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

A maximum of 12 years for Managing Directors (MDs), up from the previous 10-year limit in some cases.

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. A maximum of 12 years for Managing Directors

Breaking News: First Bank Top Director Shobo Resigns as New CBN Rules Take Effect Breaking News: First Bank Top Director Shobo Resigns

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: However, the immediate catalyst for his stepping down

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

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