The Board of Directors of Access Bank Plc hereby announces the retirement of Mr. Oritsedere Samuel Otubu as a Non-Executive Director of the company with effect from September 1, 2016. This follows 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.
Mr Otubu 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.
The Central Bank of Nigeria 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. With the retirement of Mr Otubu, the company now has 14 directors comprising equal numbers 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.
BACKGROUND INFORMATION OF MR. OTUBU
Accordig to Bloombery, Mr. Oritsedere Samuel Otubu has a Bsc degree in 1983 and a Master Degree (Msc.) in 1985 from Houston Baptist University, USA. As an Accountant, he has served in many companies. This including: President of Taxas Oil Services Company, Executive Chairman of Sanforce Insurance Brokers, Group Chairman of STACO Insurance Plc, Director of Zenith Bank Plc, Food Emorum International and Dear Communcatn Plc.
He was a non executive Director of Access Bank in May 2004 and served inn varous caacity. He served as Chairman of Board Remuneration Commttee, Member of Board Audit Committee, Membe of Boad Human Resources Committee and Member of Board Governance & Nomination Committee.