CBN Raises Tenure Limit for Banks’ Chief Executives to 12 Years New governance code emphasises gender diversity on companies’ board Sets cumulative tenure limit of directors of the same bank to 24 years Mandates banks to disclose risk management policies in annual financial statements
James Emejo in Abuja The Central Bank of Nigeria (CBN) has increased the tenure of the Managing Director/Chief Executive of banks to a maximum
of 12 years from 10 years. This was disclosed in a circular on the new, “Corporate Governance Guidelines for Commercial, Merchant, Noninterest and Payment Service
Banks in Nigeria.” The circular dated July 13, 2023, was signed by CBN Director, Financial Policy and Regulation Department, Chibuzo Efobi, and addressed to commercial,
merchant, non-interest, Payment Service Banks and Financial Holding Companies (FHCs). The central bank also increased the tenure of Deputy Managing Director (DMD/Executive Director
(ED) of a bank to a maximum period of 12 years. The CBN stated that the objectives of the guidelines are to among other things provide additional guidance on the
principles, recommended practices, and responsibilities contained in NCCG 2018; outline industryspecific corporate governance Continued on page 5
NNPC Upstream Plans 40bn Barrels Reserves by 2030, Seeks Investment in Pipelines Network...Page 6 Monday 17 July, 2023 Vol 28. No 10323. Price: N250
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Senate: $800m Not Loan, It's World Bank Support for Vulnerable Nigerians...
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On President’s Alleged Order, Adamu, Omisore Resign APC may propose midterm elective convention at NEC Adedayo Akinwale in Abuja The duo of National Chairman of the ruling All Progressives Congress (APC), Senator Abdullahi
Adamu, and National Secretary, Senator Iyiola Omisore, have resigned from their positions ahead of today’s National Working Committee (NWC) meeting of the
party, allegedly on the orders of President Bola Tinubu. Their resignation would be formally announced today at the NWC meeting. This might
have deepened the internal crisis plaguing APC, as the fate of the duo would be further sealed at the National Executive Committee (NEC) meeting scheduled to
hold on July 19, where their Adamu had fixed the NWC resignation would be accepted and meeting for July 17, preparatory during which a midterm elective to the July 18 and 19 Caucus and convention of the party would be Continued on page 5 proposed to fill current vacancies.
Tinubu: Misinterpreting the Law on 25% FCT Votes Can Lead to Anarchy Claims Obi, Atiku’s petitions unfamiliar with electoral law Says their petitions failed to prove alleged non-compliance Puts actual votes scored at 8,800,369 ȱ ¢ȱ ȱ ȱť
5TH MID-YEAR COORDINATION MEETING BETWEEN AFRICAN BODIES… L-R: UNDSG, Amina Muhammad, President Bola Ahmed Tinubu, Egypt President, Abdel Fattah El-sisi, Gabon President, Ali Bongo, Chairperson of the African Union, Azali Assoumani, Kenya President, William Ruto, Djibouti President, Israel Omar Guelleh, Senegal President, Macky Sall, DR Congo President Felix Tshisekedi and Primer Minister of Libya , Abdul Hamid Dbeibeh at the 5th Mid-Year Coordination Meeting between the African Union, Regional Economic Communities (RECs) and Regional Mechanisms (RMs) in Nairobi, Kenya... yesterday