REVISED ASSESSMENT CRITERIA FOR APPROVED PERSONS’

REGIME FOR FINANCIAL INSTITUTIONS

OCTOBER 2015

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TABLE OF CONTENTS

Section Title
1.0 INTRODUCTION
1.1 OBJECTIVE
1.2 SCOPE AND APPLICABILITY
2.0 CRITERIA FOR ASSESSING PROPRIETY
3.0 CRITERIA FOR ASSESSING FITNESS (COMPETENCE AND
CAPABILITY)
4.0 GENERAL GUIDELINES FOR ALL FINANCIAL INSTITUTIONS
5.0 FITNESS REQUIREMENTS FOR BANKS, DISCOUNT HOUSES AND
DEVELOPMENT FINANCE INSTITUTIONS.
5.1 MANAGING DIRECTOR
5.2 DEPUTY MANAGING DIRECTOR/EXECUTIVE DIRECTORS
5.3 GENERAL MANAGER
5.4 DEPUTY GENERAL MANAGER
5.5 ASSISTANT GENERAL MANAGER
5.6 NON-EXECUTIVE DIRECTORS
5.7 INDEPENDENT DIRECTOR
6.0 FITNESS REQUIREMENTS FOR OTHER FINANCIAL INSTITUTIONS
(OFIs)
6.1 PRIMARY MORTGAGE BANKS (PMBs)
6.1.1 MANAGING DIRECTOR/EXECUTIVE DIRECTORS
6.1.2 TOP MANAGEMENT (DEPARTMENTAL HEADS)
6.1.3 NON-EXECUTIVE DIRECTORS
6.2 MICROFINANCE BANKS (MFBs)
6.2.1 MANAGING DIRECTOR/EXECUTIVE DIRECTORS
6.2.2 TOP MANAGEMENT (DEPARTMENTAL HEADS)
6.2.3 NON-EXECUTIVE DIRECTORS
6.3 FINANCE COMPANIES (FCs)
6.3.1 MANAGING DIRECTOR/EXECUTIVE DIRECTORS
6.3.2 TOP MANAGEMENT (DEPARTMENTAL HEADS)
6.3.3 NON-EXECUTIVE DIRECTORS
6.4 BUREAUX DE CHANGE (BDCs)
6.4.1 MANAGING DIRECTOR/CHIEF EXECUTIVE OFFICER
6.4.2 SENIOR MANAGEMENT OFFICERS/MANAGERS
7.0 SIGNIFICANT SHAREHOLDERS FOR ALL FINANCIAL INSTITUTIONS
8.0 NOTES
9.0 EFFECTIVE DATE

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1.0 INTRODUCTION

Following the introduction in 2010 of a new banking model which

replaced the universal banking model, and the issuance of the Revised
Code of Corporate Governance for Banks and Discount Houses in Nigeria,
the CBN, in its determination to ensure that only “fit and proper persons”
are approved for appointment to board and top management positions
in banks and other financial institutions, reviewed its circular referenced
FPR/DIR/CIR/GEN/01/016, dated June 21, 2011 on “Assessment Criteria for
Approved Persons’ Regime For Financial Institutions” in Nigeria.

In view of the above, the conditions specified in these guidelines are

minimum requirements for candidates occupying or intending to occupy
the under-listed board and senior/top management positions. in Nigerian
banks, discount houses, development finance and other financial
institutions.

1.1 OBJECTIVE

The objective of this document is to provide a broad framework for

assessing a person’s capacity as “fit and proper” for the position for which
he is being considered.

1.2 SCOPE AND APPLICABILITY

These guidelines shall apply to commercial banks (Regional, National and

International), merchant banks, non-interest banks, primary mortgage
banks, discount houses, development finance and other financial
institutions under the purview of the CBN.

2.0 CRITERIA FOR ASSESSING PROPRIETY

Fitness tests assess the competence of candidates for board, top

management and critical operational positions and their capacity to fulfill
the responsibilities of their positions while propriety tests assess their
integrity and suitability.

