CBN Orders Banks to Plan CEO Succession Six Months in Advance

The Central Bank of Nigeria (CBN) has instructed Domestic Systemically Important Banks to appoint successor CEOs at least six months before the incumbent exits office. The directive aims to enhance corporate governance and ensure a smooth leadership transition in the banking sector.

The CBN mandated that the names of successor Managing Executive Officers must be publicly announced within three months of the outgoing executive's official departure. This move is part of efforts to strengthen governance practices and succession planning in Nigerian banks, particularly those classified as systemically important for the country's financial stability.