On the 24th of February 2023, The Central Bank of Nigeria (CBN) issued a circular announcing changes to the tenure of executive and non-executive directors in the Nigerian banking industry.

The Circular titled “Review of Tenure of Executive Management and Non-Executive Directors of Deposit Money Banks in Nigeria” is a successor to the Guidelines for Tenure of Managing Directors of Deposit Money Banks and Related Matters issued by the CBN in 2010 and the Code of Corporate Governance for Banks and Discount Houses issued by the CBN in 2014 .

Our latest client alert summarizes the provisions of the Circular, highlights the key changes introduced by it, and analyzes the implications for the Nigerian banking industry.

To learn more about the impact of the CBN’s latest Circular on the Nigerian banking industry.