In assessing a candidate’s integrity and suitability, elements to be

considered include:

1. Breach of Sections 19 (1)(a) and 44(now 48) of Banks and Other

Financial Institutions Act (BOFIA) Cap. B3, Laws of the Federation
of Nigeria 2004, where such a candidate is or has been:

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a. of unsound mind or as a result of ill- health is incapable of
carrying out his duties; or

b. declared bankrupt or suspends payments or compounds with his

creditors including his bankers; or

c. convicted of any offence involving dishonesty or fraud; or

d. guilty of serious misconduct in relation to his duties; or

e. disqualified or suspended from practicing his profession; or

f. a director of a financial institution or any candidate directly

involved in the management of a financial institution under the
purview of the CBN which has been wound up by the Federal
High Court;

And whether:

2. the candidate is or has been the subject of any proceedings of

a disciplinary or criminal nature, or has been notified of any
impending proceedings or any investigation, which might lead
to such proceedings. However, this provision will not apply where
a person involved in such proceedings has been exonerated;

3. such appointment would result in conflict of interest thus

contravening the provisions of section 19 (2) and (3) of BOFIA
Cap. B3, Laws of the Federation of Nigeria 2004;

4. the candidate, or any business in which he has controlling

interest or exercises significant influence, has been investigated,
disciplined, suspended or criticized by a regulatory or
professional body, a court or tribunal, whether publicly or
privately;

5. the candidate has been the subject of any justified complaint

relating to regulated activities;

6. the candidate has been dismissed, asked to resign from

employment or from a position of trust, fiduciary appointment or
similar position because of questions about his honesty and
integrity;

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 7. the candidate has ever been disqualified under BOFIA or CAMA
or any other legislation or regulation, from acting as a director or
serving in a managerial capacity;

8. the candidate deliberately misled (or attempts to mislead) by

act or omission, a client, the institution and/or the regulators;

9. the candidate deliberately falsified documents to mislead a

client, the institution and/or regulators;

10. the candidate has deliberately failed to inform the client,

institution and/or regulator, without reasonable cause, of the
fact that their understanding of a material issue is incorrect,
despite being aware of their misunderstanding;

11. the candidate had deliberately failed to disclose the existence

of falsified documents;

12. the candidate has deliberately prepared inaccurate or

inappropriate records or returns.

3.0 CRITERIA FOR ASSESSING FITNESS (COMPETENCE AND CAPABILITY)

To assess the competence of candidates for board and top

management positions, their capacity to fulfill the responsibilities of
their positions and their ability to understand the technical
requirements of the business, the CBN shall take into account all
relevant considerations, including but not limited to factors listed
against each of the positions.

Furthermore, the financial institution shall conduct an assessment of

the fitness and propriety of its board/top management staff
biennially or any other period as may be specified by the CBN.
Performance on the job shall be an integral part of this assessment.

Candidates will be expected to meet the general guidelines under

section 4.0 as well as the relevant fitness requirements specified
either under any of the sub-sections of section 5.0 or 6.0.

Where candidates are deficient or fail the fitness test, they will be
allowed a period of two years within which to undergo training to
remedy the deficiency. However, if the candidate is unable to fulfill
the requirements under this guidelines after two years of failing the
test, he/she may be required to relinquish his/her board/top
management appointment.

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4.0 GENERAL GUIDELINES FOR ALL FINANCIAL INSTITUTIONS

The financial institution is required to:

 submit a completed “Approved Persons Regime”

questionnaire to be administered by the CBN;

 provide a satisfactory status report from the candidate’s last

place of work. not later than six months after engagement;

 satisfy the CBN that he/she is able to meet personal financial

obligations/commitments on a continuous basis and
demonstrate satisfactory discharge of fiduciary
responsibilities;

 provide three reference letters, two of which must be from

the last place of work, in the last five years and from persons
not below the rank of a director. For Non- Executive Directors,
the three reference letters should be from individuals of
reputable standing in the country (e.g. civil servants of grade
level 15 and above or their equivalents in the armed forces or
Police, senior clergymen, fellows of professional bodies such
as ICAN, CIBN, etc). Where the appointee is a representative
of an overseas technical partner, financier or agency, a
reference letter from the home country financial sector
regulator or any other person of reputable standing (as
stated above) in that jurisdiction will suffice; and

 Ensure that Non-Executive Directors undergo directors'

training at the institution's expense, aimed at acquiring or
having the prerequisite knowledge of their responsibilities and
duties as the institution’s non-executive directors.

