The Central Bank of Nigeria (CBN) has revised the requirements for the tenure of executive management and non-executive directors of Deposit Money Banks (DMBs) and Financial Holding Companies.
In a circular signed by the Director of the Financial Policy and Regulation Department at the CBN, Chibuzo Efobi, and posted on its website on Friday, the apex bank said the move was part of measures to strengthen governance practices in the banking industry.
The new directive, according to the circular, took effect on Thursday.
