trust Bank Plc where he managed several portfolios, including financial institutions, large corporates and multinationals.

Roosevelt Ogbonna, the new managing director of Access Bank Nigeria, until his appointment, was the deputy managing director of Access Bank Plc. Mr Ogbonna was appointed Executive Director, Commercial Banking Division in 2013 and became Group Deputy Managing Director in 2017. He has over 20 years’ experience in banking, cutting across Treasury, Commercial and Corporate Banking.

He joined Access Bank in 2002 as a Manager from Guaranty Trust Bank Plc. He is a Fellow of the Institute of Chartered Accountants of Nigeria and holds a second-class upper degree in Banking and Finance from the University of Nigeria, Nsukka. He is also a Chartered Financial Analyst and has attended Executive Management Development Programmes in several leading institutions.