5.0 FITNESS REQUIREMENTS FOR BANKS, DISCOUNT HOUSES AND

DEVELOPMENT FINANCE INSTITUTIONS

The fitness requirements for appointment to board and top

management positions in the above financial institutions are as
stated below:

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5. 1 MANAGING DIRECTOR

 A minimum of first degree or its equivalent in any discipline

plus a higher degree or professional qualification in any
business related discipline.

 Candidates must also have a minimum of 20 years post-

graduation experience, out of which at least 15 must have
been in the banking industry and, at least 2 as DMD/ED, with
responsibility in several areas of banking operations including
business development and customer relationship
management.

For Non-interest banks, the candidates should in addition to the

above possess requisite knowledge and experience/training in
Islamic banking and finance.

5.2 DEPUTY MANAGING DIRECTOR/EXECUTIVE DIRECTORS

 A minimum of first degree or its equivalent in any discipline plus a

higher degree or professional qualification in any business
related discipline.

 Candidates must also have a minimum of 18 years post-

graduation experience, out of which at least 13 must have been
in the banking industry and, at least 2 as General Manager .
Evidence of experience in several areas of banking operations
including business development and customer services
management.

 A Deputy Managing Director/Executive Director must have

served for a minimum of two (2) years for him/her to be qualified
for appointment as a Managing Director.

For Non-interest banks, the candidates should in addition to the

above possess requisite knowledge and experience/training in
Islamic banking and finance.

5.3 GENERAL MANAGER

 A minimum of first degree or its equivalent in any discipline

plus a relevant higher degree or professional qualification.

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  Candidates must also have a minimum of 15 years post-
graduation experience, out of which at least 12 must have
been in the banking industry and at least 2 as Deputy General
Manager. Evidence of experience in at least three (3) major
areas of banking operations.

For Non-interest banks, the candidates should in addition to the

above possess requisite knowledge and experience/training in
Islamic banking and finance.

5.4 DEPUTY GENERAL MANAGER

 A minimum of first degree or its equivalent in any discipline

plus a relevant higher degree or professional qualification.

 Candidates must also have a minimum of 15 years post-

graduation experience, out of which at least 10 must have
been in the banking industry and at least 2 as Assistant
General Manager. Evidence of experience in at least three
(3) major areas of banking operations.

For Non-interest banks, the candidates should in addition to the

above possess requisite knowledge and experience/training in
Islamic banking and finance.

5.5 ASSISTANT GENERAL MANAGER

 A minimum of first degree or its equivalent in any discipline

plus a relevant higher degree or professional qualification.
 A minimum of 15 years post-graduation experience, out of
which at least 10 must have been in the banking industry, and
at least 3 years on senior manager or equivalent position.
 Evidence of experience in at least three (3) major areas of
banking operations.

For Non-interest banks, the candidates should in addition to the

above possess requisite knowledge and experience/training in
Islamic banking and finance.

