Some CEOs in Nigeria are using the Holding Company (HoldCo) structure to bypass the 10-year tenure limit for managing directors and chief executive officers (CEO) of banks and insurance companies. This allows them to retain control and have more influence over their investments.
Despite the existence of a 10-year tenure limit for managing directors and chief executive officers (CEO) of banks and insurance companies in the country, some CEOs seem to have devised means around the policy through the Holding Company (HoldCo) structure to remain in control, LEADERSHIP can exclusively reveal. Initially, it was banks that started it but, currently, pockets of insurance firms have either adopted the same or are mooting the idea.
In this instance, findings revealed that mostly founding managing directors are transiting to head the HoldCos after the expiration of the 10-year tenure limit, which gives them more control of their investments. While some market observers see this as retaining the experience of these CEOs within the group, others feel this is about taking advantage of loopholes in the law that was not envisaged at the point of formulation. The Central Bank of Nigeria (CBN) introduced the Holding Company model in December 2011 via a circular to all bank
Nigeria Ceos Tenure Limit Holding Company Holdco Banks Insurance Companies Control Investments
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Nigeria National Petroleum Company Limited's Financial Statement Reveals Structural DefectsThe first post-restructuring financial statement of the Nigeria National Petroleum Company Limited (NNPCL) has exposed the structural defects of the oil company as it seems to thrive more on product trading and less as an upstream operator. On its face value, the company has grown its profit exponentially to N2.52 trillion ($2.7 trillion). But the performance is relatively low compared with its peers such as Petronas, Qatar Energy, Petrobras and Saudi Aramco.
Read more »
Explosion in Ibadan: Company Responsible for Storing Explosives IdentifiedGovernor Seyi Makinde has identified the company responsible for storing the explosives that caused the explosion in Ibadan. He promises to bring the culprits to justice and ensure the welfare of the victims. An Emergency Operation Centre has been set up to oversee search and rescue efforts.
Read more »
Ọ̀ bụ̀ ézíókwu nà Buhari árụghị ụ́zọ̀ ụ́gbọ́ òlòkó nà ọ́dọ̀ ụ́gbọ́élu dị́kà Jimoh Ibrahim kwùrù?Nigeria's independent online newspaper
Read more »
Nigerian Entrepreneur Femi Otedola Acquires Shares in Dangote CementFemi Otedola, a distinguished Nigerian entrepreneur and investor, has announced a significant acquisition of shares in Dangote Cement, the only cement company in Nigeria with two export terminals, with a combined export capacity of eight million tons per annum. This strategic investment underscores Mr Otedola’s confidence in Dangote Cement’s potential to generate foreign exchange for the country and his dedication to supporting businesses that contribute to Nigeria’s economic resilience.
Read more »
Nigeria Advances to Last 16 of AFCON with 1-0 Win Over Guinea BissauNigeria's Super Eagles secure a spot in the last 16 of the 2023 AFCON after defeating Guinea Bissau 1-0 in their final Group A match. Opa Sangante's own goal gives Nigeria the lead, while goalkeeper Jonas Mendes makes crucial saves to deny Nigeria from doubling their lead.
Read more »
Atiku Abubakar asks Tinubu to explain $3.3bn NNPC loanFormer Vice President, Atiku Abubakar, has asked President Bola Tinubu to explain the Nigeria National Petroleum Company Limited (NNPCL) $3.3 billion emergency crude repayment loan.
Read more »