Breaking News: First Bank's Top Director, Shobo, Resigns As Cbn New Rule Kicks Off, More To Go - Legitvibes -

Executive Directors who eventually become MDs are restricted to a total cumulative tenure of 24 years at the same institution.

The central bank's updated aim to promote high ethical standards and enhance public confidence by ensuring fresh leadership in systemically important banks. Key highlights of these rules include: Executive Directors who eventually become MDs are restricted

Breaking News: First Bank Top Director Shobo Resigns as New CBN Rules Take Effect This departure follows the implementation of new corporate

– In a significant move that highlights the shifting landscape of the Nigerian banking sector, Gbenga Shobo , a top executive at First Bank of Nigeria Limited , has officially retired from his position . This departure follows the implementation of new corporate governance guidelines by the Central Bank of Nigeria (CBN) , which have introduced stricter tenure limits for bank executives and directors. The End of an Era for Shobo Under these rules, some bank executives are limited

Shobo’s retirement comes at a time when he was nearing the mandatory retirement age of 60. However, the immediate catalyst for his stepping down was a dated February 24, 2023, which revised the tenure limits for executive and non-executive directors across the industry. Under these rules, some bank executives are limited to a maximum of 10 to 12 years in their roles, or a cumulative 20 years across the entire banking industry. CBN Rules Reshaping the Boardroom

Non-Executive Directors (NEDs) are limited to 12 years, while Independent Non-Executive Directors (INEDs) cannot exceed 8 years. More Resignations Expected CBN's 2023 Corporate Governance Guidelines - PwC