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5.6 NON-EXECUTIVE DIRECTORS

Without prejudice to the provisions of the Code of Corporate

Governance, candidates must possess:

a. A first degree or its equivalent in any discipline plus membership

of any other relevant and recognized professional institute;
b. A minimum of eight (8) years post- graduation experience;
c. Proven skills and competencies in their fields;
d. Knowledge of the operations of banks/development finance
institutions/discount houses and relevant laws and regulations
guiding the financial services industry; and
e. Ability to interpret financial statements and make meaningful
contributions to board deliberations;

In considering nominees with limited academic/professional

qualifications and industry experience, the CBN shall take into
account the following:

i. Direct involvement of the nominee in an established business

enterprise with total assets of not less than N300million.

ii. The quality of courses and seminars attended in the last five
(5) years prior to his nomination.

iii. The size, scope and complexity of the institution;

iv. The relevant experience and qualifications of other Board

members;

v. The existence and number of Independent Directors on the

Board;

vi. An assurance that the proposed director(s) would be

exposed to accelerated training over a short period of time;
and

vii. Assignment of responsibilities commensurate with their

experiences.

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5.7 INDEPENDENT DIRECTORS

a. Independent Directors shall be appointed in accordance with:

i. The CBN’s Circular of October 26, 2007 titled “Guidelines for

the Appointment of Independent Directors”;
ii. The “Revised Code of Corporate Governance for Banks and
Discount Houses in Nigeria” of May 25, 2014;
iii. Section 257(1) of the Companies and Allied Matters Act
(CAMA), 1990 as amended;
iv. Any other relevant law, rules and regulations issued from time
to time by the CBN.

b. In particular, an Independent Director shall be a member of the

Board of Directors who has no direct material relationship with the
financial institution or any of its officers, major shareholders,
subsidiaries and affiliates; a relationship which may impair the
director’s ability to make independent judgments or compromise
the director’s objectivity in line with Corporate Governance best
practices.

c. An Independent Director shall not:

i. beyond his services on the Board of a financial institution,

provide financial, legal and/or consulting services to the
institution or its subsidiaries/affiliates or had done so in the
preceding 5 years;

ii. be a current or former employee who had served in the

financial institution in the past and none of his immediate
family members should be an employee or former staff of the
financial institution at the top management level in the
preceding 5 years;

iii. borrow funds from the financial institution, its officers,

subsidiaries and affiliates;

iv. be part of management, executive committee or board of

trustees of an entity, charity or otherwise, supported by the
financial institution;

v. serve on the Board of a subsidiary or affiliate of the financial

institution.

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 d. An Independent Director shall have:

i. sound knowledge of the operations of listed companies, the

relevant laws and regulations guiding the industry,
ii. a minimum academic qualification of first degree or its
equivalent with not less than 10 years of relevant working
experience.
iii. proven skills and competencies in their fields.

e. In addition, the requirements for Non-Executive Directors stated

above shall apply.

f. For Non-interest banks, at least one of the independent directors

should preferably be an expert in Islamic Commercial Jurisprudence
(Fiqh Mu’amalat)

Notwithstanding the requirements stated above, the CBN may at its

discretion, approve or disapprove the appointments of candidates under
special circumstances.

6.0 FITNESS REQUIREMENTS FOR OTHER FINANCIAL INSTITUTIONS (OFIs)

The fitness requirements for appointment of the under-listed Board

and top management positions in other financial institutions are as
stated below:

6.1 PRIMARY MORTGAGE BANKS (PMBs)

6.1.1 MANAGING DIRECTOR/EXECUTIVE DIRECTORS

 A minimum of first degree or its equivalent in any discipline

(additional qualification in any business related discipline
would be an advantage);

 A minimum of 15 years post-graduation experience, out of

which, at least 10, must have been in the financial services
industry and at least 5, at the senior/top management level.

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6.1.2 TOP MANAGEMENT (DEPARTMENTAL HEADS)

 A minimum of first degree or its equivalent in any discipline

(additional qualification in any business related discipline
would be an advantage);

 A minimum of 10 years post-graduation experience out of

which, at least, 5 must have been in the financial services
industry and at least, 2 at the senior/top management level;

6.1.3 NON-EXECUTIVE DIRECTORS

Without prejudice to the provisions of the Code of Corporate

Governance, candidates must possess:

 A first degree or its equivalent in any discipline;

 A minimum of 5 years post-graduation experience;

 Proven skills and competencies in their fields;

 Knowledge of the operations of the financial institution and

relevant laws and regulations guiding the financial services
industry;

 Ability to interpret financial statements and make meaningful

contributions to board deliberations;

g. Notwithstanding the requirements stated above, the CBN may at its

discretion, approve or disapprove the appointments of candidates
under special circumstances.

