Proshare Logo
   Market Date: 22-10-2014   
Agriculture All One Min News Archives Bonds Cap Mkt Sentiments Capital Market CASHLESS NIGERIA Commodities Corporate Earnings Daily & Weekly Market Updates Enterpreneurship ETFs Forex Frauds & Scandals General Global Market Insurance Investors NewsBeat Islamic Finance Mergers & Aquisitions Money Market Mortgage Mutual Funds Nigeria Economy Oil Sector Opinions and Analysis Pensions People Personal Finance Politics Power Products & Services Professionals Property Public Offers Private Placements Regulators REITs Stock PICKS Taxation Telcos Travel & Tours Unlisted OTC MARKET World of Business

CBN issues new guidelines for management positions

Category: Regulators


  Read (3024)
CBN issues new guidelines for management positions

 

 

August 26, 2011
The Central Bank of Nigeria has issued new requirements for individuals to be employed at top management positions in any bank or other financial institutions under its supervision.
The new guidelines are contained in a circular by the apex bank to discount houses and other financial institutions titled, “Assessment Criteria for Approved Person’s Regime for Financial Institutions,” signed by the Director, Financial Policy Regulation Department, CBN Mr. Chris Chukwu.
It said the move was to ensure that only “fit and proper persons” were considered for such appointments.
The apex bank also directed that shareholders with five per cent stake and above in banks and other financial institutions in the country must attend an oral interview to be conducted by it.
It added that such investors were also expected to complete an “Approved Persons Regime” questionnaire to be administered by the CBN.
The circular with reference number; FPR/DIR/CIR/GEN/01/016, replaces an earlier one referenced BSD/DO/CIR/VOL.1/01/2001, dated January 4, 2001, which specified the criteria for board and top management appointments in Nigerian banks.
It explained that the CBN would adopt “fitness tests” to assess the competence of candidates for board, top management and critical operational positions and their capacity to fulfil the responsibilities of their positions, while it would to also use “propriety tests” to assess their integrity and suitability.
The CBN listed the fitness requirements for appointing a managing director, deputy managing director and executive director in banks or discount houses to include, “A minimum of first degree or its equivalent in any discipline (additional qualification or degree in any business related discipline may be an advantage); a minimum of 15 years post qualification experience, out of which, at least, 10 must be in management and leadership positions; and that the bank must provide evidence that the candidates possess proven skills and competences.”
On the other hand, it explained that the fitness requirements for managing directors and executive directors of other financial institutions included a minimum of first degree or its equivalent in any discipline (additional qualification in any business related discipline may be an advantage).
The circular read in part, “For Primary Mortgage Institutions, a minimum of 10 years post qualification experience out of which, at least, five must have been in financial services industry and at least, three at the senior management level.
“For finance companies and microfinance banks, a minimum of eight years post qualification experience out of which, at least, five must have been in financial services industry and at least, three at the senior management level; the institution must provide evidence that the candidate possess proven skills and competences.”
Source: Punch


Tags: , 



Comment With Your Facebook or Yahoo! ID


Latest news


News on Regulators

About Us

Who We Are
Our Team & Partners
Corporate Governance
Advertise with Us
Subscribe / Unsubscribe
Site Map
News Feed - RSS
Newsletter
Contact Us
Volunteer Program
Message from CEO
Resources

News & Features
The Analyst / Market Data
Investor Relations Portal
The Regulator
Economy & Politics
WebTV
Training Portal
Events Calendar
NewsStands - Online Reputation

Products and Services

Research & Market Intelligence
Analyst Services
Offers & Rights Support Service
Investor Relations Services
Alert & Subscription Services
Share Support Services
Proshare Consult
Event & Seminar Coverage
Market Directory
File a Complaint
News & Analysis

#1minNews
News from TheANALYST
Video News from WebTV
Money Market Updates
Opinions & Analysis
Nigerian Economy
Market Data
The Regulator
Newsletters
Discussion Forum
Policy

Subscriber Agreement
Privacy Policy
Data Policy
Disclaimer
Copyright Policy
Trademarks
Comments in Site
Advertising Code
Conflict of Interest
Content Partnership
3rd Parties

Online Trading and Execution
Training
Legal Support Services
Web/Technology Services
File a Complaint