Breaking News: First Bank's Top Director, Shobo, Resigns As Cbn New Rule Kicks Off, More To Go - Legitvibes May 2026

– In a significant move that highlights the shifting landscape of the Nigerian banking sector, Gbenga Shobo , a top executive at First Bank of Nigeria Limited , has officially retired from his position . This departure follows the implementation of new corporate governance guidelines by the Central Bank of Nigeria (CBN) , which have introduced stricter tenure limits for bank executives and directors. The End of an Era for Shobo

Breaking News: First Bank Top Director Shobo Resigns as New CBN Rules Take Effect – In a significant move that highlights the

The central bank's updated aim to promote high ethical standards and enhance public confidence by ensuring fresh leadership in systemically important banks. Key highlights of these rules include: Key highlights of these rules include: A maximum

A maximum of 12 years for Managing Directors (MDs), up from the previous 10-year limit in some cases. Under these rules, some bank executives are limited

Shobo’s retirement comes at a time when he was nearing the mandatory retirement age of 60. However, the immediate catalyst for his stepping down was a dated February 24, 2023, which revised the tenure limits for executive and non-executive directors across the industry. Under these rules, some bank executives are limited to a maximum of 10 to 12 years in their roles, or a cumulative 20 years across the entire banking industry. CBN Rules Reshaping the Boardroom

Gbenga Shobo, who most recently served as the , has been a key figure on the FirstBank board since 2012. His career at Nigeria's oldest lender spanned over a decade, during which he oversaw critical divisions including Retail Banking and Public Sector businesses.

Executive Directors who eventually become MDs are restricted to a total cumulative tenure of 24 years at the same institution.