The Central Bank of Nigeria has announced a revision of the tenure limit for executive management and non-executive directors of banks and financial institutions.
According to the review, the executives can only serve a cumulative tenure of 20 years across the banking industry.
In a circular addressed to all deposit money banks, signed by the director of financial policy and regulation department, Chibuzor Efobi, the bank said the review is part of measures aimed at strengthening governance practices in the banking industry.
