News
SEC Bans CEOs From Becoming Chairmen Without 3-year Break
Published
3 months agoon
By
Editor
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.”
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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.
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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.”
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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.
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News
Sanwo-Olu makes U-turn, Unblocks Lawyer Who Sued Him Over Blocking On X
Published
6 hours agoon
September 13, 2025By
Editor
Lagos State Governor, Babajide Sanwo-Olu, has unblocked human rights lawyer, Festus Ogun, on X after a meeting with him at Lagos House, Marina, on Friday.
The lawyer, who had accused the governor of rights violations, announced the development in a post on his X account on Saturday.
According to him, Sanwo-Olu personally invited him for a brief meeting to address his complaints.
“Lagos Governor Babajide Sanwo-Olu has unblocked me on X (Twitter). I met briefly with him yesterday at Lagos House Marina, on his invitation, to amicably resolve my complaint of human rights violations. We will continue to hold authorities accountable, regardless. Aluta continua!” Ogun wrote.
READ ALSO:Lawyer Sues Sanwo-Olu For Blocking Him On X
Tribune Online reports that Ogun had earlier filed a suit against Sanwo-Olu at a Federal High Court in Lagos, accusing him of violating his fundamental rights by blocking him on his verified X account.
In the suit marked FHC/L/CS/1739/25, which he shared on Facebook, the lawyer claimed the governor blocked him over his 2021 “constructive criticisms” and “demand for accountability” on the October 2020 #EndSARS killings.
“In 2021, I noticed that the Governor blocked me on his official X handle @jidesanwoolu owing to my constructive criticisms of his policies and demand for accountability in respect of the October 2020 #EndSARS Massacre.”
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Ogun said the action has prevented him from accessing vital government updates and information.
“Blocking me on X has prevented me from accessing public updates and receiving information about policies and governance in Lagos, which constitutes a violation of my right to receive information without interference,” he said.
In his originating summons, he asked the court to declare the move unconstitutional, arbitrary, and discriminatory.
News
Tragedy Deepens As Prime Suspect in Taraba Student’s Death Found Dead
Published
7 hours agoon
September 13, 2025By
Editor
The investigation into the death of Comfort Jimtop, a 100-level Mass Communication student at Taraba State University, has taken a dramatic turn following the discovery of the lifeless body of Emmanuel Kefas, the prime suspect in the case.
Kefas’s body was discovered on Friday in the Tudiri community, Ardo-Kola Local Government Area, under unclear circumstances, intensifying public concern and adding a tragic dimension to a case that has already gripped the university community and residents across Taraba State.
Confirming the development on Saturday, the spokesperson for the Taraba State Police Command, James Lashen, said the police received a report from the village head of Tudiri about the discovery.
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“A lifeless body was found in Tudiri, and a Tecno Android phone was recovered beside it,” Lashen stated.
“Upon charging the phone, investigators found a photograph showing the deceased with the late Comfort Jimtop, suggesting they were in a romantic relationship.”
Lashen added that the body has been taken to the Federal Medical Centre (FMC) in Jalingo for autopsy. At the same time, efforts are ongoing to officially identify the remains through the suspect’s family.
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Police have yet to determine whether Kefas’s death was the result of suicide, homicide, or an accident. Investigations into both deaths are continuing.
Comfort Jimtop’s mysterious death had earlier sparked outrage on campus and across the state, with students and rights groups demanding justice. Kefas was named a prime suspect in the case, which remains open.
This latest development has left many unanswered questions and deepened the grief surrounding the case.
Students, residents, and civil society groups are closely monitoring the situation, calling on authorities to ensure a thorough investigation and bring clarity to the tragic chain of events.
News
Ossiomo, Chinese Impasse: This Is Our Story — Management
Published
9 hours agoon
September 13, 2025By
Editor
The management of Ossiomo Power Plant has cleared the air on the dispute between its Chinese partners and the circumstances surrounding the shutting down of the power plant early this month.
Representative of Ossiomo management, Engineer Festus Evbuomwan, during an interactive session with customers on the impasse between the two partners, said contrary to the rumour making the rounds, the management of Ossiomo Power Plant had paid over ₦2bn to its Chinese partner — Jiangsu Communication Clean Energy Technology (CCETC) — since the power plant started operation.
Recall that representative of CCETC who identified himself as Mr. ‘W’ had, during a telephone phone interview two weeks ago, claimed that “instruction to shutdown was because we lost lots of money and did not get any return on investment,” adding that “all the $20m investment was done by us including the distribution lines.”
But Evbuomwan during the interactive session, said the management was not aware of the $20m investment the Chinese partner claimed, just as he disclosed that “when they generate power, we sell and pay them.”
READ ALSO:Edo Govt Denies Shares As Ownership Tussle Rocks Ossiomo Power
He disclosed that after shutting down the power plant, the Chinese partners came up with a request of ₦185m to be paid to two Chinese not known to the management, stressing that this was declined.
According to him, the Chinese partner, having seen how lucrative the business is, “went to some quarters and raised some issues probably thinking they can manoeuvre us with the help of some big persons, so that they can use their machines to generate power and sideline us but this is not possible.”
“The Chinese partners also claimed that they borrowed $20m from their native land to invest, we are not aware of such investment, and we do not know where the money was invested up till now.
“They have been also saying they have not been receiving anything, but I want to tell you unequivocally that first, the partners run a joint account where their investment is going into. More so, The Chinese partners have received over ₦2bn so far for the power they generate with their machines. When they generate the power, we sell and pay them.”
READ ALSO: Five Years After, Edo Govt Reconnects To BEDC As Ossiomo Shut Down
Engr. Evbuomwan, while apologising to customers for the power outage caused by the dispute between the two partners, said Ossiomo had started power generation though not in full capacity, assuring that power generation would be fully restored soon.
“We have purchased turbines, and one have started working. They are working on the second one, so, by the time our five turbines start working we will be in full capacity. Even with that, those connected to the government may not be reached immediately. This is because the government bought the poles and contracted the wiring, and we cannot force the government to do our bid. Also, we are making efforts to site 33kva transformer along Airport Road and Lagos Road as soon as possible, so that our customers there will get power.”
He said the Edo State government does not have a stake in the company, just as he appealed to the “government to let us supply power to customers in through their Lines. I want to emphasise that Ossiomo is not completely shut down.”
He further urged the “government to encourage the Nigerian citizens to invest and not to work against local investors.”
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