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
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:
A maximum of 12 years for Managing Directors (MDs), up from the previous 10-year limit in some cases.
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
Executive Directors who eventually become MDs are restricted to a total cumulative tenure of 24 years at the same institution.
Gbenga Shobo, who most recently served as the , has been a key figure on the FirstBank board since 2012. His career at Nigeria's oldest lender spanned over a decade, during which he oversaw critical divisions including Retail Banking and Public Sector businesses.
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
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: Shobo’s retirement comes at a time when he
A maximum of 12 years for Managing Directors (MDs), up from the previous 10-year limit in some cases. CBN Rules Reshaping the Boardroom The central bank's
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 who most recently served as the
Executive Directors who eventually become MDs are restricted to a total cumulative tenure of 24 years at the same institution.
Gbenga Shobo, who most recently served as the , has been a key figure on the FirstBank board since 2012. His career at Nigeria's oldest lender spanned over a decade, during which he oversaw critical divisions including Retail Banking and Public Sector businesses.
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