The Board of Directors of Access Bank Plc have announced the retirement of Mr. Oritsedere Samuel Otubu as a Non-Executive Director of the Company with effect from September 1, 2016.
According to statement released by the bank, Oritsedere has completed ”a maximum term of 12-year term on the Board as allowed by the Central Bank of Nigeria’s Code of Corporate Governance for Banks”.
To clear all speculations, Access Bank said Oritsedere ”has confirmed that he has no disagreement with the Board and there is no matter relating to his retirement that needs to be brought to the attention of the shareholders of the Company or the regulatory authorities. The Board would like to express its appreciation to Mr. Otubu for his contribution and services to the Company”.
As an explanation for his compulsory retirement, Access Bank cited the Central Bank of Nigeria and the Securities and Exchange Commission’s Codes of Corporate Governance that ”require the Board of Directors of regulated companies to have more Non-Executive Directors than Executive Directors subject to stipulated maximum size of Boards. With the retirement of Mr. Otubu, the Company now has 14 directors comprising equal number of Executive and Non-Executive Directors”.
The Board is identifying right candidates to fill the resultant vacancies as soon as practicable and further announcement will be made in this regard in due course.