Section 9 Investments and Securities Act 2025

Section 9 of the Investments and Securities Act 2025 is about Disqualification, cessation of appointment and resignation. It is under Part II (Establishment of the Governing Board of the Commission) of the Act. It provides as follows:

(1) A member of the Board shall cease to hold office if he —
(a) is medically certified to be of unsound mind or incapable of discharging his duties owing to ill health;
(b) is adjudged bankrupt or makes a compromise with his creditors;
(c) is convicted of a felony or any offence involving fraud or dishonesty by a court of competent jurisdiction;

(d) is found guilty of serious misconduct in relation to his duties; or
(e) is a person who has a professional qualification, and is disqualified or suspended from practicing his profession in any part of Nigeria or any other country by the order of any competent authority made in respect of him personally.

(2) The President may at any time, on the recommendation of the Minister, remove a person to whom subsection (1) applies, provided that no full time member of the Board of the Commission shall be removed from office without
the approval of the Senate.

(3) Any member of the Board, including the Director-General, may resign his appointment at any time by giving at least three months’ prior notice in writing to the President of his intention to do so.

(4) Where the Chairman, Director-General, or any Commissioner dies, resigns or otherwise vacates his office before the expiry of the term for which he has been appointed, there shall be appointed a fit and proper person to take his place on the Board for the unexpired period of the term of appointment in the first instance in the manner prescribed in section 5 of this Act.