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three months before the outgoing CEO officially vacates office.
This ensures that leadership transitions at Nigeria’s most critical financial
institutions are properly planned and executed.

“Consequently, and in line with good corporate governance practice, each DSIB
is hereby required to: Ensure it obtains regulatory approval for the appointment
of a successor Managing Director not later than six months to the expiration of
the tenor of the incumbent MD/CEO. Publicly announce the appointment of the
successor MD/CEO not later than three months to the planned exit of the incumbent
MD/CEO. Please ensure strict compliance.”

The guidelines aim to ensure orderly transitions at the top, minimising risks
linked to sudden leadership vacuums. According to the CBN, the new rule seeks to:

• Minimise disruptions at the top management level.
• Enable new appointees to prepare adequately for their roles.
• Mitigate risks associated with abrupt leadership changes.

By tightening succession rules, the CBN aims to safeguard against leadership
instability in these systemically important institutions, ensuring smoother
management transitions and stronger resilience in times of uncertainty.

Globally, many central banks and financial supervisory authorities require banks
to maintain well-documented succession frameworks for their chief executives and
other top management roles. This guarantees leadership continuity, which is vital
for the financial system’s stability.

• Access Holdings Plc recently confirmed
  Innocent Ike as its substantive Group Managing Director after receiving
  CBN’s regulatory approval. His appointment followed the exit of Roosevelt Ogbonna.
• Long-serving executive Seyi Kumapayi also stepped down, reflecting
  the pace of boardroom transitions across the sector.
• The return of Aigboje Aig-Imoukhuede as chairman of Access Holdings,
  following the tragic death of former CEO Herbert Wigwe in 2024, underscored
  the need for deliberate and structured succession plans.

This timeline leaves little room for last-minute decisions, ensuring stakeholders —
including employees, customers, investors, and regulators — have clarity about
leadership continuity. For banks, the new rule may mean building deeper pipelines
of executive talent, grooming internal candidates well in advance, and balancing
the need for fresh perspectives with continuity in strategic direction.

Analysts say the move is intended to send a signal of stability in a sector often
rattled by external shocks such as currency volatility, inflation, and rising
interest rates. The new rules could also reduce rumours and speculation about
leadership changes, which sometimes disrupt market confidence and trigger investor
anxiety.

However, some experts caution that banks may face challenges if unexpected exits
occur, such as sudden resignations or the death of a serving CEO. In such cases,
they argue, regulators must apply flexibility while still insisting on robust
succession frameworks.

Over the past two years, the bank has introduced a series of policies ranging
from foreign exchange reforms to bank recapitalisation requirements, all aimed
at building a more stable and globally competitive banking industry.

Succession planning now joins that list as a critical plank of reform, reinforcing
the message that Nigeria’s financial institutions must be run with the highest
governance standards.