Connect with us

Jobs/Appointments

Senate Okays Yuguda as SEC DG, Wants Enabling Climate for Investors

Published

on

Lamido Yuguda

By Modupe Gbadeyanka

The nomination of Mr Lamido Yuguda as the new Director-General of the Securities and Exchange Commission (SEC) has been confirmed by the Senate.

Mr Yuguda from Gombe State was selected for the position by President Muhammadu Buhari and he is to replace Ms Mary Uduk, who has occupied the post for years in an acting capacity.

At the plenary on Wednesday, the Senate, after receiving a report of its Committee on Capital Markets presented by its Chairman, Mr Ibikunle Amosun, said the new DG should ensure he attracts more investors to the market.

The Senate President, Mr Ahmad Lawan, who spoke after Mr Amosun said Mr Yuguda was capable of occupying the position, said tasked the apex capital market regulator to ensure efficiency in the discharge of its duties.

“The Security and Exchange Commission (SEC) must be efficient and effective in ensuring that we are able to attract and sustain not only domestic investment but foreign direct investment.

“People should bring their monies and feel safe with their investments here.

“This is essential to create the very enabling climate for investors to be attracted and retained here in the country,” the Senate President told Mr Yuguda.

Also confirmed alongside Mr Yuguda yesterday were three Executive Commissioners nominees; Mr Reginald Karawusa, Mr Ibrahim Boyi and Mr Temidayo Obisan.

The new SEC chief obtained a B.Sc. (Honours) degree in Accounting in 1983 from Ahmadu Bello University, Zaria and an M.Sc. in Money, Banking and Finance in 1991 from the University of Birmingham, United Kingdom.

He also holds a Certificate in Financial Asset Management and Engineering from the Swiss Finance Institute, Geneva, Switzerland and a Certificate in Investment Performance Management from the CFA Institute, Charlottesville, Virginia, USA

He is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and a holder of the CFA charter.

Mr Yuguda has attended leadership training programmes at leading business schools including Harvard, INSEAD, IMD, Saïd, Wharton, Haas, Kellogg, Chicago Booth and London.

He is expected to bring to the agency more than three decades of experience as a central banker, economist, and investment manager.

Mr Yuguda started his career with Central Bank of Nigeria (CBN) in 1984 and worked in several departments such as Foreign Operations, Banking Supervision and Reserve Management.

He also served in the Debt Conversion Committee Secretariat where he managed the Nigerian Debt Conversion Programme together with the pioneer staff in the secretariat.

In 1997, he joined the staff of the International Monetary Fund (IMF) in Washington DC, USA, on secondment as an economist in the Africa Department.

In this position, Mr Yuguda assessed economic policies, offered policy advice and managed balance of payment support programmes in IMF member countries.

In 2001, Mr Yuguda returned to the CBN to lead a team of staff to restructure and diversify the CBN’s growing foreign exchange reserve portfolio.

A new investment policy was adopted, new asset classes introduced, the CBN’s in-house fixed income trading and settlement capabilities were upgraded, while a reputable global custodian and securities lending agent as well as several international asset managers were selected.

The new SEC boss reached the pinnacle of his career at the CBN as Director of the Reserve Management Department from 2010 to 2016, where he inculcated a strong risk-aware investment culture and engendered a disciplined approach to investment evaluation. He retired voluntarily in 2016.

Mr Yuguda has served as a non-executive director on the boards of Africa Finance Corporation (AFC) and Premium Pension Limited. He has been a member of the Board of Directors of the SEC since June 2019 and is happily married with children.

Recall that President Buhari, in a letter to the Senate, sought the confirmation of the new DG “Pursuant to Section 3 and 5(1) of the Investment and Securities Act 2007.”

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

Jobs/Appointments

NMDPRA CEO Farouk Ahmed, NUPRC Boss Gbenga Komolafe Resign

Published

on

farouk ahmed gbenga komolafe

By Adedapo Adesanya

The chief executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Mr Farouk Ahmed, has resigned alongside his counterpart at the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mr Gbenga Komolafe.

Based on the development, President Bola Tinubu has asked the Senate to confirm new chief executives for the two agencies.

The President’s request was contained in separate letters to the Senate on Wednesday, according to a statement signed by Mr Bayo Onanuga, the Special Adviser to the President on Information and Strategy, late on Wednesday.

Both officials were appointed in 2021 by former President Muhammadu Buhari to lead the two regulatory agencies created by the Petroleum Industry Act (PIA).

To fill these positions, President Tinubu has written to the Senate, requesting expedited confirmation of Mrs Oritsemeyiwa Amanorisewo Eyesan as CEO of NUPRC and Mr Saidu Aliyu Mohammed as CEO of NMDPRA.

Mr Ahmed’s resignation comes amid a high-profile conflict with businessman, Mr Aliko Dangote, who alleged that the NMDPRA chief and his family were living beyond their legitimate means, citing millions of Dollars allegedly spent on overseas schooling for his four children.

Mr Eyesan, a graduate of Economics from the University of Benin, spent nearly 33 years with the NNPC and its subsidiaries. She retired as Executive Vice President, Upstream (2023–2024), and previously served as Group General Manager, Corporate Planning and Strategy at NNPC from 2019 to 2023.

Mr Mohammed, born in 1957 in Gombe, graduated from Ahmadu Bello University in 1981 with a Bachelor’s in Chemical Engineering. He was announced today as an independent non-executive director at Seplat Energy.

His prior roles include Managing Director of Kaduna Refining and Petrochemical Company and Nigerian Gas Company, as well as Chair of the boards of West African Gas Pipeline Company, Nigeria LNG subsidiaries, and NNPC Retail.

