Bank
Access Holdings Director Roosevelt Ogbonna Resigns From Board, Remains Access Bank MDc
Access Holdings Director Roosevelt Ogbonna Resigns From Board, Remains Access Bank MD
Access Holdings Plc has announced the resignation of Mr. Roosevelt Ogbonna, a Non-Executive Director, from its Board after three and a half years of dedicated service. The announcement was made in a statement released on Tuesday and signed by the Company Secretary, Sunday Ekwochi.
According to the statement, Mr. Ogbonna will continue in his role as the Managing Director and Chief Executive Officer of Access Bank Plc, the Group’s flagship banking subsidiary. The company explained that his resignation became necessary to ensure compliance with the Central Bank of Nigeria’s Corporate Governance Guidelines for Financial Holding Companies (2023), which limit the number of directors on a financial holding company’s board to nine.
“The board appreciates Mr. Ogbonna for his outstanding and continued contributions to the Access Group,” the statement read.
Mr. Ogbonna was appointed Managing Director and Chief Executive Officer of Access Bank Plc in May 2022, after serving as Deputy Managing Director from 2017 and Executive Director from 2013. He joined Access Bank in 2002 from Guaranty Trust Bank and has over two decades of experience in the banking sector.
A Fellow of the Institute of Chartered Accountants of Nigeria (FCA), an Honorary Member of the Chartered Institute of Bankers (HCIB), and a CFA charter holder, Mr. Ogbonna holds an MBA from IMD Business School in Switzerland, an LL.M in International Corporate & Commercial Law from King’s College London, and an Executive MBA from Cheung Kong Graduate School of Business. He also earned a B.Sc. in Banking and Finance from the University of Nigeria, Nsukka, and completed the Senior Executive Fellow programme at Harvard Kennedy School of Government.
In 2015, he was recognised by the Institute of International Finance as one of its Future Global Leaders. Beyond his role as CEO, Mr. Ogbonna sits on the boards of Access Bank’s subsidiaries in the UK and South Africa and represents the bank on the boards of the Africa Finance Corporation and CSCS Plc.
As of August 2025, the Board of Access Holdings Plc is chaired by Aigboje Aig-Imoukhuede, with Bolaji Olaitan Agbede serving as Acting Group CEO, and Lanre Bamisebi as Executive Director. The independent non-executive directors include
Abubakar Aribidesi Jimoh, Fatimah Bintah Bello-Ismail, and Ibironke Adeyemi, while other members are Ojinika Nkechinyelu Olaghere and Olusegun Babalola Ogbonnewo.
Mr. Ogbonna’s resignation, as confirmed in the statement, reflects Access Holdings’ commitment to regulatory compliance while he continues to lead Access Bank Plc’s growth and strategic direction.
About Access Holdings
Access Holdings Plc (“the Company”) is a non-operating financial holding company licensed and regulated by the Central Bank of Nigeria (CBN) and headquartered in Lagos, Nigeria. The Company was established in 2022 following the regulatory, judicial, and shareholders’ approvals of the Scheme of Arrangement between Access Bank Plc and holders of its fully paid-up ordinary shares. The Company serves its various markets through five subsidiaries across the banking, payment, pension administration, and insurance sectors. The Company’s operating subsidiaries are Access Bank Plc, Hydrogen Payment Services Company Limited, Access ARM Pensions Limited, Access Insurance Brokers Limited, and Oxygen X Finance Company Limited.
Access Bank Plc serves its various markets through three business segments- Corporate and Investment, Commercial, and Retail. The Bank has enjoyed what is Africa’s most successful banking growth trajectory in the last twenty-two years. Following its merger with Diamond Bank in March 2019, Access Bank Plc became one of Africa’s largest retail banks by customer base and Nigeria’s largest bank by total assets. It operates through a network of more than 700 branches and service outlets, spanning three continents, over 20 countries, and serving over 60 million customers.
Hydrogen Payment Services Company Limited, the payment company, leverages the strong suite of the Bank’s existing assets and customer base, creating a super fintech that will be Africa’s most powerful business services network. Hydrog, being a company of African heritage, has a clear understanding of the unique payment challenges across the continent and is positioned to address these challenges with its offerings. Its range of products and services, such as InstantPay, Payment gateway, POS services, and Card and Switch processing, is gaining traction in the marketplace and addressing the unique needs of customers.
Access ARM Pensions Limited [formerly Access Pensions Limited] is one of Nigeria’s largest Pension Fund Administrators (‘PFA’) by customer base and Assets Under Management, with nearly ₦3 trillion in assets under management and serving over 2 million Retirement Savings Account holders.
Access ARM Pensions Limited is the product of several separate entities. The erstwhile Access Pensions Limited first became a subsidiary of Access Holdings following the acquisitions of the former First Guarantee Pension Limited and Sigma Pensions Limited and their later merger. Subsequently, Access Pensions Limited merged with ARM Pensions Managers [PFA] Limited to form Access ARM Pensions
Limited. As one of Nigeria’s leading PFAs, Access ARM Pensions Limited is leveraging key relationships and the growing ecosystem of Access Group across Africa to unlock greater opportunities for customers.
Access Insurance Brokers Limited is a company licensed by the National Insurance Commission that provides intelligent solutions that mitigate the unique risks faced by individuals and businesses in an ever-changing world using leading risk management tools and governance standards.
