The Securities and Exchange Commission has issued a new directive prohibiting Chief Executive Officers and Executive Directors from immediately assuming the position of Board Chairman within the same company or group after leaving office.

A mandatory three-year “cool off period” has been introduced before such transitions can take place.

The directive is part of a wider effort to strengthen corporate governance and prevent the concentration of power in public companies and capital market operators deemed to be of significant public interest.

This was disclosed in a circular released by the Commission and signed by the management on Thursday on its website titled “Circular to All Public Companies and Capital Market Operators on the Transmutation of Independent Non-Executive Directors and Tenure of Directors.”

READ ALSO: NANS Secures Release Of Withheld Results At Osun Poly

The SEC expressed concern over what it described as a “worrying trend of the transmutation/conversion of Independent Non-Executive Directors (INEDs) to Executive Directors, including to the position of the Chief Executive Officer.”

It warned that such practices undermine board independence.

The Circular reads,”This practice clearly erodes the neutrality of the transmuting INEDs, compromises their ability going forward to provide objective judgment and is generally antithetical to the principles which underpin independent directorship as outlined in both the National Code of Corporate Governance (NCCG) as well as the SEC Corporate Governance Guidelines (SCGG).”

As a result, the Commission has directed the immediate discontinuance of the conversion of INEDs into Executive Directors within the same company or group structure.

READ ALSO: Bill To Establish Specialised Agric Institutions Passes Second Reading In House Of Reps

The new rules also introduce strict tenure limits. Directors in Capital Market Operators considered to be of significant public interest will now be limited to 10 consecutive years in the same company, and 12 years within the same group structure.

“A Chief Executive Officer or Executive Director who steps down after 10 or 12 consecutive years, as the case may be, cannot be appointed as Chairman until the expiration of a 3-year ‘cool off period’.

“The tenure of such former Chief Executive Officer and Executive Director as Chairman shall be for a maximum of 4 years and no more.”

READ ALSO: Why The Vatican Cut Phone Signal Ahead Of The Secret Conclave Vote

The SEC said these changes are backed by its powers under Section 355(r)(iv) of the Investments and Securities Act (ISA) 2025, which authorises it to set governance standards for regulated entities.

“The foregoing directives take immediate effect and compliance is mandatory. Public Companies and Capital Market Operators are therefore required to take the directives into account in their board appointments and succession planning,” the statement added.

The Commission also clarified that years already served by current officeholders will count toward the newly established tenure caps.

Deputy Governor of Edo State, Hon. Dennis Idahosa has
said that the Senator Monday Okpebholo-led administration has initiated policies and reforms that will ensure a sustainable healthcare delivery system.

Idahosa stated this while chairing the second meeting of the state taskforce on Primary Health Care (PHC), at the New Festival Hall, Government House in Benin.

According to statement by his Chief Press Secretary, Mr. Friday Aghedo, the meeting included the taskforce members, stakeholders, and developmental partners.

READ ALSO: Edo Deputy Governor, Idahosa Preaches Unity As Honour For Martyrs Of June 12

In his keynote address, the deputy governor called for societal vigilance and surveillance to help curtail the effects of the outbreak of Dengue Fever and Diphtheria.

He mentioned that the state was putting up concerted efforts at building a responsive and resilient PHC system.

He encouraged members of the taskforce to be solutions driven, as well as be an instrument of change in their quest to disseminate, enlighten and champion a result driven health process that benefits locals across the eighteen local government areas.

He noted that the plan was to make primary healthcare the most accessible form of healthcare in the state to aid better maternal and health outcomes.

READ ALSO: Shocking! Late Ohanaeze Ndigbo President Lefts Will That Bans Wife From Remarrying

Idahosa singled out and commended the Egor local government chairman, Hon. Kelvin Eguaekun, for his concerted effort to network and maintain cleanliness in his council area.

Idahosa informed the state government move to implement a reward system for local government chairmen who play critical roles in their domains by disseminating and implementing processes that showcase the benefits of a cleaner environment to drive down diseases.

Amongst chairmen who pledged to implement reached decisions at the stakeholders meeting included Hon. Haruna Mohammed of Owan East and Hon. Joy Ohonyor of Owan West.

Edo State government said measures have been put in place to combat the outbreak of Dengue Fever and Diphtheria.

The state Commissioner for Health, Dr. Cyril Oshiomhole, disclosed this during a meeting with the state deputy governor and taskforce on Primary Health Care (PHC), at the New Festival Hall, Government House in Benin

He said the government has made donations of medical supplies to the University of Benin Teaching Hospital (UBTH) as part of the intervention.

Oshiomhole listed the medical supplies to include hospital beds, mattresses, oxygen cylinders, intravenous fluids, and and erythromycin, among others.

READ ALSO: Okpebholo Inaugurates Boundary Dispute Committee In Edo

Dr. Oshiomhole also mentioned that the state received support of twenty doses of Diphtheria antitoxins from Delta state government.

“We also want to commend the UBTH, the Nigerian Centre for Disease Control (NCDC), and development partners such as UNICEF, WHO for their collaborative efforts and provision of technical support to combat the disease.

“NCDC provided the state with diphtheria antitoxins and intravenous erythromycin and other logistics.

“In addition, NCDC team is presently on ground to do a verbal autopsy of some of the current victims of the Diphtheria outbreak,” he stated.

READ ALSO: Okpebholo Launches 1bn Interest-free Loan For Edo Traders

He noted that the state is also faced with dengue fever which has led to the emphasis on the need for a cleaner environment.

Oshiomhole also reminded on Lassa fever whose outbreak can be controlled to an extent through environmental cleanliness.

The commissioner explained the reactive vaccination for teens from ages 5-14 in schools based on the outbreak of Diphtheria in six council areas of the state.

He harped on the need for contact tracing in neighborhoods and schools in order to track and vaccinate high-risk people, front liners, and high-risk personalities in society.

READ ALSO: Adhere To Project Specification, Okpebholo Charges Contractors

Earlier, Executive Secretary, Edo State Primary Health Care Development Agency (EDSPHCDA), Dr. Coulsen Oisokhai, called for collaboration with civil society organizations and development partners to strengthen relationships.

Speaking on behalf of implementing partners, Dr. Nora Eyo of the WHO harped on vaccine hesitancy as a major challenge faced in Edo State.

She pointed out the prevalence of waste dumps in residential buildings in the state as a challenge to sound health.