Regulatory Alerts2025-09-16 | FPR/DIR/PUB/CIR/001/007Appointment and Announcement of Successors to Managing Director
The Central Bank of Nigeria (CBN) has issued a circular to all Domestic Systemically Important Banks (DSIBs) regarding the appointment and announcement of successors to Managing Directors (MD/CEOs). The circular emphasizes the importance of effective succession planning to maintain financial system stability. DSIBs are now required to obtain regulatory approval for successor MD/CEO appointments at least six months before the incumbent's term expires and publicly announce the appointment at least three months before the planned exit.
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governance