6.2 MICROFINANCE BANKS (MFBs)

6.2.1 MANAGING DIRECTOR/EXECUTIVE DIRECTORS

 A minimum of first degree or its equivalent in any discipline

(additional qualification in any business related discipline
would be an advantage);

 Evidence that the candidate possesses proven skills and

competences in practical microfinance banking and has
undergone the microfinance Certification Programme and

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 obtained a Certificate in Microfinance Banking issued by the
Chartered Institute of Bankers of Nigeria (CIBN);

 A minimum of 8 years post-graduation experience out of

which, at least, 5 must have been in financial services industry
and at least, 3 at the senior management level;

For Non-interest MFBs, the candidates should in addition to

the above possess requisite knowledge and
experience/training in Islamic banking and finance.

6.2.2 TOP MANAGEMENT (DEPARTMENTAL HEADS)

 A minimum of first degree or its equivalent in any discipline

(additional qualification in any business related discipline
would be an advantage).

 Evidence that the candidate possesses proven skills and

competences in practical microfinance banking and has
undergone the microfinance Certification Programme and
obtained a Certificate in Microfinance Banking issued by the
Chartered Institute of Bankers of Nigeria (CIBN).

 A minimum of 5 years post-graduation experience out of

which, at least, 4 must have been in financial services industry
and at least, 2 at the senior management level.

For Non-interest MFBs, the candidates should in addition to

the above possess requisite knowledge and
experience/training in Islamic banking and finance.

6.2.3 NON-EXECUTIVE DIRECTORS

Without prejudice to the provisions of the Code of Corporate

Governance, candidates must satisfy the requirements specified under
the following categories of MFBs:

a) Unit MFBs

 No academic qualification is required. However, at least two

(2) members of the board of directors other than the
executive management shall be required to have a minimum
of three(3) years financial services industry experience.

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 b) State MFBs

 At least two (2) of the non-executive directors shall possess a

first degree or its equivalent in any discipline.

 A minimum of five (5) years post-graduation experience.

 Proven skills and competencies in their fields.

 Knowledge of the operations of the financial institution and

relevant laws and regulations guiding the financial services
industry.

 Ability to interpret financial statements and make meaningful

contributions to board deliberations,

c) National MFBs

 More than 80% of the non-executive directors shall have first

degree or its equivalent in any discipline.

 A minimum of five (5) years post-graduation experience.

 Proven skills and competencies in their fields.

 Knowledge of the operations of the financial institution and

relevant laws and regulations guiding the financial industry.

 Ability to interpret financial statements and make meaningful

contributions to board deliberations.

For non-interest banks, at least one (1) director should have

knowledge/training in Islamic commercial jurisprudence (Fiqh
Mu’amalat).

Notwithstanding the requirements stated above, the CBN may at its

discretion, approve or disapprove the appointments of candidates under
special circumstances.

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6.3 FINANCE COMPANIES (FCs)

6.3.1 MANAGING DIRECTOR/EXECUTIVE DIRECTORS

 A minimum of first degree or its equivalent in any discipline

(additional qualification in any business related discipline
would be an advantage);

 A minimum of 8 years post-graduation experience, out of

which, at least, 5 must have been in the financial services
industry and at least, 3 at the senior management level;

6.3.2 TOP MANAGEMENT (DEPARTMENTAL HEADS)

 A minimum of first degree or its equivalent in any discipline

(additional qualification in any business related discipline
would be an advantage);

 A minimum of 5 years post-graduation experience out of

which, at least, 4 must have been in financial services industry
and at least, 2 at the senior management level.

