Banking
CBN Approves Appointment of Ogbonna as Access Bank MD as Wigwe Quits
By Dipo Olowookere
The Central Bank of Nigeria (CBN) has approved the appointment of Mr Roosevelt Ogbonna as the new Managing Director/Chief Executive Officer of Access Bank as the current occupier of the position, Mr Herbert Wigwe, plans to leave.
A statement from the lender said Mr Ogbonna, who is presently the Deputy Managing Director of the bank, will assume office on May 2, 2022.
The new MD is a fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and a graduate of the Harvard Kennedy Business School. He holds a Master’s degree in Business Administration from IMD Business School, Switzerland.
He is taking over from Mr Wigwe, who has now been appointed as the Group MD of Access Holdings Plc following the completion of the scheme of arrangement between Access Bank Plc, which is now a banking subsidiary, and holders of its fully-paid ordinary shares of 50 kobo each resulting in the listing of Access Holdings as the parent entity of the lender and related group companies on the Nigerian Exchange (NGX) Limited.
Mr Wigwe, a financial expert with over 30 years of professional experience, has been the MD/CEO of Access Bank since 2014.
He joined the company in 2002. Before then, he worked at GTBank and spent more than 10 years, rising to become the Executive Director in charge of Institutional Banking.
Also, the CBN has approved the appointment of Mr Victor Etuokwu as the Deputy MD of Access Bank in charge of Retail North.
Mr Etuokwu was appointed as an Executive Director of the bank in 2012 and was renewed in 2022 following the expiration of his second tern. He has nearly 30 years of banking experience cutting across Operations, Information Technology, Business Development and Retail Banking.
He started his professional career in Citibank Nigeria where he served in various capacities, including Head of Operations and Records and Reconciliations. He joined Access Bank in 2003 and has led several critical projects including the merger with the defunct Intercontinental Bank and Diamond Bank.
In addition, the appointment of Mrs Chizoma Okoli as the Deputy MD for Retail South has been authorised by the apex. She was an executive trainee in the defunct Diamond Bank and rose to become an Executive Director in 2016.
Mrs Okoli joined the board of Access Bank after Diamond Bank merged with Access Bank in 2019 and was appointed as the Executive Director for Business Banking Division.
Speaking on the appointments, the Chairman of the board, Mr Bababode Osunkoya, said the development reflects the “robustness of our leadership succession plan and our decision to considerably strengthen our retail business while harnessing the potentials of SMEs and financial inclusion towards the attainment of the group’s strategy.”
He further said the “appointees have been selected based on their exceptionally rich, professional, academic and corporate board experiences, which are all relevant to the needs of our board.
“We are deeply convinced that their skills will no doubt continue to add significant value to our bank’s quest to become Africa’s Gateway to the World.”
Meanwhile, Mr Adeolu Bajomo has resigned his position as the Executive Director in charge of Information Technology and Operations of Access Bank with effect from September 30, 2022, to pursue “other personal interests.”
By Aduragbemi Omiyale
A collaboration to enable fast money transfers into Nigeria has been entered into between Flutterwave and Xoom, PayPal’s international digital money transfer service.
The partnership allows Xoom transfers to be converted by Flutterwave and settled locally in Naira, enabling quick transfers directly into recipients’ bank accounts at Access Bank, UBA, Zenith Bank, First Bank, GTBank, and additional participating banks across Nigeria.
The deal also enables Xoom’s global network with Flutterwave’s local payout infrastructure, allowing users globally to send funds directly into Nigerian bank accounts with improved speed and efficiency.
Nigeria is the leading remittance recipient in Sub-Saharan Africa, receiving over $20 billion in personal remittances in 2024. Despite this volume, receiving international payments has historically remained complex due to FX constraints and settlement delays. This collaboration helps address those challenges in a market of more than 232 million people, where the ICT sector is projected to contribute 21 per cent of GDP by 2027.
By combining Xoom’s expansive reach with Flutterwave’s local compliance and banking partnerships, the two companies are providing a more accessible financial corridor for the continent.
Xoom, a PayPal service, is a fast and secure international digital money transfer service that enables consumers to send money, pay bills, and reload phones for friends and family in approximately 160 markets globally.
