The management of Wema Bank Plc. and Sterling Bank Plc. are both currently shopping for a replacement for their group managing directors (GMDs) whose tenures expired in June and December respectively,
It would be recalled that the Central Bank of Nigeria (CBN) in 2010, issued a circular that the MDs/CEOs of Nigerian banks shall no longer spend more than 10 years in office as part of efforts to sanitise the banking sector. One year after this circular, a number of banks: Zenith, UBA and Skye lost their MDs/CEOs to this policy.