Cosmas Maduka leaves Access Bank board

by Yinka Ojo

Access Bank Plc has announced the retirement of Cosmas Maduka from the board of the bank.

The bank, in a statement given to the Nigerian Stock Exchange (NSE) said that Maduka, who is also the Chairman of Coscharis Group, retired as a Non-Executive Director of the bank, following the expiration of his tenure as stipulated by the Central Bank of Nigeria (CBN).

According to the bank, Maduka’s retirement is sequel to his completion of the maximum 12 year term as provided by CBN’s Code of Corporate Governance for banks in Nigeria after the consolidation of the banks.

Access Bank also notified the NSE that it has appointed Ernest Ndukwe as an Independent Director of the bank. The appointment of Ndukwe, the immediate past Chief Executive of the Nigerian Communications Commission (NCC), has been approved by the CBN.

Maduka has been embroiled in a controversy with Ifeanyi Ubah, the Chief Executive Officer of Capital Oil, over a N20 billion loan deal secured from Access Bank Plc. It was alleged that Maduka ran afoul of certain provision of the CBN Act, in respect to insider dealing, when he secured the loan facility from Access Bank.

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