CBN MDs will get 12 years as maximum tenure for the bank.

Central Bank of Nigeria (CBN) has approved a new code of corporate governance which specified that the tenure of a bank’s managing director or chief executive officer (CEO) can only last for a maximum of 12 years.

The CBN made the declaration in a circular dated July 13, 2023, and signed by Chibuzo Efobi, director, financial policy and regulation department.
In February, the apex bank had ruled that executives can only serve a cumulative tenure of 20 years across the banking sector.

But in the circular, the CBN said the new rules supercede all previous codes, circulars and related directives on corporate governance issued by the CBN.