By Dipo Olowookere
Chairman of Staco Insurance Plc, Mr Oritsedere Samuel Otubu, has retired from the Board of Access Bank Plc.
Mr Otubu’s retirement was announced by Access Bank Plc in a statement issued on Thursday, September 8, 2016.
Access Bank explained that Mr Otubu’s retirement as a Non-Executive Director of the company followed his completion of 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.
The statement disclosed that his departure from the Board took effect from September 1, 2016.
“The Board would like to express its appreciation to Mr Otubu for his contribution and services to the company,” a part of the statement, signed by the bank’s management, read.
Access Bank explained that Mr Otubu confirmed he has no disagreement with the board and there was no matter relating to his retirement that needed to be brought to the attention of the shareholders of the company or the regulatory authorities.
With the retirement of Mr Otubu, the company now has 14 directors comprising equal numbers of Executive and Non-Executive Directors.
The Central Bank of Nigeria (CBN) and the Securities and Exchange Commission’s Code of Corporate Governance require the Board of Directors of regulated companies to have more Non-Executive Directors than Executive Directors subject to stipulated maximum size of boards.
The Board said it was identifying right candidates to fill the resultant vacancies as soon as practicable and further announcement will be made in this regard in due course.