Economy
SEC bars independent directors from becoming executive directors
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The Securities and Exchange Commission (SEC) has issued a directive banning the conversion of Independent Non-Executive Directors (INEDs) into Executive Directors within the same company or corporate group.
This is part of the SEC’s efforts to tighten corporate governance standards in Nigeria’s capital market.
In a circular titled “Circular to All Public Companies and Capital Market Operators on the Transmutation of Independent Non-Executive Directors and Tenure of Directors”, the Commission stated that the practice compromises board independence and erodes the objective oversight that independent directors are expected to provide.
The SEC expressed concern over what it described as a growing trend of boardroom recycling within public companies and capital market operators, particularly the transmutation of INEDs into executive roles such as Chief Executive Officer (CEO).
It said the practice undermines the neutrality and objectivity of such individuals and violates both the National Code of Corporate Governance (NCCG) and the SEC’s own Corporate Governance Guidelines (SCGG).
“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,” the Commission noted.
Effective immediately, public companies and capital market operators with significant public interest are required to discontinue the practice of appointing former INEDs to executive positions within the same firm or its group.
In order to strengthen boardroom accountability and reduce concentration of power, the SEC introduced a mandatory three-year “cooling-off” period before a CEO or Executive Director can be appointed as Chairman of the same company.
According to the circular, “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 cooling-off period.”
Additionally, the tenure of directors in capital market firms identified as significant public interest entities will now be capped. Directors can serve a maximum of 10 consecutive years within the same company and up to 12 years within the same group structure. Where a CEO or Executive Director becomes Chairman after the cooling-off period, the tenure in that role will be limited to four years.
The circular draws its authority from Section 355(r)(iv) of the Investments and Securities Act (ISA) 2025, which empowers the SEC to prescribe governance standards for regulated entities.
To ensure immediate compliance, the SEC clarified that the tenure count includes years already served by current appointees. Companies are therefore expected to begin succession planning and board composition reviews in line with the directive.
“These directives take immediate effect and compliance is mandatory,” the Commission stated. “Public Companies and Capital Market Operators are required to take the directives into account in their board appointments and succession planning.”
Dollar To Naira Exchange Rate Today 27 January 2023(Black Market)
The Black Market Dollar-to-Naira Exchange Rate for 28th May 2026 Can Be Accessed Below.
NOTE: The exchange rate changes hourly. It depends on the volume of dollars available and the Demand. This means…you can buy or sell 1 dollar at a certain rate, and the price can change (high or low) within hours.
The official naira black market exchange rate in Nigeria today, including the Black Market rates, Bureau De Change (BDC), and CBN rates.
Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market.
What’s the dollar to naira black market today, 28th May 2026?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1393 and buy at ₦1385 on Thursday, 28th May, 2026, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate ₦1393
Buying Rate ₦1385
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1376
Lowest Rate ₦1374
The Black Market Dollar-to-Naira Exchange Rate for 26th May 2026 Can Be Accessed Below.
IMPORTANT NOTE: The exchange rate changes hourly. It depends on the volume of dollars available and the Demand. This means…you can buy or sell 1 dollar at a certain rate, and the price can change (high or low) within hours.
The official naira black market exchange rate in Nigeria today, including the Black Market rates, Bureau De Change (BDC), and CBN rates.
Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market.
What’s the dollar to naira black market today, 26th May 2026?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦11395 and buy at ₦1385 on Tuesday, 26th May, 2026, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate ₦1395
Buying Rate ₦1385
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1377
Lowest Rate ₦1373
Nigeria’s Gross Domestic Product, GDP, grew by 3.89 percent in real terms in the first quarter of 2026, as the non-oil sector accounted for 96.08 percent.
The National Bureau of Statistics, NBS, disclosed this in its GDP report for Q1 2026 released on Monday.
The Q1 GDP figure is higher than the 3.13 percent recorded in the similar period in 2025.
Details of the report showed that nominal GDP stood at N110.79 trillion, while in real terms it is N51.26 trillion as of Q1 2026.
NBS further said that the services sector contributed more to the aggregate GDP at 57.73 percent in the period under review.
However, when compared to the fourth quarter of 2025, the country’s GDP slowed by 0.10 percent.
“Gross Domestic Product grew by 3.89 percent (YoY) in real terms in Q1 2026, higher than the 3.13 percent recorded in Q1 2025.
“In terms of share of the GDP, the services sector contributed more to the aggregate GDP in Q1 2026 at 57.73%,” NBS stated.
The report showed that the oil sector contributed 3.92 percent while the non-oil sector accounted for 96.08 percent.
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