6.3.3 NON-EXECUTIVE DIRECTORS

Without prejudice to the provisions of the Code of Corporate

Governance, candidates must possess:

 A first degree or its equivalent in any discipline;

 A minimum of five (5) years post-graduation experience;

 Proven skills and competencies in their fields;

 Knowledge of the operations of the financial institution and

relevant laws and regulations guiding the financial services
industry;

 Ability to interpret financial statements and make meaningful

contributions to board deliberations.

Notwithstanding the requirements stated above, the CBN may at its

discretion, approve or disapprove the appointments of candidates under
special circumstances.

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6.4 BUREAUX DE CHANGE (BDCs)

6.4.1 MANAGING DIRECTOR/CHIEF EXECUTIVE OFFICER

A minimum of first degree or its equivalent in any discipline;

A minimum of three (3) years relevant post-graduation experience.

6.4.2 SENIOR MANAGEMENT OFFICERS/MANAGERS

A minimum of first degree or its equivalent in any discipline;

A minimum of two (2) years relevant post-graduation experience.

Any person with any other qualifications or experience that may be

considered adequate by the CBN can hold any of the positions in 4.4.1 or
4.4.2 within the institution.

7.0 SIGNIFICANT SHAREHOLDERS FOR ALL FINANCIAL INSTITUTIONS

Any investor with a shareholding of 5% and above in any Financial

Institution in Nigeria shall:

 be of good character, honest, reputable and reliable;

 have financial resources sufficient to meet commitments on a

continuing basis as they become due, including outstanding
obligations;

 ensure adequate control of financial risks on a continuing basis;

 certify that the funds used in the acquisition of the shares were
not borrowed from within the banking system or are the
proceeds from money laundering and/or any criminal activity;

 not have been indicted in the failure or mismanagement of any

financial institution;

 fulfill all the conditions stipulated in the propriety principles;

 attend an oral interview with the CBN;

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  complete an “Approved Persons Regime” questionnaire to be
administered by the CBN;

 provide three reference letters from individuals of reputable

standing in the country.

8.0 NOTES

8.1 The CBN at its discretion may use any available information in
addition to those provided by financial institutions and/or
candidates, to assess the fitness or propriety of a person.

8.2 In addition to the general fitness and propriety requirements for

Board and top management positions stated in these guidelines,
any director or top management staff performing any of the control
functions stated in the ‘Competency Framework for the Nigerian
Banking Industry’ must meet the specific requirements of that
function as outlined in the Framework.

8.3 The provisions of these guidelines represent the minimum

requirements which banks and other financial institutions shall
comply with. Consequently, banks and other financial institutions
are encouraged to aspire to higher standards.

8.4 Where the provision(s) of the guidelines or frameworks issued to

banks or other financial institutions conflict(s) with the provision(s) of
these guidelines, the provision(s) of these guidelines shall prevail.

9.0 EFFECTIVE DATE

These guidelines supersede our circular on ‘Assessment Criteria for

Approved Persons’ Regime for Financial Institutions’ issued on June
21, 2011 and shall take effect from 1st January, 2016.

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 CENTRAL BANK OF NIGERIA

QUESTIONNAIRE FOR MAJOR SHAREHOLDERS AND

APPOINTEES TO BOARD AND MANAGEMENT POSITION IN
BANKS AND OTHER FINANCIAL INSTITUTIONS IN NIGERIA

This questionnaire is designed to elicit information which would enable the CBN
ascertain your propriety as a major shareholder or member of the board/top
management in the institution. You are, therefore, required to answer every
question that relates to you honestly and where applicable, provide evidence to
support your answer. Please note that the CBN would periodically request you to
attend a performance review interview.

A. BIODATA

1. Name of Institution ……………………………………………..…….

2. Name of the appointee/major shareholder……………..……..
3. Please specify your relationship with the institution ……...….
4. Current employment …………………………………………….……
5. Occupation…………………………………………………………….….
6. Date of birth………………………………………………………………
7. Place of birth……………………………………………………………..
8. Nationality ………………….…………………………………………….
9. Entry/resident permit (foreigners)………………………………..
10. Parental history………………………………………………………….
………………………………………………………….
………………………………………………………….

