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.
-
Featured6 days agoOsun 2026: What the battle could signal for 2027 general elections
-
Business1 week agoWho is really benefiting from Nigeria’s economic reforms?
-
Featured6 days agoOsun Election: How poverty turns ₦20,000 into a powerful vote-buying tool
-
Latest6 days agoCoca-Cola faces backlash over alleged AI filter blocking Christian messages
-
Business1 week agoPound climbs to N1,837 as Naira holds steady amid stronger FX market liquidity
-
Latest6 days agoOsun poll: Chaos in Ejigbo as voters, INEC officials run for safety
-
Latest7 days agoOsun 2026: 10 LGAs that could decide the governorship election
-
Featured1 week ago
Osun Decides: Security tightened as millions prepare to choose next governor