Amechi Ogbonna
President Muhammadu Buhari has appointed Mr Lamido Yuguda, as the substantive Director General of Nigerian capital market apex regulator, the Securities and Exchange Commission (SEC).
In a letter just read at the Senate plenary on Tuesday, Buhari requested the upper legislative chamber to consider and approve the nomination of Mr. Lamido Yuguda as SEC DG in line with the requirements of the Investment and Securities Act (ISA).
The appointment ends the uncertainties around the leadership of the Commission since the suspension of former Director General, Mr Mounir Gwarzo by former Minister of Finance, Mrs Kemi Adeosun in 2017
The appointment also brings to an ends the tenure of Acting DG, Mary Uduk who had held fort since Gwarzo’s sack over alleged financial impropriety to ensure there was no vacuum.
Also to be confirmed are three nominees as full-time Commissioners for the Commission, including Reginald C. Karawusa, Ibrahim D. Boyi and Mr. Obisan T. Joseph.
The President’s request was contained in a letter read by the Senate President, Senator Ahmad Lawan, during plenary in Abuja.
Buhari’s letter reads in part: “Pursuant to Section 3 and 5(1) of the Investment and Securities Act 2007, I write to request for confirmation by the Senate, the appointment of the following four nominees as Director General and Commissioners of the Securities and Exchange Commission (SEC).”
Yuguda obtained a bachelor of science degree in accounting from Ahmadu Bello University, Zaria, in 1983 and a master’s in money, banking, and finance from the University of Birmingham, United Kingdom in 1991. He also holds a certificate in financial asset management and engineering from the Swiss Finance Institute, Geneva, Switzerland.
He began his career with the CBN as senior supervisor, foreign operations department in 1984 with responsibility for maintaining Nigeria’s external debt records.
Buhari’s request is coming two years and eight months after Mounir Gwarzo was suspended as the DG of SEC.
Nigeria’s former minister of finance, Kemi Adeosun suspended Gwarzo following recommendations of probe panel set up to investigate allegations of financial misdeeds leveled against while serving as the Director General of 5he Commission