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Breaking News: First Bank's Top Director, Shobo, Resigns As Cbn New Rule Kicks Off, More To Go - Legitvibes ✭ (TOP-RATED)

Breaking News: First Bank Top Director Shobo Resigns as New CBN Rules Take Effect

Shobo’s retirement comes at a time when he was nearing the mandatory retirement age of 60. However, the immediate catalyst for his stepping down was a dated February 24, 2023, which revised the tenure limits for executive and non-executive directors across the industry. Under these rules, some bank executives are limited to a maximum of 10 to 12 years in their roles, or a cumulative 20 years across the entire banking industry. CBN Rules Reshaping the Boardroom Breaking News: First Bank Top Director Shobo Resigns

Executive Directors who eventually become MDs are restricted to a total cumulative tenure of 24 years at the same institution. Breaking News: First Bank Top Director Shobo Resigns