September 17, (THEWILL) — The Central Bank of Nigeria has directed Domestic Systemically Important Banks to submit the names of successors to their Managing Directors/Chief Executive Officers at least six months before the incumbents vacate office.
In a circular signed by the Director of Financial Policy and Regulation, Dr. Rita Sike, the apex bank further mandated that successor CEOs must be publicly announced no later than three months before the outgoing executives officially step down.
The guideline, issued under Section 2.14 of the Corporate Governance Guidelines (2023), applies to commercial banks, merchant banks, non-interest banks and payment service banks.
According to the CBN, the move is designed to strengthen corporate governance, entrench sound succession planning and ensure seamless leadership transitions in banks classified as systemically important to the country’s financial stability.
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