Unity Bank Announces Retirement of Chairman and Executive Director — The bank made the announcement following the CBN's directive on tenure limits for bank executives...

Unity Bank has announced the retirement of its chairman, Mr Aminu Babangida, and Dr Oluwafunsho Obasanjo as a non-executive director, following the directive by the Central Bank of Nigeria (CBN) on tenure limits for bank executives.

Mr Hafiz Bashir has been appointed as the acting chairman of the board of directors, while the board also appointed Professor Iyabo Obasanjo and Ms Halima Babangida as non-executive directors of the bank, subject to the approval of the CBN.

The retirement of Babangida and Obasanjo became effective on March 18. The bank stated that their retirement follows the expiration of their tenure as directors on the board of the bank and in compliance with the prescribed tenure for non-executive directors under the CBN code of governance for banks.