Key Highlights
- Jaiz Bank Plc has notified NGX of the resignation of Dr. Umaru Abdul Mutallab as Chairman of the Board of Directors and Mallam Falalu Bello as Non-Executive Directors.
- The bank also announced the appointment of Dr. Musbahu Bashir as the Acting Chairman of the Board of Directors of the Bank.
- The resignation and appointment were in compliance with the Central Bank of Nigeria’s (CBN) circular dated 24 February 2023 on the tenure of Executive Management and Non-Executive Directors of banks and financial institutions.
Jaiz Bank Plc has announced the appointment of Dr. Musbahu Bashir as its acting Board Chairman subject to the CBN’s approval.
This appointment followed the resignation of former Chairman Dr. Umaru Abdul Mutallab, in line with the new Central Bank of Nigeria (CBN) guidelines on the tenure of executive management and Non-Executive Directors of banks and financial institutions.
A corporate disclosure signed by Company Secretary Mohammed Shehu also announced the resignation of former Board member Mallam Falalu Bello.
noted that the resignation and appointment were in compliance with the Central Bank of Nigeria’s (CBN) circular dated 24 February 2023.
Profile of Musbahu Bashir: Dr. Musbahu Bashir was the Chairman of the Board Investment Committee, and he was appointed to the Board of the Bank on May 7, 2012. He is the Chairman of Althani Group of Companies, and Cobalt International Services Limited since 2004.
He is also a Director of Mafab Communications Limited, Bento Drill Nigeria Limited, Offshore Technologies International Limited, and Resource Capital Group.
He obtained a BBA in Business Management from America University in 2002, an Advanced Diploma in Business Management in 1998 from Tafawa Balewa University, Abuja campus, and a National Diploma in Irrigation Engineering from the Kaduna Polytechnic in 1987. He was conferred with an Honorary Doctorate Degree by the Igbinedion University, Okada, Edo State, Nigeria
What you must know: The Central Bank of Nigeria (CBN) guidelines on the tenure of Executive Management and Non-Executive Directors of banks and financial institutions is contained in a circular entitled “Review of Tenure of Executive Management and Non-Executive Directors of Deposit Money Banks in Nigeria” dated February 24, 2023, specified the tenure of Managing Directors (MDs), Deputy Managing Directors (DMDs), Executive Directors (EDs) and Non-Executive Directors (NEDs) of banks and financial institutions.
The guidelines, among other conditions, stipulate that the tenure of Executive Directors (EDs), Deputy Managing Directors (DMDs), and Managing Directors (MDs) shall be in accordance with the terms of their engagement approved by the Board of Directors of the banks, subject to a maximum tenure of ten (10) years.
The guidelines further stated that where an Executive who is a DMD becomes the MD/CEO of a bank or any other DMB before the end of his/her maximum tenure, the cumulative tenure of such Executive shall not exceed twelve (12) years.
However, for an Executive (ED) who becomes a DMD of a bank or any other DMB, his/her cumulative tenure as ED and DMD shall not exceed 10 years according to the apex bank stated in the circular.
