The First Bank of Nigeria’s deputy managing director, Mr. Gbenga Shobo, has resigned from the company’s board of directors with immediate effect.
Shobo’s departure came after CBN recently reviewed the term restrictions for bank managing directors, deputy managing directors, executive directors, and other officials, according to a tweet from Proshare.
According to the latest CBN circular on executive management term restrictions, “Gbenga Shobo, the Deputy Managing Director of First Bank of Nigeria, has resigned from the Board of FBN with immediate effect.”
Remember that the Central Bank of Nigeria informed banks of the new rule in a circular that was released last Friday.
Among other requirements, the rules provide that the terms of the engagement of Executive Directors, Deputy Managing Directors, and Managing Directors, subject to a maximum tenure of ten years, must be approved by the Board of Directors of the institutions.
The guidelines further indicated that an Executive’s total tenure cannot exceed twelve years if the Executive, who is a DMD, becomes the MD/CEO of a bank or another DMB prior to the end of his or her maximum tenure.
The bank noted in the circular that “for an Executive who becomes a DMD of a bank or any other DMB, his/her combined tenure as ED and DMD shall not exceed 10 years.
Shobo joined the Bank’s Board of Directors in 2012. Prior to being named Deputy Managing Director, he was the Executive Director in charge of the Lagos & West Directorate’s Retail Banking/Public Sector operations. Prior to that, he was the Executive Director in charge of the South Directorate’s Retail Business.
