What we find is that there was a minimum of a four-year cooling off period, and up to a eight-year cooling off for some of these appointees.
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Over the last few weeks, there have been contributions from a range of organisations on an important topic. This pertains to the rules that govern the appointment of directors to the boards of private sector companies, and whether or not it is appropriate for former government officials to move into such private sector positions following the completion of their tenures.
However, at the same time, it is commonly accepted that there is need to be realistic and pragmatic. A decision by an individual to serve government in an official role should not act as a future restriction to his/her right to trade, or take up positions in the private sector.
MTN has been used as an example of a company with a number of former public officials on its Board of Directors. But when we take a closer look, what we find is that there was a minimum of a four-year cooling off period, and up to a eight-year cooling off for some of these appointees. Not only are they compliant with the existing rules in place, but they significantly exceed the guidance on cooling off periods in Nigeria, and globally.
It is equally important to realise the changes that took place in Nigeria’s political environment between 2010 and 2019, the period during which ‘cooling off’ took place. In 2015, we saw a significant change in political control, with the transition from PDP to APC, and the presidency of Muhammadu Buhari. With that change came significant modifications across the regulatory ecosystem, and in the leadership of the ministries, departments and agencies of government.
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