Breaking News: First Bank's Top Director, Shobo, Resigns As Cbn New Rule Kicks Off, More To Go - Legitvibes May 2026

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

– 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 Executive Directors who eventually become MDs are restricted

Breaking News: First Bank Top Director Shobo Resigns as New CBN Rules Take Effect The End of an Era for Shobo Breaking

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

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.