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.

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.

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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.

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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.

The Federal Road Safety Corps (FRSC) has warned all patrol officers to shun bribery and all forms of unethical practices across the country.

Assistant Corps Marshal Yakubu Mohammad, the new Zonal Commanding Officer of FRSC Zone RS12HQ in Charge of Bauchi, Yobe and Borno states, made the warning in Bauchi on Friday after resuming office.

According to him, measures were in place to apprehend and sanction any FRSC personnel who compromise their duties, adding that both those who offer bribes and those who accept them would face prosecution in accordance with the scheme’s extant laws.

Mohammad, who called on all road users especially, in Bauchi, Yobe and Borno states to cooperate with FRSC personnel on duty, emphasized the need to prioritize safety and strict compliance with traffic rules and regulations, particularly as the rainy season approaches.

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The Zonal Commanding Officer urged all officers and personnel within his commands to remain dedicated to their duties, saying that under the leadership of Corps Marshal Shehu Mohammed, FRSC was planning to implement a policy of consultation, alongside rewards and punishments for compliance and disobedience.

“I want to urge motorists in these three states to be safety-conscious by avoiding overloading, speeding, and dangerous driving behaviors, and to refrain from using rickety vehicles.

“I also want to assure the public that the FRSC is always prepared to respond promptly to rescue operations and will work collaboratively with all stakeholders and sister security agencies to promote a safe road culture in the three states,” he said.

The FRSC boss expressed commitment to public education, rescue of road traffic victims, and the strict enforcement of traffic regulations in line with the initiatives of the Corps Marshal.

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He also advised drivers to install and make use of the FRSC App to know more about Corps activities while regulating their speed.

He further called on them to regularly check their eyesight and blood pressure which he said, could negatively affect their driving abilities.

Mohammed took over from Assistant Corps Marshal Jeol Dagwa, who has been redeployed to the FRSC National Headquarters, Abuja as ACM for Administration.

Prior to his appointment and subsequent deployment to Bauchi as the Zonal Commanding Officer of the three states, ACM Yakubu Mohammad served as the Assistant Corps Marshal in charge of Administration at the FRSC National Headquarters in Abuja.