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
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