On 13 July 2023, the Central Bank of Nigeria (CBN) issued the Corporate Governance Guidelines (“the Guidelines”) for Commercial, Merchant, Non-Interest, Payment Services Banks and Financial Holding Companies in Nigeria.
The Guidelines seeks to enhance the previously issued Codes and Guidelines such as 2014 CBN Code of Corporate Governance for Banks and Discount Houses as well as harmonise specific requirements in the Nigerian Code of Corporate Governance with practices unique to the banking industry.
We have analysed the requirements of the new Guidelines and identified key changes (not exhaustive).
The effective date of the Guidelines is 01 August 2023.
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