Code of Corporate Governance for Financial Holding Companies

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.