Yes Overides Disabled;
This isn't clear. If you want the override to work, this option should be set to "NO". If you set the option to "YES", "NO OVERRIDES" should be displayed in red on the CHDK OSD, though this can be turned off.
Tried it in P mode; Exposure was more than 15S this time (but not 5Min either).
In the normal firmware, long exposures may take 2x the normal time because the camera does a "dark frame" for noise reduction. This usually shows a "busy" message. In any case, the total time taken would be about 30 seconds. However, P mode wouldn't normally get anywhere close to 15 sec unless you are shooting somewhere very very dark.
It might also be possible that exposures longer than 60 seconds are not correctly implemented on your camera.
What camera and CHDK version are you using?