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.
-
Football5 days agoBallon d’Or 2026: Yamal, Mbappe, Kane emerge early favourites
-
Football4 days agoPost-World Cup Shake-Up: Managerial changes, record transfers dominate football headlines
-
Football4 days agoWAFCON 2026: Super Falcons target winning start as Nigeria face debutants Malawi
-
Energy3 days agoNigeria wastes enough gas to Ggenerate 62,400GWh of electricity amid deepening energy crisis — NOSDRA
-
Latest6 days agoAccountability group questions ₦962.8bn Allocation for empowerment projects, official vehicles in 2026 budget
-
Business1 week agoThe Productivity Puzzle: Why Nigeria’s economy is growing faster than household prosperity
-
Health4 days agoFauci’s personal diaries fuel renewed scrutiny of COVID-19 vaccine safety
-
Latest6 days agoBabachir drops fresh bombshell on Buhari, Tinubu APC’s 2015 alliance