{"id":92318,"date":"2023-07-16T22:05:21","date_gmt":"2023-07-16T21:05:21","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/uncategorized\/cbn-gives-update-on-tenure-of-bank-managing-directors"},"modified":"2023-07-17T00:18:25","modified_gmt":"2023-07-16T23:18:25","slug":"cbn-gives-update-on-tenure-of-bank-managing-directors","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-gives-update-on-tenure-of-bank-managing-directors","title":{"rendered":"CBN gives update on tenure of bank managing directors"},"content":{"rendered":"

Africa-Press – Nigeria. <\/strong><\/span>The Central Bank of Nigeria (CBN) has approved a new corporate governance code stating that the tenure of a bank\u2019s managing director or chief executive officer (CEO) can only last 12 years.<\/p>\n

The country\u2019s apex bank disclosed this in a 96-page circular posted during the weekend on its website.<\/p>\n

According to the circular signed by Chibuzo Efobi, the financial policy and regulation department director emphasised that only one member of an extended family can be CEO\/MD\/Chairman or Executive Director at any time.<\/p>\n

Recall that CBN had said bank executives could only serve a cumulative tenure of 20 years across the banking sector.<\/p>\n

However, CBN\u2019s new regulation slashed the tenure of banks\u2019 managing directors to a maximum of 12 years.<\/p>\n

CBM fixed August 1, 2023, as the commencement date for implementing the new regulation.<\/p>\n

\u201cThe board shall approve a succession plan for the MD\/CEO, other EDs and senior management staff, which shall be reviewed at least once every two years\u201d, the circular reads in part.<\/p>\n

For More News And Analysis About Nigeria<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Nigeria. The Central Bank of Nigeria (CBN) has approved a new corporate governance code stating that the tenure of a bank\u2019s managing director or chief executive officer (CEO) can only last 12 years. The country\u2019s apex bank disclosed this in a 96-page circular posted during the weekend on its website. According to the […]<\/p>\n","protected":false},"author":84,"featured_media":92316,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15],"tags":[1570,2140,503,254],"class_list":["post-92318","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-nigeria-2","tag-cbn","tag-nigeria"],"yoast_head":"\nCBN gives update on tenure of bank managing directors - Nigeria<\/title>\n<meta name=\"description\" content=\"The Central Bank of Nigeria (CBN) has approved a new corporate governance code stating that the tenure of a bank\u2019s manag ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-gives-update-on-tenure-of-bank-managing-directors\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBN gives update on tenure of bank managing directors\" \/>\n<meta property=\"og:description\" content=\"The Central Bank of Nigeria (CBN) has approved a new corporate governance code stating that the tenure of a bank\u2019s manag ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-gives-update-on-tenure-of-bank-managing-directors\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2023-07-16T21:05:21+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-07-16T23:18:25+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2023\/07\/sm_1689533175.592821.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"675\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-gives-update-on-tenure-of-bank-managing-directors#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-gives-update-on-tenure-of-bank-managing-directors\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"CBN gives update on tenure of bank managing directors\",\"datePublished\":\"2023-07-16T21:05:21+00:00\",\"dateModified\":\"2023-07-16T23:18:25+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-gives-update-on-tenure-of-bank-managing-directors\"},\"wordCount\":186,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-gives-update-on-tenure-of-bank-managing-directors#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2023\/07\/sm_1689533175.592821.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Nigeria\",\"CBN\",\"Nigeria\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-gives-update-on-tenure-of-bank-managing-directors#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-gives-update-on-tenure-of-bank-managing-directors\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-gives-update-on-tenure-of-bank-managing-directors\",\"name\":\"CBN gives update on tenure of bank managing directors - 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