The Central Bank of Nigeria (CBN), in exercise of powers conferred by the Central Bank of Nigeria (CBN) Act 2007 and the Banks and Other Financial Institutions Act 2020, hereby issues the Corporate Governance Guidelines for Commercial, Merchant, Non-Interest, and Payment Services Banks in Nigeria, and the Corporate Governance Guidelines for Financial Holding Companies in Nigeria.
In developing these Guidelines, the CBN adapted relevant principles and recommended practices of the Nigerian Code of Corporate Governance issued by the Financial Reporting Council in 2018, global corporate governance practices as well as other related governance codes, circulars and directives made by the CBN. Banks and financial holding companies are invited to note the responsibilities imposed on their boards by these guidelines, and especially on the Executive Compliance Officers (where applicable).
These Guidelines supercede all previous codes, circulars and related directives on corporate governance issued by the CBN. The effective date of these Guidelines is August 1, 2023.
Click here to read full PDF copy of CBN Corporate Governance Circular and Gidelines
