Expectations peak as Ogbonna becomes MD of Access Bank

THOMAS IMONIKHE and COMFORT EKELEME

Though a public holiday, expectations peaked weekend ahead of the assumption of duty of the new managing director of Access Bank Plc, Mr. Roosevelt Ogbonna FCA, CFA on Monday May 2^nd with stakeholders expressing confidence on the capability of the chief executive officer, CEO to vastly improve the bank’s fortunes and meet the board’s corporate target of taking the financial institution to Africa’s top five in 2027.

 

Access Holdings Plc had through its Group Secretary, Mr. Sunday Ekwochi recently announced board changes at its banking subsidiary, Access Bank Plc with the appointment of the Deputy Managing Director, Mr. Roosevelt Ogbonna as new Managing Director/Chief Executive Officer of the Bank.

 

This followed the appointment of the former GMD, Dr. Herbert Wigwe, as the pioneer Group Managing Director/Chief Executive Officer of Access Holdings Plc even as the board appointed Victor Etuokwu as Deputy Managing Director, Retail North and Chizoma Okoli as Deputy Managing Director, Retail South.

 

The strategic appointments had been approved by the regulator, Central Bank of Nigeria, CBN, and will take effect today May 2, 2022

 

 

Ogbonna who, brings to bear  over two decades experience cutting across Treasury, Commercial and Corporate Banking on his new position was appointed Executive Director, Commercial Banking Division in 2013 and became Group Deputy Managing Director in 2017.

 

A Fellow of the Institute of Chartered Accountants of Nigeria, he joined Access Bank in 2002 as a manager from Guaranty Trust Bank Plc, and holds a Second-Class Upper Degree  in Banking and Finance from the University of Nigeria, Nsukka.

 

The new CEO is also a Chartered Financial Analyst and has attended Executive Management Development Programmes in several leading institutions globally and represents the Bank on the boards of Access Bank (Zambia) Ltd, Central Securities Clearing System Plc, Africa Finance Corporation and The Access Bank (UK) Limited.

 

Apart from steering the financial institution through Nigeria’s current turbulent operating environment and its expansion programme, one of Ogbonna’s immediate challenges is getting the management and staff deliver on the board’s 2027 target of moving the bank to the top five position in Africa. It is currently ranked twelve by market value.

 

Earlier, Dr. Wigwe, had hinted that the Bank which has become one of the subsidiaries of the group aimed to become one of the top five in Africa by 2027.

 

“We’re like number 12 on the continent today and we hope to be close to number five by 2027,” adding that the bank had never failed to meet its aspirations in terms of growth in its 20-year history and the projection for the next five years would be pursued aggressively and be met.

 

According to him, the expectation would see the bank regionalising its presence in Africa with regional offices in Ghana, Nairobi, Botswana, South Africa and Nigeria to creating a much more diversified institution,

“Banking is changing at a faster pace than we can imagine” and technology changing all things, he added.

 

Meanwhile, stakeholders of the Bank have stressed the need for the MD and his management team to embrace the relevant digital technology, determination and focus  in order to transform the institution.

 

This is even as they maintained that given the right technology, Access Bank would achieve its set goals insisting that having the right technology is what is presently needed to drive businesses competitively. They also commended the management for investing heavily on technology with branches established in 16 African countries.

 

In an interview with Daily Champion, National Coordinator, Progressive Shareholders Association of Nigeria (PSAN), Mr. Boniface Okezie said Mr. Ogbonna who is taking over as the new MD/CEO of Access Bank is not new to the group.

 

According to him, there is nothing new he is going to learn other than make the Bank join the top five in Africa because that is the terrain he is familiar with.

 

“He will make it happen because he is pushing his own record higher where Herbert Wigwe stopped his own assignment. Any one appointed in a new assignment must do every thing possible to make sure he succeeds in that job.

 

“Mr. Ogbonna must answer his own father’s name  now he is the new head of the Bank that has become a big subsidiary of Access Holdings Plc to be able to deliver on the mandate given to him or has been envision by the board because that is where the big dividends is expected to come from into the Group. So he knows what is expected of him as the MD/CEO of the Bank no more, no less,” Okezie added.

 

According to a financial expert Mr. Ben Ofili, the Bank will ‘primarily grow through expansion in assets particularly loans to individuals, corporates, sub-sovereign and sovereign entities as well as other market instruments and investments owned by it.

 

“Its assets will be dependent on the volume of its customers’ deposits as well as profits on loans availed to its customers, money made from its e-channels usage by customers and non- customers and earnings on its investments.

 

“So for Access to attain its goals, it must grow its deposit base (through wider customer reach in existing and new markets), give out loans from these deposits to credit worthy individuals and entities for viable projects and undertakings that provide the highest-risk adjusted returns to the Bank and invest in liquid and profitable market assets

 

“Banks generate assets (loans) from liabilities (customer deposits) as well as plough back profits that is profits that are retained in the business and not shared as dividend to shareholders,” he added.

 

Speaking in similar vein,  a shareholder activist, Alhaji Olatokunbo Gbadebo while welcoming the MD said he cannot afford to disappoint stakeholders of the Bank as he occupies the hot seat despite the heavy responsibilities.

 

He said: “He already has the agenda and knows what it means with some well thought out execution strategies on first, second plans and the mind set to achieve the goals. But we could only be of assistance for perfection on some of the plans with well thought out suggestions as we (stakeholders) cannot set an agenda from outside because that is the sole responsibility of the board, management and committees with inputs from staff.

 

“The group could not have  set a mandate, without first seriously brainstorming over it while Mr. Ogbonna and management just have to work seriously with deep focus and determination to achieve the objectives and expectations of the group and other stakeholders.

 

“To achieve the goals needs focus and determination which Access Bank has in abundance and all that the new team needs is our support and prayers for improved economic situation and for peace and stability in the country,” he stated.