The recent power change in Access Holdings, where Roosevelt Ogbonna stepped down as Non-Executive Director, highlights the complexities of power dynamics in corporate organizations. This shift , attributed to various factors, including governance rules and potential power struggles, is , no doubt, pregnant . According to reports, Ogbonna’s exit might be linked to some alleged differences in leadership style between him and Access Holdings Chairman, Aigboje Aig-Imoukhuede.
Some analysts alleged that the Board Chairman was smart enough to find a rationale to do away with Ogbonna. He allegedly exploited a rule by the Central Bank of Nigeria’s Corporate Governance Guidelines for Financial Holding Companies which stipulates a maximum of nine directors on board of a bank .
They believe Ogbonna’s resignation from the board may exclude him from key decision-making processes, further underscoring the significant impact of formal governance structures on power dynamics and distribution within the organization.
Their fear may not be farfetched. With Access Bank contributing over 90% of Access Holdings’ group revenues and assets, Ogbonna’s role as MD/CEO of Access Bank and his exit from the holding company’s board raise questions about potential power struggles and leadership dynamics. Analyzing indicators of power, such as status, representation in powerful positions, and control over resources, can provide insights into the shifting balance of power within the organization. Effective management of these power dynamics will be essential for Access Holdings to navigate its complex stakeholder landscape and drive success.
While the dust is yet to settle down on the issue of Ogbonna , Bolaji Agbede , the acting CEO of the Group was demoted to an executive officer cadre as Innocent Ike was detailed to replace her .
No doubt, the recent leadership changes at Access Holdings have sent shockwaves through the financial sector as the demotion continues to spark intense speculation. This development comes against the backdrop of controversy surrounding Chairman Aigboje Aig-Imoukhuede’s influence over the estate of the late Herbert Wigwe, the bank’s former CEO.
Aig-Imoukhuede’s return as Chairman of Access Holdings after a 10-year absence has been marked by significant leadership realignments, including the exit of Roosevelt Ogbonna from the board. This move is seen as a strategic consolidation of power for Aig-Imoukhuede.
The leadership change sparking controversy and speculation among analysts , particularly given some alleged differences in leadership style between Aig-Imoukhuede and the late Herbert Wigwe.
Moreover ,Wigwe’s family had accused Aig-Imoukhuede of attempting to manipulate the will and exert undue influence over the family’s decisions.
The fear is that the controversy surrounding Aig-Imoukhuede’s influence over Wigwe’s estate and family affairs may have implications for the company’s reputation and stability.
Meanwhile, to some observers the appointment of Innocent Ike as the new Group Managing Director/Chief Executive Officer of Access Holdings, effective August 29, 2025, is a strategic move that underscores the company’s commitment to strengthening governance and leadership.
Ike succeeds Bolaji Agbede, who served as Acting Group CEO for 18 months following the tragic death of former CEO Herbert Wigwe in 2024. During her tenure, Agbede successfully guided the company through a challenging period, overseeing key milestones such as a N351 billion rights issue and two annual general meetings. Aig-Imoukhuede praised her contributions, describing them as “invaluable in navigating the company through challenges and opportunities.”
With a background steeped in banking and financial services, Ike brings over three decades of experience and a proven track record of driving growth and innovation. This leadership transition, following regulatory approval, positions Access Holdings for sustained success and growth, building on the strong foundation laid by his predecessors and driven by a renewed focus on delivering exceptional value to shareholders and stakeholders.
This significant leadership transition marks a new phase for the company under the chairmanship of Aigboje Aig-Imoukhuede, with Ike poised to drive the organization’s vision forward.
The appointment of Ike reflects Access Holdings’ commitment to strengthening governance and aligning with regulatory requirements. With over 30 years of experience in banking and financial services, Ike brings a wealth of knowledge and expertise to the role. His background in accounting, certifications from CIBN and ICAN, and previous leadership positions make him an ideal candidate to lead Access Holdings.
With a background steeped in banking and financial services, Ike brings over three decades of experience and a proven track record of driving growth and innovation. This leadership transition, following regulatory approval, positions Access Holdings for sustained success and growth, building on the strong foundation laid by his predecessors and driven by a renewed focus on delivering exceptional value to shareholders and stakeholders.
This significant leadership transition marks a new phase for the company under the chairmanship of Aigboje Aig-Imoukhuede, with Ike poised to drive the organization’s vision forward.
The appointment of Ike reflects Access Holdings’ commitment to strengthening governance and aligning with regulatory requirements. With over 30 years of experience in banking and financial services, Ike brings a wealth of knowledge and expertise to the role. His background in accounting, certifications from CIBN and ICAN, and previous leadership positions make him an ideal candidate to lead Access Holdings.
With Ike at the helm, Access Holdings is well-positioned to achieve its strategic vision of becoming the world’s most respected African financial services group. Ike’s appointment signals a new era of stability and experienced leadership, with a focus on delivering exceptional value to shareholders and stakeholders. His vision for the company aligns with Aig-Imoukhuede’s expectations, driving growth and innovation in the financial services sector.
As Access Holdings embarks on a new era under Ike’s leadership, the company’s ability to navigate the complex landscape of Nigerian finance will be closely watched. While Ike’s appointment signals continuity, the controversy surrounding Aig-Imoukhuede’s influence may pose challenges to the company’s growth and stability. Ultimately, the success of Access Holdings will depend on its ability to balance strategic growth with transparency and accountability.
