The central bank's updated aim to promote high ethical standards and enhance public confidence by ensuring fresh leadership in systemically important banks. Key highlights of these rules include:
Non-Executive Directors (NEDs) are limited to 12 years, while Independent Non-Executive Directors (INEDs) cannot exceed 8 years. More Resignations Expected CBN's 2023 Corporate Governance Guidelines - PwC
Breaking News: First Bank Top Director Shobo Resigns as New CBN Rules Take Effect The central bank's updated aim to promote high
Shobo’s retirement comes at a time when he was nearing the mandatory retirement age of 60. However, the immediate catalyst for his stepping down was a dated February 24, 2023, which revised the tenure limits for executive and non-executive directors across the industry. Under these rules, some bank executives are limited to a maximum of 10 to 12 years in their roles, or a cumulative 20 years across the entire banking industry. CBN Rules Reshaping the Boardroom
Executive Directors who eventually become MDs are restricted to a total cumulative tenure of 24 years at the same institution. However, the immediate catalyst for his stepping down
A maximum of 12 years for Managing Directors (MDs), up from the previous 10-year limit in some cases.
– In a significant move that highlights the shifting landscape of the Nigerian banking sector, Gbenga Shobo , a top executive at First Bank of Nigeria Limited , has officially retired from his position . This departure follows the implementation of new corporate governance guidelines by the Central Bank of Nigeria (CBN) , which have introduced stricter tenure limits for bank executives and directors. The End of an Era for Shobo A maximum of 12 years for Managing Directors
Gbenga Shobo, who most recently served as the , has been a key figure on the FirstBank board since 2012. His career at Nigeria's oldest lender spanned over a decade, during which he oversaw critical divisions including Retail Banking and Public Sector businesses.