B. COMPETENCE AND CAPABILITY

1. Give details of educational institutions attended, academic and

professional qualifications obtained with dates, in the format below:
(Please attach evidence)

1
S/N Educational Academic/ Dates
Institution/Professional Body Professional
From To
Qualification(S)

2. Give your Employment history in the format below:

S/N Name(s) and Dates Position(s) Held Duties Reason(s) Two (2) Referees
address(es) of for leaving from your former
Employer(s) From To employer(s)

If not in employment, please give your business history in the format below:

S/N Name(s) and Type(s) of Dates Position(s) Held Two (2) Referees
address(es) of business (es)
Company (ies) From To

C. HONESTY, INTEGRITY, AND REPUTATION

1. Have you at any time been charged or convicted of any offence

(civil/criminal) or otherwise found liable by a tribunal whether in
Nigeria or elsewhere? If so, please, give details of the charge and if
convicted, the date(s) of conviction(s), particulars of the offence and
the penalty (ies) imposed.

2
 ……………………………………………………………………………………………………
……………………………………………………………………………………………………
……………………………………………………………………………………………………
……………………………………………………………………………………………………
………………………………………………………………………………………………..
2. Have you ever been required to give evidence in any trial or
proceedings involving fraud, dishonesty or similar matters, whether in
Nigeria or elsewhere other than as an expert witness? If yes, please
give details.
........................................................................................................
........................................................................................................
........................................................................................................
.................................................................................................
3. Has any suit ever been brought against you in your personal capacity
or against any body corporate, partnership, society or any other
business undertaking to which you are connected as a shareholder,
partner, director or manager? If yes, please give details of the
circumstances and, if not pending, how it was resolved?
……………………………………………………………………………………………………
……………………………………………………………………………………………………
……………………………………………………………………………………………………
……………………………………………………………………………………………….
4. Have you ever been denied membership of any professional body or
entry to any profession or vocation whether in Nigeria or elsewhere? If
yes, please give details:
….....................................................................……………………………..
……………………………………………………………………………………………………
……………………………………………………………………………………………………
……………………………………………………………………………………………………
5. Have you ever been dismissed, requested or advised to resign or
suspended from any office or employment whether in Nigeria or
elsewhere? If yes, please give details:
……………………………………………………………………………………………………
……………………………………………………………………………………………………
……………………………………………………………………………………………………
……………………………………………………………………………………………………
6. Has there been any civil action in court or petition by any body against
you to any regulator in pursuance of personal debts or other
obligations whether in Nigeria or elsewhere? If yes, please give details:
3
 ……………………………………………………………………..……………………………
……………………………………………………………………………………………………
……………………………………………………………………………………………………
……………………………………………………………………………………………….
7. Give the details of all your local and foreign bankers, including the
names and numbers of personal and business accounts maintained
over the past six years in the format below:

Local

S/N Bank Address Acct. Name Acct. Bank Ver. Date

No. No. Opened

Foreign
S/N Bank Address Acct. Name Acct. No. Date Opened

8. Have you any immediate relative (spouse, children, siblings, in-laws

etc.) who holds a top management position (AGM and above) or
significant shares (5% and above) in the institution to which this
questionnaire relates or in any entity affiliated to it? If so, please state
the nature of the relationship and other details:
……………………………………………………………………………………………………
……………………………………………………………………………………………………
……………………………………………………………………………………………………
……………………………………………………………………………………………….

