Nigeria, Feb. 18 -- The Central Bank of Nigeria (CBN) has ordered bank directors with non-performing insider-related loans to step down immediately as part of new measures to strengthen corporate governance and risk management within the banking sector.

The directive is in a circular dated 17 February and signed by the bank's Acting Director of Banking Supervision, Adetona Adedeji, mandating strict compliance with insider credit limits prescribed under the Banking and Other Financial Institutions Act (BOFIA), 2020.

The apex bank said banks must take steps to recover outstanding debts by enforcing collateral recovery and taking possession of shareholdings belonging to affected directors to mitigate potential risks.

"Directors with non-p...