Business
CBN revises tenure limits for bank executives
The Central Bank of Nigeria, CBN, has revised the tenure of executive directors (ED). Deputy managing directors (DMD), and managing directors (MDs) of Banks and Bank Holding companies.
According to the approved guidelines, the cumulative tenure limit of directors (ED, DMD, MD, and NEDs) on the Board of the same bank is twenty-four (24) years. It was 20 years in the previous regulation.
This is contained in section 3 of the new Corporate Governance Guidelines for Commercial, Merchant, Non-Interest, and Payment Service Banks in Nigeria.
READ ALSO: N120bn debt: Banks will be disconnected from USSD codes, Telcos insist
The current guidelines which were issued as a circular take effect August 1, 2023.
According to Section 3 of the guidelines the tenure of the MD/CEO of a bank shall be in accordance with the terms of engagement with the bank but subject to a maximum period of twelve (12) years.
The guidelines also provide for the tenure of the Deputy Managing Director (DMD) and Executive Director (ED).
It also stated that the tenure of a DMD/ED of a bank shall not exceed a period of twelve (12) years.
-
Latest4 days agoHigh Court opens hearing on Goodluck Jonathan’s 2027 presidential eligibility
-
Crime5 days agoServing police officers arrested with firearms amid escalating Cross River communal crisis
-
Latest3 days agoNigerian Senate reverses standing orders amendment over constitutional concerns
-
Latest1 day agoWike loyalists dominate As APC clears 33 aspirants for Rivers Assembly primaries, 65 disqualified
-
News2 days agoLagos Assembly Firm Up Taxes, Tightens Noose On Illegal Levy Collection
-
Latest8 hours agoPeter Obi calls for urgent healthcare reforms
-
Featured6 hours agoAmnesty International alleges over 100 civilians killed in Zamfara airstrike