By InvestAdvocate

Lagos (INVESTADVOCATE)-Nigeria’s Securities and Exchange Commission (SEC) said on Monday it has approved the suspension of Rule 42 (5)(e) of the Consolidated Rules and Regulations  of the Commission for 90 days, effective February 25, 2015.

 “Membership of an audit committee shall be for a term of three (3) years, subject to good performance; provided, that such member shall not be eligible for re-election until the expiration of three (3) years after his previous term,” the suspended rule provides SEC said in its official website.

According to the Nigeria’s securities regulator, the suspension is to allow the Commission sufficient time to enhance the provisions of the said rule and align it with best practice.