By Akin Akinremi
After completing the maximum 12 years on the board allowed by the Central Bank of Nigeria Code of Corporate Governance for Banks, one of the Non-Executive Directors of Access Bank, Mr. Oritsedere Samuel Otubu, has retired from the bank.
His retirement took effect from September 1, 2016.
The Board of Directors of Access Bank Plc announced Otubu’s retirement in a statement on Thursday, saying it came after he completed a maximum of 12 years term on the Board as allowed by the Central Bank Code of Corporate Governance for Banks.
The retirement notice sent to the Nigeria Stock Exchange (NSE) on Thursday by Access Bank stated that Mr. Otubu had no grudge or disagreement with the Board since he had spent the speculated terms required of him by the law guiding Nigerian Banks.
The statement said the retirement notice needs to be brought to the attention of the shareholders of the company and the regulatory bodies.
CBN and SEC Codes 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.
With Otubu’s retirement, Access Bank now has 14 Directors.