Buhari Selects Lamido Yuguda as Substantive SEC DG

By Adedapo Adesanya

The Senate has received a request from President Muhammadu Buhari for the confirmation of Mr Lamido Yuguda as the new Director-General of the Securities and Exchange Commission (SEC).

Also to be screened and confirmed are three nominees as full-time Commissioners of the commission, which is the highest regulatory body in the nation’s capital market.

The President’s request was contained in a letter read by the Senate President, Mr Ahmad Lawan, during the plenary on Tuesday.

“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: Mr. Lamido A. Yuguda, Director General; Reginald C. Karausa, full-time Commissioner; Ibrahim D. Boyi, full-time Commissioner; and Mr. Obi Joseph, full-time Commissioner,” the letter read.

If the nomination is confirmed, Mr Yuguda will replace Ms Mary Uduk as the substantive head of the commission.

Ms Uduk took over as Acting Director-General of SEC in April 2018 following the redeployment of the former acting Director-General, Mr Abdul Zubair, to External Relations Department after a reshuffling by former Minister of Finance, Mrs Kemi Adeosun.