The Central Bank of Nigeria has issued a fresh directive compelling all Domestic Systemically Important Banks to obtain regulatory approval for the appointment of successor managing directors at least six months before the exit of incumbent chief executives.
In addition, the apex bank ordered that such appointments must be made public no later than three months before the outgoing CEO officially vacates office.
The policy shift is part of broader efforts to strengthen corporate governance, reduce uncertainty, and preserve confidence in Nigeria’s financial system.
The directive was contained in a circular signed by the Director of Financial Policy and Regulation, Rita Sike, and published on the CBN’s website on Tuesday.
“Consequently, and in line with good corporate governance practice, each DSIB is hereby required to: Ensure it obtains regulatory approval for the appointment of a successor Managing Director not later than six months to the expiration of the tenor of the incumbent MD/CEO.”
