By Majeed Salaam
The Central Bank of Nigeria (CBN) is rolling out a double-pronged strategy to secure the stability of the financial system: tightening corporate governance rules for banks while also driving financial inclusion across the country.
In a landmark directive, the apex bank now requires Domestic Systemically Important Banks (DSIBs) to obtain regulatory approval for the successor to their Managing Directors/Chief Executive Officers (MD/CEOs) at least six months before the incumbent steps down. Banks must also publicly announce the successor no later than three months before the official handover.
The circular, signed by Dr. Rita Sike, Director of Financial Policy and Regulation Department, underscores the regulator’s determination to minimize disruptions at the top, prevent destabilizing shocks, and align Nigeria’s banking sector with international best practices.
“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 comes amid sweeping leadership changes in the sector. Access Holdings Plc recently secured approval to appoint Innocent Ike as its Group CEO, following the resignation of Roosevelt Ogbonna in line with the CBN’s 2023 corporate governance rules. The group has also seen other reshuffles, including the exit of Seyi Kumapayi, while the return of Aigboje Aig-Imoukhuede as chairman marked the beginning of a new era after the passing of former Group CEO Herbert Wigwe in 2024.
Analysts say such transitions highlight why the CBN is raising the bar for governance. With DSIBs considered “too critical to fail,” regulators warn that sudden leadership vacuums could trigger ripple effects across the wider economy.
But while the bank enforces discipline at the top, it is also engaging the public at the grassroots. At the 2025 CBN Fair in Kano, Governor Olayemi Cardoso-represented by Acting Director of Corporate Communications, Hajiya Hakama Sidi Ali-reiterated the bank’s broader mission: stimulating productivity, deepening financial inclusion, and ensuring price stability.
“The fair is designed as a platform for direct engagement with the public on the bank’s policies for sustainable economic growth and national development,” Hakama said. She pointed to key interventions such as exchange rate unification, bank recapitalisation, the Nigeria Payments System Vision 2028, and the Unified Complaints Tracking System (UCTS) as milestones already yielding results in boosting investor confidence and improving trade balances.
The event, themed ‘Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development,’ brought together regulators, commercial banks, mobile money operators, security agencies, the business community, and academics. It also featured presentations on payment systems, financial inclusion frameworks, and banking supervision, capped by interactive Q&A sessions with the public.
For the CBN, the twin strategies-strengthening governance in the boardroom while expanding access to financial services nationwide-are about one thing: resilience. By reducing the risks of sudden leadership vacuums and building a more inclusive financial ecosystem, the bank is betting on long-term stability that can anchor Nigeria’s economic transformation.
