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Reaching a 12-year Limit, Maduka Retires from Access Bank Board

28 Jan 2013

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Mr  Cosmas Maduka

By Obinna Chima

Contrary to reports in some newspapers Sunday  (not THISDAY) that the Chairman/CEO of the Coscharis Group, Mr. Cosmas Maduka, had been asked to step down from the board of Access Bank Plc by the Central Bank of Nigeria (CBN), the bank Sunday  announced his retirement from its board, having served the mandatory 12 years as a non-executive director of the bank.
  

Access Bank in a notification to the Nigerian Stock Exchange (NSE), explained that Maduka’s retirement was sequel to his completion of the maximum 12 years term as provided by CBN’s code of corporate governance for banks post-consolidation.
  
“The board would like to take this opportunity to express its sincere gratitude to Dr. Maduka for his contributions and services to the company during his tenure,” it added.
  

When contacted on the news making the rounds that Maduka was sacked by the CBN, its Director, Corporate Communication, Mr. Ugo Okoroafor, said he was not aware of that.

  

Access Bank also announced the appointment of Mr. Ernest Ndukwe into its board as a non-executive director.

  

The appointment, according to the bank, has been ratified by the bank’s board of directors and the CBN.

  The bank’s chairman, Mr. Gbenga Oyebode, said:  “Access Bank is taking giant strides to increase shareholders value and we are quite delighted to have Ndukwe on board. His exposure and experience will add impetus to our institutional aspiration of becoming Africa’s most respected bank.”

  Ndukwe, a former Chief Executive Officer of the Nigerian Communications Commission (NCC), is an Electrical/Electronics Engineer, with over 36 years experience in the telecommunications industry.

Tags: Nigeria, Featured, Business, Cosmas Maduka

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