By Milcah Tanimu
Access Bank CEO, Roosevelt Ogbonna, has highlighted the challenges of the Nigerian market, noting it is less profitable than other African regions due to the naira devaluation. Speaking at a media parley, Ogbonna explained that Nigeria ranks low on return on equity, as stronger returns can be achieved in regions like Southern, East, and North Africa.
“If we take the money we make here to South Africa, we make three times more,” Ogbonna said, explaining Access Bank’s ongoing expansion into markets with higher returns and lower regulatory costs.
Ogbonna emphasized Access Bank’s commitment to financial stability across Africa, aiming to be in the top 10 banks across its markets by 2025. However, he acknowledged challenges in the South African market, citing local acceptance issues for Nigerian businesses.
