Central Bank of Nigeria has issued a new rule that limits the cumulative tenure of all directors in the banking industry to 20 years.

CBN introduces new tenure rule affecting top banking executives in Nigeria

The Central Bank of Nigeria (CBN) has issued a new rule that limits the cumulative tenure of executive directors, deputy managing directors, managing directors, and non-executive directors in the banking industry to 20 years.

The new directive, aimed at strengthening governance practices in the sector, means that those affected will be required to exit their positions after serving the maximum tenure.

The rule applies to all deposit money banks and financial holding companies.

Those who will be affected include top executives like Jim Ovia, Tony Elumelu, Segun Agbaje, and Herbert Wigwe, who have all served in various executive roles in different banks.

The new requirements shall apply effective immediately, according to the CBN.