Pharmacist Ajoritsedere Awosika Appointed Access Bank Chairman, As Belo-Olusoga Steps Down After A 12 Year Stint
The Oasis Reporters
November 22, 2019
Come January 8, 2020, pharmacy doctor, Ajoritsedere Awosika would be on hand to begin a new career, piloting Access Bank Plc as chairman, a bank that has transformed from an obscure Nigerian Bank into a world class African financial institution, that has emerged as one of Nigeria’s five largest banks in terms of assets, loans, deposits and branch network; “a feat which has been achieved through a robust long-term approach to client solutions – providing committed and innovative advice”, according to a statement found on the bank’s website.
Dr. Awosika takes over from Mosun Belo-Olusoga, popularly called Auntie Mo, by adoring staffers and she will retire in January 2020.
This followed the completion of her 12-year term limit allowed by the Central Bank of Nigeria’s code of corporate governance for Banks and
discount houses, put in place by one time Central Bank of Nigeria governor, Sanusi Lamido. It meant that even if by the sweat on your brow and the grit of your enterprise, you built a bank to profitability, you must quit it’s leadership at some point for someone else to run.
Sanusi Lamido is today the Emir of Kano, in Nigeria’s North West, and the stool has no term limit.
Owing to this CBN rule, the board of Access Bank plc, also announced the appointment of Dr. Ajoritsedere Awosika, as her successor, effective January 8, 2020.
Dr. Mrs Awosika would be chairing Access Bank Plc that has built its strength and success in corporate banking and is now applying that expertise to the personal and business banking platforms it acquired from Nigeria’s International Commercial bank in 2012. The next two years were spent integrating the business, investing in infrastructure and strengthening the product offer.
As part of its continued growth strategy, Access Bank is focused on mainstreaming sustainable business practices into its operations. The Bank strives to deliver sustainable economic growth that is profitable, environmentally responsible, and socially relevant.
Dr. Awosika is a fellow of the Pharmaceutical Society of Nigeria and the West African Postgraduate College of Pharmacy. She holds a Doctorate degree in Pharmaceutical Technology from the University of Bradford, United Kingdom.
Dr. Ajoritsedere Awosika is an accomplished administrator with over three decades experience in public sector governance. She was at various times the Permanent Secretary at three Federal Ministries of Internal Affairs, Science & Technology and Power.
She was appointed to the Board in April 2013 as an Independent Director and was at a time, Board Audit Committee Vice-Chairman, member, Board Governance and Nomination Committee; member, Board Credit and Finance Committee as well as a one time member, Board Remuneration Committee.
According to a statement obtained on the Nigerian Stock Exchange website, Bello-Olusoga became the Chairman of the Board in July 2015, confirming that, “she has no disagreement with the Board as there was no need for issues relating to her retirement to stir up worries by shareholders of the company or the regulatory authorities.” She has to move on, after 12 meritorious years in the saddle as chairman.
Access Bank Plc was issued a banking licence on February 8, 1989 and was incorporated as a privately owned commercial bank on May 11, 1989 while it commenced operations at its Burma Road, Apapa Head Office. Access Bank became a Public Limited Liability Company on November 18, 1998, with its head office at Broad Street that it had moved into much earlier, transferring corporate decision making there away from Burma Road, Apapa.
Access Bank was listed on the Nigeria Stock Exchange on February 5, 2001, then obtained a Universal Banking License from the CBN
In March 2002, the Board of Directors appointed Aigboje Aig-Imoukhuede as Managing Director/Chief Executive Officer and Herbert Wigwe as Deputy Managing Director with a mandate to reposition the bank as one of Nigeria’s leading financial institutions within a five year period (March 2002 to March 2007). This task was perceived by many as impossible given the realities of the Bank at the time..
Simultaneously, Mr. Gbenga Oyebode, who brought commendable and useful board experience gathered from some of Nigeria’s leading companies, including MTN Nigeria, Okomu Oil Palm Plc, was also appointed to the Board. The new management team subsequently created a transformational agenda for Access Bank which represented a departure from all that characterized the Bank in the past and became the road map for the conversion of the bank into a world class financial institution.
The impact of the transformation agenda was reflected in the first year. The bank grew its balance sheet by 100% and posted an impressive N1 billion profit before tax. The profit before tax figure was more than the cumulative profit made by the bank in the previous 12 years. This also marked the beginning of what would be a six year record triple-digit growth trend. Similarly, earnings per share had rebounded to 21 kobo from a negative 2 kobo position, leading to a declaration of a 5 kobo dividend to shareholders for the first time in three years.
The Bank decided to embark on a capital raising exercise in July 2007. The exercise was an astounding success recording an over subscription of over 300%. The public offer comprised of an Over-The-Counter GDR placement of US$250 million which was similarly oversubscribed by 700%. The Bank’s shareholders fund today stands at over N240 billion with an expanded shareholder base of over 1,000,000 domestic and foreign investors.
In 2012 it became a top five bank in Nigeria following its acquisition of Intercontinental Bank and began to build a pre-eminent position in retail as well as corporate banking.
By 2013 Access Bank had become AA- rated by S&P and was able to raise capital in the global bond markets, with its first successful US$350m Eurobond issuance taking place in July 2012.
In 2018 it accelerated its five-year plan with the merger of Diamond Bank, Nigerian’s leading retail bank with 19 million customers, including 10 million mobile customers, and a strong reputation for data analytics and technological innovation.
Access Bank Plc seems set to expand its service platform across the African continent and beyond. The bank currently operates through a network of about 366 branches across major cities and commercial centers in Nigeria, The Gambia, Sierra Leone, Zambia, Rwanda and Democratic Republic of Congo, and the United Kingdom, with representative offices in China, Lebanon, India and the UAE.
Credits:
Access Bank PLC website
Thisday newspaper
The Oasis Reporters In-house Financial Intelligence