Oxygen X Finance Company Limited is a digital-first consumer lending business built to anchor digital lending for Access Group, deliver superior value to customers, drive an enhanced value proposition, and maximize value accretion.
Oxygen X is positioned to be a dominant digital-first player in the Nigerian consumer lending space, leveraging connectivity with Access Bank and other subsidiaries while building a dynamic ecosystem.
Access Holdings Plc strives to invest in businesses that are committed to sustainable practices and have a positive impact on the environment.
Alpha Morgan Bank Deepens Presence in Abuja with New Branch in Utako
Marking another milestone in its expansion drive, Alpha Morgan Bank has opened a new branch in Utako, Abuja, reinforcing its strategy of building closer institutional ties within key business communities and bringing its financial expertise closer to individuals, and enterprises driving the city’s growth.
The new branch, located at Plot 1121 Obafemi Awolowo Way, Utako, Abuja is strategically positioned to serve individuals, entrepreneurs, and corporate clients within Utako and surrounding districts.
The expansion follows the Bank’s recently concluded Economic Review Webinar held in February 2026, as the bank continues to position as a thought-leader in the financial services industry.
Speaking on the opening, Ade Buraimo, Managing Director of Alpha Morgan Bank, said the move underscores the Bank’s commitment to accessibility and service excellence.
“Proximity matters in banking. As communities grow and commercial activity expands, financial institutions also evolve to meet customers where they are. The Utako Branch allows us to deliver our services to people in that community efficiently while maintaining the high standards our customers expect,”
The Utako location will provide a full suite of retail and corporate banking services, including account opening, deposits, transfers, business banking solutions, and financial advisory support.
Customers and members of the public are invited to visit the new Utako Branch to experience the Bank’s approach to satisfying banking.
Alpha Morgan to Host 19th Economic Review Webinar
In an economy shaped by constant shifts, the edge often belongs to those with the right information.
On Wednesday, February 25, 2026, Alpha Morgan Bank will host the 19th edition of its Economic Review Webinar, a high-level thought leadership session designed to equip businesses, investors, and individuals with timely financial and economic insight.
The session, which will hold live on Zoom at 10:00am WAT and will feature economist Bismarck Rewane, who will examine the key signals influencing Nigeria’s economic direction in 2026, including policy trends, market movements, and global developments shaping the local landscape.
With a consistent track record of delivering clarity in uncertain times, the Alpha Morgan Economic Review continues to provide practical context for decision-making in a dynamic environment.
Registration for the 19th Alpha Morgan Economic Review is free and can be completed via https://bit.ly/registeramerseries19
It is a bi-monthly platform that is open to the public and is held virtually.
Visit www.alphamorganbank to know more.
Bank
Separating Fact from Confusion: What Nigerians Need to Know About the 7.5% VAT on Banking Service Fees
In recent weeks, digital-banking customers and social media, especially on Twitter have raised concerns about deductions labelled as “VAT” on transfers and other charges.
Some dangerously false narratives, which when you take a critical look, you’ll clearly see that they have been orchestrated and sponsored by malicious elements, have given the impression that the 7.5% Value Added Tax (VAT) is a new or arbitrary charge introduced by fintechs, or that it applies to the amounts customers send. These claims are misleading and deserve careful clarification which is the purpose of this piece.
First, it’s important to understand how VAT works in Nigeria’s financial sector today. VAT on fees and charges for financial services has long been part of Nigeria’s tax system. The then Federal Inland Revenue Service (FIRS) had issued information circulars on March 31, 2021 where it stated that VAT on Financial Services (Circular No. 2021/04) that most fees, commissions, and charges by financial institutions (banks, insurance companies, brokers) are subject to 7.5% VAT.
This justifies a recent advertorial the Nigeria Revenue Service (NRS) which stated unequivocally that VAT was not newly introduced on banking service charges by recent tax reforms, and that it did not impose a new tax obligation on customers in that regard.
However what was left unsaid in that publication was that on the 12th of December, the tax agency had written to all financial institutions and payment gateways based on past meetings with operators that following from the new Tax Act, they were reminded of their mandatory obligations to collect, deduct and remit VAT at the prescribed rate.
The Agency then gave an 18- day grace period to all players to configure and align their systems while directing full compliance with the directive with effect from January 19, 2026. And so, some fintechs sent messages to their customers in the spirit of clarity and transparency.
It must be said that what has changed is that in a bid to widen the tax net, microfinance banks and fintechs who were not obligated to deduct and remit said VAT before now, have now become compelled to do so. The enforcement and standardised collection of VAT across banks and fintech platforms including mobile transfers, USSD transaction fees, and card issuance fees with compliance deadlines issued by tax authorities. So why anyone would vilify any financial institution obeying the laws of the land beats my imagination.
For those who have raised questions around transparency and wrongly suggesting that fintechs are suddenly imposing new, unexplained costs on users – as it has been explained above, this is a matter of regulatory compliance, not a lack of transparency or customer exploitation. These VAT deductions are not new fees created by the companies themselves, and providers are not arbitrarily raising their prices.
In closing, two things that everyone must bear in mind as we move forward in this new tax climate – all stakeholders including fintech platforms and regulators must communicate better and clearly. Nigerians must refrain from peddling unsubstantiated claims and malicious narratives, it has no benefits for anyone and erodes trust in systems.
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