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 9. Has any loan or credit facility (or part thereof) extended to you by any
financial institution/lending agency been restructured, renegotiated,
provisioned against or been a subject of write-off or forgiveness for
reasons of non-payment by you? If so, please, provide full details of
the debts, the circumstances surrounding the action and the current
status:
……………………………………………………………………………………………………
……………………………………………………………………………………………………
……………………………………………………………………………………………………
…………………………………………………………………………………………………….
10. Please list below and give details of all the societies, clubs, associations
and groups (organized and unorganized) either in school or thereafter,
which you are or have been a member:
……………………………………………………………………………………………………
……………………………………………………………………………………………………
……………………………………………………………………………………………………
……………………………………………………………………………………………………
11. Have you ever been accused, convicted or been a subject of an
investigation panel set up for the purpose of examination malpractice,
unethical practices, money laundering or other moral misconduct? If
yes, please, provide the details:
……………………………………………………………………………………………………
……………………………………………………………………………………………………
……………………………………………………………………………………………………
12. Provide any other information (if any), that would be of relevance to
the CBN in determining your suitability or otherwise, for the
appointment/position:
……………………………………………………………………………………………………
……………………………………………………………………………………………………
……………………………………………………………………………………………………
……………………………………………………………………………………………….

D. FINANCIAL SOUNDNESS AND /OR SOLVENCY

You are please required to attach the following to this questionnaire:

1. A statement of your net worth comprising assets (in Nigeria and abroad)
at current values and total liabilities as at the date of appointment, which

5
 must be accompanied by a sworn affidavit. The statement would be
presented in the format below:

S/N DESCRIPTION CURRENT DATE

VALUE (N)
i. Cash
ii. Land and Buildings
iii. Factory and other Enterprises
iv. Vehicles, Boats and other means
of Transport
v. Household Furniture
vi. Government Securities
vii. Investments (shares,
debentures and other securities)
viii. Any other assets. (Please
specify)
ix. Total Assets (i-viii)
x. Total liabilities (as at date of
appointment)

2. Your bankers’ declaration that you are not in any way indebted to them. If
you are, the outstanding amount of the debt(s) should be stated clearly
indicating its (their) performance status (whether performing or non-
performing) and whether it (they) is (are) adequately secured or not as
well as the nature and type of security (ies) offered.

3. A copy of your tax clearance certificate for the last three years.

4. Any other information that could assist the CBN in determining your
financial stability.

E. MISCELLANEOUS

1. Is any of the under-listed member (s) of your family, connected persons

and/or company (ies) in any relationship with the institution to which this
questionnaire relates? If yes, please state the nature of relationship and
other details?
 Spouse

6
  Children
 Siblings
 In-laws
 Key Employees
 Related Companies

2. Are you a serving Director or top management staff? If yes, Please state
your first appointment date and your last interview and/or recertification
date.
……………………………………………………………………………………………….
……………………………………………………………………………………………….

3. Please state the number of board meetings you have attended since your
appointment in the following format:
Year Number of meetings attended
…….. ………. ………………………………
…….. ………. ………………………………
……... ………………………………………..
4. What percentage of the financial institution’s shares do you directly and/or
indirectly own?
…………………………………………………………………………………………………

5. Have you been employed by an audit firm that assigned you to work on
this institution’s financial statements during the last two years? If yes,
please state the name of the audit firm:
……………………………………………………………………………………………………
……………………………………………………………………………………………….

Declaration by the appointee

I…………………………………………………………………………………………………hereby
declare that the answers to the above questions are true and that I am fully
aware that any concealment, provision of false or misleading information aimed
at influencing the approval of my appointment will constitute a breach of Section
60 of BOFIA, 1991, as amended.

I therefore, affirm that the information supplied above (including the

attachment) are to the best of my knowledge, true and where any of it is
discovered to be false, I should be disqualified from the appointment being
7
sought and subsequent appointments by any financial institution under the
purview of the CBN. In addition, I should be prosecuted for false declaration in
line with the laws of the Federal Republic of Nigeria.

Signature of Appointee/Major Shareholder:

………………………………………………………………………………………………………

Date ……………………………………………………………………………………………….

In the presence of (Managing Director of requesting institution):

…………………………………………………………………………………………………..

…………………………………………………………………………………………………..

…………………………………………………………………………………………………..

Date ………………………………………………………………………………………………