Through a circular issued on 16th September 2025 to all Domestic Systemically Important Banks (DSIBs) (the “Circular”), the Central Bank of Nigeria (CBN) introduced new requirements on succession planning for executive leadership. The directive mandates that regulatory approval for the…
Sep 24, 2025
COMPANY SECRETARIAT AND CORPORATE GOVERNANCE PRACTICE
Through a circular issued on 16th September 2025 to all Domestic Systemically Important Banks
(DSIBs) (the “Circular”), the Central Bank of Nigeria (CBN) introduced new requirements on succession planning for executive leadership.
The directive mandates that regulatory approval for the appointment of a successor Managing Director/Chief Executive Officer (MD/CEO) of commercial, merchant, non-interest, and payment service banks must be obtained no later than six months before the expiration of the incumbent’s tenure.
In addition to this, a public announcement of the appointment of the successor MD/CEO is to be made not later than three months to the exit of the incumbent MD/CEO.
