Economy

Buhari appoints Lamido Yuguda as SEC DG, sends name to Senate for confirmation

President Muhammadu Buhari has appointed Mr Lamido Yuguda as the new Director General of Securities and Exchange Commission (SEC).

SEC is the regulatory body of Nigeria’s capital market.

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.

The appointment also ends the tenure of Acting DG, Mary Uduk.

In a letter just read at the Senate, Buhari requested the Senate 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).

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).”

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