He also served as Group Executive Director/Chief Operating Officer, Gas & Power Directorate, where he provided strategic leadership for major gas projects and policy frameworks, including the Gas Masterplan, Gas Network Code, and contributions to the Petroleum Industry Act (PIA).

He played a pivotal role in delivering key projects such as the Escravos–Lagos Pipeline Expansion, the Ajaokuta–Kaduna–Kano (AKK) Gas Pipeline, and Nigeria LNG Train.

Continue Reading

Jobs/Appointments

Transcorp Hotels Picks Awele Elumelu as Board Chair

Published

on

awele vivian elumelu

By Adedapo Adesanya

Transcorp Hotels Plc has appointed Mrs Awele Vivien Elumelu as the chair of its board, effective January 1, 2026.

Her appointment follows the scheduled retirement of the current chairman, Mr Emmanuel N. Nnorom.

Mrs Elumelu, a medical doctor with an MBBS from the University of Benin (UNIBEN) and clinical experience in Nigeria and the United Kingdom, brings extensive experience in healthcare, insurance, corporate governance, and philanthropy. She is married to the chairman of Transcorp Plc, Mr Tony Elumelu.

She currently chairs Avon Healthcare Limited, a Nigerian health maintenance organisation, and Avon Medical Practice, a network of hospitals and clinics.

She also chairs Heirs Insurance Brokers and serves as a founding Director of Heirs Holdings Limited. Her executive education includes programmes at Harvard Business School, IMD Switzerland, and the London School of Economics.

According to a statement, her appointment highlights a strategic focus on integrating innovation, wellness, and responsible business practices into Transcorp Hotels’ operations. Mrs Elumelu is also a trustee and co-founder of the Tony Elumelu Foundation, through which she has supported more than 24,000 African entrepreneurs with training, seed capital, and mentorship, while advancing gender inclusion.

Commenting on the appointment, Mr Elumelu tasked his wife to deliver value to stakeholders.

“We are delighted to welcome Dr Awele Elumelu as the board chair of Transcorp Hotels. Her distinguished track record perfectly aligns with our ambition to redefine hospitality through innovation, wellness integration, and responsible business practices. Her strategic insight will be invaluable, as we continue to elevate guest experiences and deliver sustainable value to all stakeholders,” he said.

Transcorp Hotels Plc is the hospitality subsidiary of Transnational Corporation Plc. The firm manages prominent properties including the Transcorp Hilton Abuja and the recently launched 5,000-seat Transcorp Centre. It is part of Transcorp Group’s diversified investments across power, hospitality, and energy sectors in Africa.

Continue Reading

Jobs/Appointments

Falade to Head NLNG as Mshelbila Quits to Lead Gas Exporting Countries Forum

Published

on

Nigeria LNG Limited NLNG

By Adedapo Adesanya

The Board of Directors of the Nigeria LNG Limited (NLNG) has appointed Mr Adeleye Falade as its new chief executive. He is to assume office in April 2026.

Mr Falade joins NLNG from Brunei LNG, where he has been serving in a similar position.

His appointment follows the exit of Mr Philip Mshelbila after more than four years of leadership to assume the position of Secretary-General of the Gas Exporting Countries Forum (GECF) in Doha, Qatar. He will officially leave the company on December 31, 2025.

Last weekend, a send-off ceremony was held in Abuja at the weekend to mark the end of the tenure of Mr Mshelbila and was graced by NLNG Directors, executives from shareholder companies, dignitaries from the public sector and energy industry in Nigeria, members of NLNG management, and representatives of various staff groups.

Speaking about the outgoing NLNG helmsman, Mr Olakunle Osobu, NLNG’s Deputy Managing Director, in his remarks described Mr Mshelbila as a man of distinction, an accomplished professional whose expertise spans medicine, environmental health, strategic business leadership, and global gas diplomacy.

He revealed that the outgoing MD stepped in during a period of unprecedented challenges, from the aftermath of COVID-19 and severe flooding that disrupted gas pipelines to vandalism and force majeure declarations by suppliers.

Mr Osobu stated that the global energy turbulence following the Russia–Ukraine war added further strain, but noted that despite these hurdles, NLNG pursued its sustainability goals with courage and innovation.

“Understanding that NLNG needed multiple supply sources, especially with current challenges, Mshelbila championed a bold and strategic pivot to expand NLNG’s feed-gas base beyond the shareholder joint-venture supply chain.

It was also revealed that under his leadership, NLNG negotiated and signed long-term Gas Supply Agreements (GSAs) with six third-party gas suppliers in August 2025. These GSAs commit to delivering an estimated 1,290 million standard cubic feet per day (mmscf/d) of feed-gas to NLNG, a historic step for the Company, marking a seismic shift,”.

Mr Osobu stated that Mr Mshelbila had championed innovation with a forward-looking approach, inspiring NLNG’s workforce to strengthen their commitment to emissions control and environmental stewardship, adding that Mr Mshelbila redefined NLNG’s business model through its transformation programme, building foundations for future sustainability and value creation.

In her remarks, Mrs Sophia Horsfall, NLNG’s General Manager, External Relations and Sustainable Development, said, “Thank you for your selflessness, for the steadiness of your leadership, for the clarity of your vision, and for the values that guided your every step. You led with humility, yet you inspired greatness. You carried the weight of challenges with calm resolve. You charted a path toward sustainability long before it became fashionable.”

On his part, Mr Mshelbila expressed profound gratitude to NLNG’s shareholders, Board of Directors, staff, and industry partners for their support throughout his tenure.

He praised the Company’s enduring culture of innovation and excellence and affirmed that he would carry these values into his new role at GECF, where he will promote natural gas as a sustainable and reliable energy source.

As Secretary-General of GECF, Mr Mshelbila will strengthen dialogue between gas-producing and gas-consuming nations, advancing stability in the international gas market.

Continue Reading

Trending