The Central Bank of Nigeria (CBN) has issued a new regulatory requirement for Domestic Systemically Important Banks (DSIBs): they must obtain approval for successors to current Managing Directors/CEOs at least six months before the incumbent leaves office.
They are also required to publicly announce successors no later than three months before the outgoing CEOs officially step down.
The directive was released via a circular signed by Dr. Rita Sike, Director of Financial Policy and Regulation, and posted on the CBN website.
It aims to strengthen corporate governance and ensure smoother leadership transitions in banks deemed critical to Nigeria’s financial system.
Titled under Section 2.14 of the Corporate Governance Guidelines (2023), the rule requires DSIBs—including commercial banks, merchant banks, non-interest, and payment service banks—to maintain robust succession plans for their top executives.
