Section 5 Investments and Securities Act 2025

Section 5 of the Investments and Securities Act 2025 is about Appointment and tenure of members of the Board. It is under Part II (Establishment of the Governing Board of the Commission) of the Act. It provides as follows:

(1) The members of the Board shall be appointed by the President on the recommendation of the Minister.

(2) The appointment of the Director-General and the three full-time Commissioners shall be subject to confirmation by the Senate.

(3) The Director-General shall hold office for a term of five years in the first instance and may be reappointed for a further term of five years and no more.

(4) The three full-time Commissioners shall hold office in the first instance for a term of four years and may be re-appointed for a further term of four years and no more.

(5) The Chairman and part-time Commissioners (other than the ex-officio Commissioners) shall each hold office for a term of four years and no more.

(6) Notwithstanding the provisions of subsections (2) and (3), the President may extend the tenure of the Director-General and any of the full-time Commissioners whose term of office has expired until a successor to such Director-General or full-time Commissioner is appointed:
Provided that such extension shall not exceed a period of three months.

(7) A person shall not be qualified for appointment to the Board of the Commission unless he is a fit and proper person and in the case of —
(a) the Chairman of the Board and Director-General of the Commission, he is a holder of a university degree with not less than 15 years cognate experience in capital market operations;
(b) any other member other than an ex-officio member, he is a holder of a university degree with not less than 12 years cognate experience in capital market operations or legal practice as the case may be; and
(c) an ex-officio member, he is not below the rank of a director in the Central Bank of Nigeria, the National Pension Commission, and the Federal Ministry responsible for finance.