By DAILY NEWS 24
The Central Bank of Nigeria (CBN) has extended the maximum tenure of Managing Directors/Chief Executives (MD/CEOs) and Deputy Managing Directors/Executive Directors (DMDs/EDs) of banks from 10 to 12 years.
The CBN issued a circular titled “Corporate Governance Guidelines for Commercial, Merchant, Non-interest and Payment Service Banks in Nigeria” on July 13, 2023, announcing the changes.
The circular, signed by CBN Director Chibuzo Efobi, was addressed to commercial, merchant, non-interest, Payment Service Banks, and Financial Holding Companies (FHCs).
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