Nigeria's Central Bank has directed all Domestic Systemically Important Banks to secure regulatory approval for successors to their Managing Directors and CEOs at least six months before the incumbents' tenures end, aiming to enhance corporate governance and prevent leadership disruptions.

The directive, contained in a circular signed by Dr. Rita Sike, Director of the Financial Policy and Regulation Department, takes immediate effect and aligns with Section 2.14 of the CBN's 2023 Corporate Governance Guidelines for Commercial, Merchant, Non-Interest, and Payment Service Banks. It requires banks to publicly announce approved successors no later than three months prior to the outgoing executive's departure.

The policy targets DSIBs – institutions deemed too critical to fail due to their size and interconnectedness – to minimize risks from abrupt changes. "This requirement seeks to minimize disruptions at the top management level, enable top management appointees to prepare adequately for their new roles, and generally mitigate risks associated with abrupt changes in leadership," the circular stated.

The move follows recent executive transitions, such as Access Holdings' appointment of Innocent Ike as Group Managing Director/CEO on August 29, 2025, replacing Roosevelt Ogbonna, in compliance with the guidelines limiting HoldCo boards to nine members.