By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-The Central Bank of Nigeria (CBN) has unveiled guidelines for fit and proper persons to be appointed to the board and top management of banks and other financial institutions in Nigeria to be effective from January 01, 2015.
This is contained in a circular with reference number FPR/DIR/CIR/GEN/05/014 dated October 15, 2015 and signed by Kevin Amugo, director, Finacial Policy and Regulation Department of the CBN.
The circular entitled: “Assessment Criteria for Approved Persons’ Regime For Financial Institutions” reads thus: “The CBN after reviewing and incorporating comments from various stakeholders in respect of the Exposure Draft on the “Revised Assessment Criteria for Approved Persons’ Regime for Financial Institutions” dated September 30, 2014, issues the following Guidelines and accompanying Questionnaire on Approved Persons’ Regime for compliance for Banks and Other Financial Institution in Nigeria.
From the Guidelines , prospective appointees to board and top management positions as well as major shareholders of Banks and other Financial other In situation in Nigeria are required to complete and submit the questionnaire to Banking Supervision Department for CBN prior approval of their appointments.
The requirement of these Guidelines comes into effect from January 1st, 2016.
