Nigeria imposes limit on bank chiefs’ terms

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The Central Bank of Nigeria stirred controversy on Tuesday when it said bank chiefs will have an enforced limit of ten years on their leadership, under new corporate governance reforms.

In a brief published on its website, the central bank said the decision was retroactive, giving commercial institutions until 31 July this year to replace any CEOs who will have served ten years by then. In cases where banks had merged or been acquired, the ten-year limit will include years at the helm both befor

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