New SEC Directive Rocks Nigeria’s Capital Market: What Directors and Firms Must Know
The Securities and Exchange Commission (SEC) of Nigeria has just dropped a regulatory bombshell that’s sending ripples across the nation’s financial ecosystem. On Friday, the SEC issued a circular introducing strict tenure limits for directors of capital market operators (CMOs) classified as “significant public interest entities.” This unprecedented move has triggered anxiety and urgent conversations in boardrooms across the country. But what exactly does this mean for businesses and executives? Let’s unpack the details. 📜 What Did the SEC Announce? The new directive, issued on June 21, 2025, sets maximum time limits that directors can serve in their roles—both within the same company and across affiliated group structures. ✴️ Key Provisions: 10-year limit in the same company: No director may serve more than 10 consecutive years at a single capital market operator. 12-year limit across a group: The total allowable tenure is 12 consecutive years if the director works ac...