Her retirement went into effect on February 24, 2023.
Zenith Bank disclosed this in a notification to the Nigerian
Exchange Limited signed by Michael Otu, its company secretary, and general
counsel.
“We write to notify the Nigerian Exchange Limited and the
investing public of Dame (Dr.) Adaora Umeoji’s retirement from the board of
Zenith Bank Plc with effect from February 24, 2023,” the bank said.
“This follows the expiration of her tenure of office as
Deputy Managing Director in line with CBN Circular No. FPR/DIR/PUB/CIR/001/070
dated February 24, 2023. The board wishes her success in her future endeavors.”
Last week, the CBN revised the regulatory requirements for
executive management and non-executive directors (NEDs) of deposit money banks
(DMBs) and financial holding companies (HoldCos).
The central bank explained in a circular to all banks dated
February 24, 2023, titled “Re: Review of Tenure of Executive Management and
Non-Executive Directors of Deposit Money Banks in Nigeria,” that the regulation
was in accordance with the Code of Corporate Conduct for Banks and Discount
Houses (Ref: FPR/DIR/CIR/GEN/01/004).
Mr. Chibuzo Efobi, Director, Financial Policy and Regulation
Department, CBN, signed the letter.
The tenure of Executive Directors (EDs), Deputy Managing
Directors (DMDs), and Managing Directors (MDs) shall be in accordance with the
terms of their engagement approved by the board of directors of banks, subject
to a maximum tenure of 10 years, according to the CBN.
Furthermore, the banking sector regulator stated that if a
DMD becomes the MD/CEO of a bank or any other DMB before the end of his or her
maximum tenure, such an executive’s cumulative tenure shall not exceed 12
years.
It added: “However, for an Executive Director (ED), who
becomes a DMD of a bank or any other DMB, his or her cumulative tenure as ED
and DMD shall not exceed 10 years.
NEDs, with the exception of Independent Non-executive
Directors (INEDs), shall serve for a maximum period of 12 years in a bank
broken into three terms of four years each.
“EDs, DMDs, and MDs who exit from the board of a bank either
upon or prior to the expiration of their maximum tenure shall serve out a
cooling-off period of one year before being eligible for appointment as a NED
to the board of directors.
“NEDs who exit from the board of a bank either upon or prior
to the expiration of their maximum tenure of 12 years (three terms of four
years each) shall serve out a one-year cooling-off period before being eligible
for appointment to the board of directors of any other DMB.
“The cumulative tenure limits of EDs, DMDs, MDs, and NEDs
across the banking industry are 20 years. “Please be guided accordingly.”
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