CBN Mandates Nigerian Banks to Name New CEOs Six Months in Advance for Stability

The Central Bank of Nigeria (CBN) has directed major banks in Nigeria to appoint new CEOs at least six months before the current CEOs' departure. This move aims to enhance corporate governance practices and prevent disruptions in the financial sector.

The new rule applies to systemically important banks to ensure regulatory approval for successor appointments. Dr.

Rita Sike, the Director of Financial Policy and Regulation at CBN, issued the circular emphasizing the importance of good corporate governance and leadership certainty in maintaining a stable financial system.