CBN Reviews Tenure Limits of Banks’ Management, Executives Cumulative tenure limits of EDs/DMDs/MDs and NEDs across the banking industry now 20 years Obinna Chima The Central Bank of Nigeria (CBN) has revised the regulatory requirements for the tenure of Executive Management
and Non-executive Directors (NEDs) of deposit money banks (DMB) and financial holding companies (HoldCos). The apex bank, which disclosed this in a circular to all
banks dated February 24, 2023, titled: “Re: Review of Tenure of Executive Management and Non-Executive Directors of Deposit Money Banks in Nigeria,” obtained yesterday,
explained that the regulation was in line with the Code of Corporate for Banks and Discount Houses (Ref: FPR/ DIR/CIR/GEN/01/004). The letter was signed by the
Director, Financial Policy and Regulation Department, CBN, Mr. Chibuzo Efobi. According to the CBN, the tenure of Executive Directors (EDs), Deputy Managing
Directors (DMDs) and Managing Directors (MDs), shall be in accordance with the terms of their engagement approved Continued on page 5
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