The Central Bank of Nigeria issued a circular to all Domestic Systemically Important Banks (DSIBs) reiterating succession-planning expectations and setting deadlines for regulatory approval and public disclosure of incoming Managing Director/Chief Executive Officers (MD/CEOs). Each DSIB must obtain Central Bank of Nigeria approval for the appointment of a successor MD/CEO no later than six months before the incumbent’s tenure expires and must publicly announce the successor no later than three months before the planned exit. The circular references section 2.14 of the Central Bank of Nigeria Corporate Governance Guidelines for Commercial, Merchant, Non-interest, and Payment Service Banks in Nigeria (2023), which requires boards to approve succession plans for MD/CEOs, other executive directors and senior management, and directs strict compliance.
Central Bank of Nigeria 2025-09-16
Central Bank of Nigeria requires domestic systemically important banks to secure successor MD CEO approval six months before tenure end and announce three months ahead
The Central Bank of Nigeria issued a circular to Domestic Systemically Important Banks (DSIBs) detailing succession-planning expectations for Managing Director/Chief Executive Officers (MD/CEOs). DSIBs must secure approval for successor appointments six months before the current MD/CEO's tenure ends and publicly announce successors three months prior to the planned exit. The circular emphasizes compliance with the Central Bank's Corporate Governance Guidelines.