Revealed: Three Commercial Bank MDs/CEOs Set To Retire in 2 Years in Compliance with New CBN Rule

• Three managing directors of commercial banks in Nigeria are required to retire within the next two years
• This is due to a new regulation by the Central Bank of Nigeria that sets a maximum cumulative tenure of 12 years for directors
• The managing directors affected by the new rule are from Access Bank, Zenith Bank, and Wema Bank

In compliance with a new regulation by the Central Bank of Nigeria (CBN), three managing directors of commercial banks are scheduled to retire within the next two years.

The apex bank recently announced a new tenure for executive management and non-executive directors of deposit money banks and financial holding companies.

The CBN's rule states that if an executive director who holds the position of Deputy Managing Director (DMD) becomes the Managing Director/Chief Executive Officer (MD/CEO) of a bank or any other Deposit Money Bank (DMB) before completing their maximum tenure, their total period of service as an executive cannot exceed 12 years.

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The rule also set a maximum cumulative tenure limit of 20 years for executive directors (EDs), deputy managing directors (DMDs), managing directors (MDs), and non-executive directors (NEDs) in the banking industry.

The next three MDs/CEOs to retire in two years based on the CBN's new regulations are Roosevelt Ogbonna, Ebenezer Onyeagwu and Moruf Oseni.

When will the banks' MDs leave

BusinessDay reports that the tenure of Roosevelt Ogbonna, the current managing director/CEO of Access Bank, will expire in 2025, having spent a cumulative 10 years as an executive director in 2013 and group deputy managing director in 2017.

Following is Ebenezer Onyeagwu, managing director/CEO of Zenith Bank, whose tenure will expire in 2025. He was appointed as executive director in 2013.

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The next CEO to retire in two years is Moruf Oseni, managing director of Wema Bank, who served six years as executive director and four years as deputy managing director. Oseni will complete his cumulative 12 years tenure in 2025.

Other bank directors to be affected by the CBN's new rule

Appointed on June 2, 2022, Mudassir Amray, managing director of Union Bank, has spent nine months cumulatively and will retire in 2032, according to data obtained from Proshares.

Adeola Kazeem Adetutan, managing director of First Bank of Nigeria, is expected to complete his tenure in 2026 after being appointed executive director in 2014.

Adetutan has cumulatively spent eight years and two months.

First Bank's top director, Shobo resigns

Meanwhile in a similar report, First Bank of Nigeria's deputy managing director, Gbenga Shobo, also resigned in a similar development.

The guidelines limit executive directors, deputy managing directors, and managing directors to a maximum tenure of 10 years.

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The new guidelines are expected to affect many other bank executive and non-executive board members.

Source: Legit.ng