Roosevelt Ogbonna Forced Off Access Holdings Board Amid Rumoured Boardroom Crisis

Roosevelt Ogbonna has been reportedly forced off Access Holdings Board amid alleged rumoured boardroom crisis.

NewsOnline Nigeria reports that Access Holdings Plc, parent company of Access Bank, has confirmed the sudden resignation of Roosevelt Ogbonna from its board, a development that has sparked speculation of deepening boardroom tensions within the Nigeria’s largest banking group.

In a regulatory filing dated August 27, 2025, the company said Ogbonna stepped down as Non-Executive Director to comply with the Central Bank of Nigeria’s 2023 Corporate Governance Guidelines, which limit holding company boards to nine members. He, however, retains his position as Managing Director/CEO of Access Bank Plc.

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While the firm publicly praised Ogbonna for his “outstanding contributions,” industry insiders suggest the move may reflect internal friction between the group’s chairman, Aigboje Aig-Imoukhuede, and Ogbonna, a key figure in the bank for nearly two decades. Analysts point to a possible power struggle, with Aig-Imoukhuede’s cautious governance style clashing with the expansion-driven legacy of the late Herbert Wigwe.

The decision is unusual given Access Bank’s dominance in the group, contributing more than 90% of profits and assets. Critics argue that leaving the bank’s CEO without a seat at the HoldCo board signals a consolidation of control rather than mere regulatory compliance.

One activist shareholder who holds stakes across companies on the NGX suggested that this may be a power play between Aigboje Aig-Imoukhuede, the chairman of Access Holdings, and Roosevelt.

Observers warn the shake-up could reshape governance dynamics at Access Holdings, fueling questions about leadership balance and the future direction of one of Africa’s most influential banking institutions.

However, senior sources within the bank dismissed this narrative, insisting there was no rancor. According to them, leadership changes are natural when a new chairman especially a co-founder is at the helm. Aig-Imoukhuede is also known as the most conservative of the founders.

NewsOnline Nigeria recalls that Access Holdings Plc was established in 2022 following regulatory, judicial, and shareholder approvals of a Scheme of Arrangement between Access Bank Plc and its shareholders.

While Ogbonna is no longer a non-executive director of Access Holdings Plc, he simultaneously held the position of MD/CEO of Access Bank, overseeing 17 banking subsidiaries in Nigeria and across Africa.

Access Holdings is one of the largest financial groups on the continent by number of subsidiaries.