Section 3: Composition of the board of the commission

(1) There shall be for the Commission a Board which shall consist of:
(a) a part-time Chairman;
(b) the Director-General and Chief executive as Accounting officer;
(c) three full time Commissioners;
(d) a representative of the Federal Ministry of Finance;
(e) a representative of the Central Bank of Nigeria; and
(f) two part-time Commissioners one of whom shall be a legal practitioner qualified to practice in Nigeria with ten years post call experience.
(2) A person shall not be qualified for appointment to the Board of the Commission unless he is a fit and proper person and:
(a) in the case of the Chairman or Director-General of the Commission, he is a holder of a university degree or its equivalent with not less than 15 years cognate experience in capital market operations;
(b) in the case of any other member other than an ex-officio member, he is a holder of a university degree or its equivalent with not less than 12 years cognate experience in capital market operations or legal practice as the case may be ; and
(c) in the case of an ex-officio member, he is not below the rank of a director in the Ministry or Central Bank of Nigeria, as the case may be.