• About
  • Advertise
  • Privacy & Policy
  • Contact
Sunday, July 27, 2025
  • Login
  • Cover
  • News
  • Politics
  • Business
  • Security
  • Entertainment
  • World
  • Sports
  • Editorial
  • Interview
No Result
View All Result
Newsdesk Africa
Advertisement
  • Cover
  • News
  • Politics
  • Business
  • Security
  • Entertainment
  • World
  • Sports
  • Editorial
  • Interview
No Result
View All Result
Newsdesk Africa
No Result
View All Result
Home Business

CBN sets 10-years limit for Managing-Directors, Executive-Directors of commercial banks, others

Our Reporters by Our Reporters
February 25, 2023
in Business
0
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

The Central Bank Of Nigeria (CBN) has reviewed the tenures of Executive Directors (EDs), Deputy Managing Directors (DMDs) and Managing Directors (MDs) of Deposit Money Banks (DMBs) in the country.

In a circular to commercial banks signed by the CBN Director, Financial Policy and Regulation Department, Chibuzo A. Efobi, the apex bank explained that it was part of measures aimed at strengthening governance practices in the banking industry.

The reviewed tenure stipulates that the maximum tenures of EDs, DMDs and MDs should not exceed 10 years.

Further, the cumulative tenure limit of EDS/DMDs, MDS and NEDs across the banking industry is 20 years.

Other regulations for tenure of other top management officers are as provided in the circular below:

FPR/DIR/PUB/CIR/001/070

Circular to all Deposit Money Banks

24 February, 2023 على

RE: REVIEW OF TENURE OF EXECUTIVE MANAGEMENT AND NON-EXECUTIVE DIRECTORS OF DEPOSIT MONEY BANKS IN NIGERIA

The Central Bank of Nigeria (CBN) has revised the regulatory requirements for the tenure of Executive Management and Non-executive Directors of Deposit Money Banks and Financial Holding Companies in the Code of Corporate Governance for Banks and Discount Houses (Ref. FPR/DIR/CIR/GEN/01/004), as part of measures aimed at strengthening governance practices in the banking industry.

Consequently, the following tenure requirements shall apply effective the date of this circular: 1. The tenure of Executive Directors (ED), Deputy Managing Directors (DMD) and Managing Directors (MDS) shall be in accordance with the terms of their
engagement approved by the Board of Directors of banks, subject to a maximum tenure of ten (10) years.

  1. Where an Executive who is a DMD becomes the MD/CEO of a bank or any other DMB before the end of his/her maximum tenure, the cumulative tenure of such Executive shall not exceed twelve (12) years.
  2. However, for an Executive (ED) who becomes a DMD of a bank or any other DMB, his/her cumulative tenure as ED and DMD shall not exceed 10 years.
  3. Non-Executive Directors (NEDs), with the exception of Independent Non- Executive Director (INED), shall serve for a maximum period of twelve (12) years in a bank, broken into three terms of four years each.
  4. EDs, DMDs and MDs who exit from the Board of a bank either upon or prior to the expiration of his/her maximum tenure, shall serve out a cooling-off period of 1 year before being eligible for appointment as a NED to the Board of Directors.
  5. NEDs who exit from the Board of a bank either upon or prior to the expiration of his/her maximum tenure of 12 years (3 terms of 4years each), shall serve out a cooling-off period of 1 year before being eligible for appointment to the Board of Directors of any other DMB.
  6. The cumulative tenure limit of EDS/DMDs, MDS and NEDs across the banking industry is 20 years.

Please be guided accordingly.

CHIBUZO A. EFOBI

DIRECTOR, FINANCIAL POLICY AND REGULATION DEPARTMENT

Previous Post

Police in Katsina arrest 15 party agents over plot to hack INEC portal 

Next Post

Commotion as MC Oluomo stops drivers from moving election materials

Next Post

Commotion as MC Oluomo stops drivers from moving election materials

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

https://youtu.be/FHyJ1Wr0FAk?si=0WVYI_2OR4OrIrQ4
https://youtu.be/gbE3azm_Io0?si=GdE3Mqelo1ujTNla
Editors resolve to set up fact-check desks in newsroom to fight fake news
Cover

Editors resolve to set up fact-check desks in newsroom to fight fake news

by Mohammed Koi
July 26, 2025
0

*As EU, NGE task media professionals on misinformation, disinformation  Nigerian editors have agreed to set up Fact-Check Desk in their...

Read moreDetails
NAF airstrike hits ISWAP enclave in Tumbuma Baba, Lake Chad axis, neutrialise scores of terrorists

NAF, NASENI sign MoU to expand indigenous research 

July 26, 2025
Bandit kingpin Jummo places N20m levy on Maradun, Matawalle ‘s home town  

Nigeria working with neighbours to tackle insecurity – CDS

July 26, 2025
NUJ chairman deplores proliferation of small arms, light weapons

NUJ chairman deplores proliferation of small arms, light weapons

July 26, 2025
Court orders 54 banks to return N9.3bn stolen from customers accounts

57 legal giants elevated to SANs

July 26, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

Copyright© 2022-2025 Newsdesk Africa Published by Glossy Affairs Ltd. Tel: +2348152359152. Email: info@newsdeskafrica.com.ng editor@newsdeskafrica.com.ng

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Homepage

Copyright© 2022-2025 Newsdesk Africa Published by Glossy Affairs Ltd. Tel: +2348152359152. Email: info@newsdeskafrica.com.ng editor@newsdeskafrica.com.ng