Central Bank asks Ovia, Elumelu to step down

Banking titans Jim Ovia and Tony Elumelu, who have dominated the sector in recent years, are among those who must step down on or before July 31 this year, under new guidelines by the new Central Bank of Nigeria (CBN) limiting the tenure of bank chieftains to 10 years.


Mr. Ovia has been the managing director/chief executive of Zenith Bank Plc from its inception in May 1990, while Mr. Elumelu, who served as the managing director of the defunct Standard Trust Bank (STB) in 1995, emerged as the group managing director/chief executive of United Bank for Africa (UBA) in 2004, following the merger of the two banks.

Akinsola Akinfemiwa, the managing director/chief executive of Skye Bank Plc, will also be affected by this guideline, as he assumed position in 2000.

The new guidelines announced yesterday (Tuesday) at the end of the Bankers Committee's meeting in Abuja, are in line with the ongoing banking reform initiated by Sanusi Lamido Sanusi, the Central Bank governor, to enthrone good governance in the nation's financial system.
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News source: 234next.com

Seriously I don’t know what Sanusi is up to. Should CBN be deciding the tenure of bank MDs? Is this done anywhere in the world? Not that I have anything against it - my father is not a bank MD :-), I'm just wondering if CBN isn't taking things too far...