Key Highlights
- Stanbic IBTC has appointed Mrs Ndidi Nwuneli as an Independent Non-Executive Director effective from 24 March 24, 2023.
- This followed the retirement of Ngozi Edozien from the company’s Board as an Independent Non-Executive Director.
- Edozien retired following the completion of regulatory prescribed tenure in compliance with the Central Bank of Nigeria’s (CBN) circular dated 24 February 2023.
The board of directors of Stanbic IBTC Holdings Plc has announced the appointment of Mrs Ndidi Nwuneli as an Independent Non-Executive Director, following the receipt of all required regulatory approvals.
The Group also announced the retirement of Ms Ngozi Edozien as an Independent Non-Executive Director on the Board of the Company with effect from, 24 March 2023.
This was contained in the Group’s notice to the Nigerian Exchange Limited (NGX) and obtained by Nairametrics.
The retirement is following the completion of regulatory prescribed tenure in compliance with the Central Bank of Nigeria’s (CBN) circular dated 24 February 2023.
Profile of Ndidi Nwuneli
According to the statement signed by ChidiOkezie, Company Secretary, Mrs Nwuneli is an expert in social innovation, agriculture, nutrition, and youth development.
She has over 25 years of international development experience and is a recognized serial entrepreneur, author, public speaker, and consultant.
She was the pioneer Executive Director of the FATE Foundation, supporting young entrepreneurs to start and scale their businesses.
In 2002, she established LEAP Africa to inspire, empower, and equip a new cadre of principled, disciplined, and dynamic young leaders in Africa.
Nwuneli holds a Master of Business Administration (MBA) from the Harvard Business School as well as an undergraduate degree in Economics with honours from the Wharton School of the University of Pennsylvania.
She was a Senior Fellow at the Mossavar-Rahmani Center for Business & Government at the Harvard Kennedy School and an Aspen Institute New Voices Fellow.
What you should know
The Central Bank of Nigeria (CBN) guidelines on the tenure of Executive Management and Non-Executive Directors of banks and financial institutions are 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.
