President Muhammadu Buhari has nominated Mr. Lamido Yuguda as the new Director-General of the Securities and Exchange Commission (SEC).
The President in a letter to the Senate, read by the Senate President, Senator Ahmad Lawan, during plenary this morning, requested the confirmation of Mr. Yuguda and three others as full time Commissioners.
The letter reads: “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). Their CVs are attached herewith”.
Others for confirmation are: Reginald C. Karausa, full-time Commissioner; Ibrahim D. Boyi, full-time Commissioner; and Mr. Obi Joseph, full-time Commissioner.
The Securities and Exchange Commission has been without a substantive Director-General following the suspension of Mr. Mounir Gwarzo over allegations of fraud by the then Minister of Finance, Mrs. Kemi Adeosun in November 2018.
Ms. Mary Uduk was appointed in April 2018 as acting Director General and has overseen the regulatory body since then.