Nigeria: SEC bans independent directors of public companies from becoming executive directors — Africa Links 24

Securities and Exchange Commission, SEC, has banned independent directors of public companies from transitioning into Executive Director roles within the same company or group.

In a circular to public companies and capital market operators in Abuja on Friday, the Commission said the practice undermined the principle of board independence and weakened the value of having an impartial voice in company’s governance.

SEC also introduced a three-year cooling-off period before a Chief…