News

SEC Bans CEOs From Becoming Chairmen Without 3-year Break

Published

2 months ago

June 21, 2025

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.”

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.

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.”

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.

News

Bumper Harvest: Foundation Distributes 6,000 Fertilizers To Farmers In Bauchi

Published

9 hours ago

August 14, 2025

Editor

A group, Wunti Al-Khair Foundation has donated 6,000 50kg bags of fertilizer to farmers in Bauchi state in order to have a bumper harvest.

Speaking during the flag off ceremony of the distribution of the fertilizers on Thursday, Mr Abubakar Mohammed, Monitoring and Evaluation Officer, Wunti Al-Khair Foundation, said the distribution was only for the indigent farmers in the state.

He said the fertilizers would be distributed to farmers in underserved communities across the three Senatorial Districts of the state.

“We are gathered here to flag off the free distribution of fertilizers to farmers, especially the indigent farmers that don’t have the means to buy fertilizer for their farms.

“That is the reason why the founder of this foundation bought the fertilizers and distributed them to the low income farmers in the state.

“We have gone round the nooks and crannies of the state to identify the underserved communities and those that deserve this particular gesture.

“We planned to distribute about 6,000 bags of fertilizer and due to the populous nature of the Bauchi LGA, they have the largest share but some other local governments too have hundreds of beneficiaries which we divided into Senatorial zones,” he said.

According to him, today was the flagging off of the Bauchi South Senatorial District, adding that the extension of the gesture would commence in Bauchi North and Bauchi Central Senatorial Districts tomorrow.

Mohammed explained that the only criteria used in selecting the beneficiaries were underserved communities and low income farmers, adding that “we know that a large number of the farmers in Bauchi state are low income farmers.

“Those are the people that we identified, verified and they are our beneficiaries and we have warned the general public about the activities of some unscrupulous elements that go round to impersonate our foundation.

“Wunti Al-Khair Foundation is not charging a kobo for every part of its activities, be it education, healthcare, economic empowerment and community development”.

Responding, one of the beneficiaries, Emmanuel Samson, described the support as a timely intervention that would greatly enhance his farming activities and appreciated the foundation for the intervention.

Another beneficiary, Salisu Maidawa, who was short of words for the gesture, said the gesture came at a time when he was in dire need of it.

News

IYC Urges Tinubu To Sack NCDMB Boss

Published

9 hours ago

August 14, 2025

Editor

Ijaw Youth Council (IYC), Western Zone, has urged President Bola Tinubu to immediately sack Engr. Felix Omatsola Ogbe, the Executive Secretary of Nigeria Content Development and Monitoring Board (NCDMB) for allegedly not “keeping up to the fundamental mandate,” upon which the agency was established.

This was contained in a statement jointly signed by Comrade Nicholas Igarama, Comrade Ebi Joshua Olowolayemo, and Comrade Tare Magbei, Western Zone
Chairman, Secretary, and Information Officer respectively, and made available to newsmen in Warri on Thursday, August 14, 2015.

According to the IYC, the call for Ogbe’s sack becomes necessary following his incompetence and ethnic bias, adding that Ogbe has turned the agency meant for the whole Niger Delta to his Itsekiri ethnic group alone.

The IYC, while noting that efforts to meet the NCDMB Executive Secretary to discuss critical issues as they affect the region and its people have proved abortive, said it can no longer fold it arms and watch while things go from bad to worse.

“As Executive Secretary of the NCDMB, Ogbe has consistently failed to input his supposed industry track record in the advancement of the mandate upon which the agency was founded.

“He has continually had a sectional engagement with his fellow Itsekiri Kits and Kin, thereby shutting all other ethnic nationalites in the Niger Delta region out.

“Repeatedly, he avoided critical youth engagement in the region while sponsoring that of his Itsekiri ethnicity through different human capacity development initiatives, while other ethnic nationalites are left unattended.

“As Ijaw, mostly from the western flank where Engr. Ogbe also hails from, we will not sit and watch others benefit from the resources that we produce without our practical involvement to better the lives of our people as well.

“It is on record that the leadership of Ijaw Youth Council (IYC) Western Zone has tried to establish communication with Engr. Ogbe, for the last ten months, but every medium of communication to get his attention has fundamentally proven to be abortive.

“As youths, we can no longer have leaders in office who have now equated themselves to demi-god and have refused to attend to most significantly youthful issues in the Niger Delta Region.

“To this end, we therefore call on President Bola Ahmed Tinibu to immediately sack Engr. Felix Omatsola Ogbe, who has consistently displayed disregard for critical actors in the Niger Delta and has also exhibited the highest level of gross inefficiency by not keeping up to the fundamental mandate upon which NCDMB was founded,” the statement reads.

The IYC also called for the probe Ogbe as Executive Secretary after his sack.

Efforts to reach Dr. Obinna Ezeobi, the General Manager, Corporate Communications, NCDMB, for reaction proved abortive.

News

I’m Being Impersonated – Goodluck Jonathan Disowns Social Media Account

Published

12 hours ago

August 14, 2025

Editor

Former President Goodluck Jonathan, on Thursday said he is being impersonated by fraudsters.

Jonathan alleged that a fraudulent Instagram handle has been impersonating him.

In a statement by his Media Aide,
Ikechukwu Eze, the former President insisted that he does not operate any Instagram handle.

The statement is titled ‘Beware of fake Instagram account impersonating H.E. Dr Goodluck Ebele Jonathan’.

“Our attention has been drawn to a fraudulent Instagram account operating under the handle goodluck_ebelejonathan, which is falsely impersonating former President Dr. Goodluck Ebele Jonathan.

“This impostor account has been deceitfully posting content, some copied from Dr. Jonathan’s Facebook page, while pretending to represent the former President.

“We wish to emphasise that Dr. Jonathan does not operate any Instagram account.

“The media and members of the public are strongly advised to disregard, avoid sharing, or promoting any content originating from this fake profile,” the statement read.