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The Central Bank of Nigeria (CBN) recently announced regulations to review the tenure of Managing Directors (MDs), Deputy Managing Directors (DMDs), Executive Directors (EDs) and Non-Executive Directors of banks and other financial institutions in order to improve the governance practices in the banking industry.
As outlined in a CBN circular acquired by NaijNaira, the guidelines specified tenures for MDs, DMDs, EDs and Non-Executive Directors.
The move is expected to strengthen the banking industry’s governance structure.
