Nigeria, Sept. 17 -- The Central Bank of Nigeria (CBN) has directed all Domestic Systemically Important Banks to announce successors to their managing directors and chief executive officers (MD/CEOs) at least six months before the expiration of the incumbent's tenure.

The bank gave this directive on Tuesday in a circular issued by the Director, Financial Policy and Regulation Department, Rita Sike.

The CBN said the move was to strengthen corporate governance in the banking sector and reduce risks linked to abrupt leadership changes.

The directive requires banks to obtain regulatory approval for a successor not later than six months before the end of an MD/CEO's term. It also mandates public disclosure of the appointment at least three ...