(1)
A public company shall have at least three independent directors.
(2)
In a public company, any person who nominates candidates for the board who would comprise a majority of the members of the board shall nominate at least three persons who would be independent directors.
(3)
In this section, “independent director” means a director of the company who, or whose relatives either separately or together with him or each other, during the two years preceding the time in question—
(a)
was not an employee of the company ;
(b)
did not—
(i)
make to or receive from the company payments of more than N20,000,000, or
(ii)
own more than a 30% share or other ownership interest, directly or indirectly, in an entity that made to or received from the company payments of more than the amount stated in subparagraph ( partner, director or officer of a partnership or company that made to or received from the company payments of more than such amount ;
(c)
did not own directly or indirectly more than 30% of the shares of any type or class of the company, and
(d)
was not engaged directly or indirectly as an auditor for the company.