Simplified Approach to Solving the New Code of Corporate Governance for Banks in Nigeria — Disclosures, Returns, Sanctions, Conflict of Interests, Code of Conduct Sustainability and Investor Relations
Prior approval and No Objection from the CBN should be sought and obtained before acquiring shares of a bank that would result in an equity holding of five percent (5%) and above by any investor.
Simplified Approach to Solving the New Code of Corporate Governance for Banks in Nigeria —Board Committees, Evaluation and Meetings
Every Director is required to attend all meetings of the Board and its Committees that they are a member of. To qualify for reappointment, a Director must have attended at least two-thirds of all Board and its Committee meetings.
Simplified Approach to Solving the New Code of Corporate Governance for Banks in Nigeria — Board Dynamics, Compliance and Audit
Not more than two members of an extended family, which includes director’s spouse, parents, children, siblings, cousins, uncles, aunts, nephews, nieces, in-laws, and any other construed relationship, as determined by the CBN, can be on the Board of a bank.
Simplified Approach to Solving the New Code of Corporate Governance for Financial Holding Companies in Nigeria
If a director intends to resign from the Board, they must submit a written notice of resignation to the Chairman of the Board ninety (90) days before the effective date of resignation. In the case of an Independent Non-Executive Director (INED), if their resignation would result in non-compliance with the minimum required number of INEDs, the Board must appoint a replacement within the notice period. Resigning directors can submit a written statement of concerns to the Chairman, and a copy must be forwarded to the CBN. If a Non-Executive Director resigns and the resignation results in a majority of Non-Executive Directors not being present, a replacement must be appointed within ninety (90) days. If the Chairman of the Board intends to resign, the notices of resignation should be forwarded to the Chairman of the Board Nomination and Governance Committee (BNGC) and circulated to the Board and the CBN within seven days.