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.

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 Executive Directors who eventually become MDs are restricted

A maximum of 12 years for Managing Directors (MDs), up from the previous 10-year limit in some cases. Executive Directors who eventually become MDs are restricted