As part of PayPal’s global payments ecosystem, Xoom leverages advanced fraud protection, compliance capabilities, and a trusted global network to help millions of customers move money quickly and securely across borders.
“We’re excited to have been chosen by Xoom for their Nigeria expansion. Millions of Nigerians rely on money from abroad to support everyday needs, whether it’s families receiving help from loved ones, freelancers getting paid for their work, or individuals earning income from the global economy. This helps make it easy and more reliable for people in Nigeria to receive funds and stay connected to opportunities beyond borders,” the chief executive of Flutterwave, Mr Olugbenga GB Agboola, stated.
By Aduragbemi Omiyale
An initiative known as Nigeria Lightning Rounds, designed to expand funding opportunities for Nigerian startups and small businesses by connecting founders with local and international investors, has been launched by ProvidusUnity Bank, in partnership with US-based global venture firm and accelerator, gener8tor.
Scheduled to be held on July 15, 2026, Nigeria Lightning Rounds will feature carefully selected startups engaging with targeted investors who have expressed interest in supporting Nigerian innovation.
Participating founders will have the opportunity to pitch their businesses through focused 15-minute virtual sessions facilitated by gener8tor and ProvidusUnity Bank’s networks.
The program will focus on high-growth sectors including fintech, healthtech, manufacturing, sustainability, and AI, but welcomes SMEs from all industries, with intending participants urged to apply via https://www.gener8tor.com/lightning-rounds/nigeria.
“We recognise that access to capital remains one of the biggest challenges facing entrepreneurs in Nigeria. Through our partnership with gener8tor, we are creating a platform that connects promising Nigerian founders with investors who can provide the support required to scale their businesses,” the Head of Business Development at ProvidusUnity Bank, Mr Ernest Elue, stated.
“The partnership reinforces ProvidusUnity Bank’s commitment to strengthening Nigeria’s entrepreneurial ecosystem by supporting innovation, enabling access to opportunities, and creating pathways for businesses with high-growth potential,” he added.
Also commenting, the Director of Lightning Rounds at gener8tor, Ms Elizabeth Larios, said, “gener8tor is thrilled to partner with ProvidusUnity Bank to extend the Lightning Rounds model into Nigeria.
“This collaboration reflects our commitment to building equitable ecosystems and driving capital to the most promising and underrepresented entrepreneurs.”
Lightning Rounds are a signature initiative of gener8tor’s investment platform, which has facilitated thousands of investor-startup meetings globally. The format is optimised to eliminate friction, reduce bias in early-stage fundraising, and help founders secure capital from investors aligned with their mission and stage. gener8tor’s previous Lightning Rounds for Nigerian Founders in 2025 featured 18 participating Investors and led to 50 investment meetings facilitated.
By Modupe Gbadeyanka
The verification of the depositors of the 46 microfinance banks, whose operating licenses were revoked by the Central Bank of Nigeria (CBN) over a week ago, has commenced.
The exercise, aimed at refunding those whose funds were trapped in the small lenders, is being conducted by the Nigeria Deposit Insurance Corporation (NDIC).
In a statement on Thursday, the agency said its staff members have been positioned at the offices of the affected banks across the country to attend to depositors.
It was disclosed that depositors of the defunct banks, who had their Bank Verification Numbers (BVNs) linked to their accounts in the failed banks, will be paid through their alternative accounts in existing banks.
However, depositors whose BVNs were not linked to their accounts in the failed banks have been encouraged to visit the affected banks’ offices with proof of account ownership, a passport photograph, verifiable means of identification (Driver’s Licence, Permanent Voter’s Card, International Passport or National ID Card) and BVN.
NDIC also stated that depositors can alternatively file their claims online through its website: www.ndic.gov.ng, to complete the Pre-Verification Claims Form by clicking on the Search Bar, and typing Pre-Verification Claims Form; opening the Form and filling in their details. They can also do so by clicking the link: https://ndic.gov.ng/ndic-pre-verification-claims-form/ or by visiting any of the NDIC offices closest to them to file their claims.
For further enquiries, the corporation can be reached on any of the following lines: 09037273810, 09038197064, 08104220807, 09064657140.
