This month, we examine recent regulatory and market updates issued by key regulators in the financial services sector.
We highlight the key insights from these updates and their likely impact on market participants.
REGULATORY UPDATES
- CENTRAL BANK OF NIGERIA (CBN)
Circular on the Appointment and Announcement of Successors to Managing Directors
On 16 September 2025, the CBN issued a circular to commercial, merchant, non-interest, and payment service banks, classified as Domestic Systemically Important Banks (DSIBs), reinforcing the importance of succession planning under the Corporate Governance Guidelines for Commercial, Merchant, Non-interest, and Payment Service Banks in Nigeria, 2023.
Key provisions include:
- DSIBs must obtain the CBN’s prior approval for the appointment of a successor Managing Director/Chief Executive Officer at least six (6) months before the expiration of the incumbent’s tenure; and
- the appointment of the successor must be publicly announced not later than three (3) months before the planned exit of the incumbent.
This measure strengthens governance, ensures leadership continuity, and provides clarity to investors, depositors, and the market on planned leadership transitions.
