President Buhari appoints Lamido Yuguda SEC DG

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President Muhammadu Buhari has nominated Mr Lamido Yuguda as the new Director-General (DG) of the Securities and Exchange Commission (SEC) The president has urged the Senate to confirm the nomination.

The president also asked for confirmation of three other nominees as full-time commissioners.

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

The appointment of a new substantive DG for SEC is coming almost three years after Mounir Gwarzo was suspended and later removed as the DG of SEC.

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Former Minister of Finance, Kemi Adeosun, suspended Gwarzo as the DG of SEC for allegedly approving the sum of N104 million for himself as a severance package for being a former commissioner of (SEC).

Mary Uduk, who is currently the acting DG of the commission, was appointed to that capacity in March 2018.

in the letter sent to the Senate, the president said “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.” The commissioner-nominees are Reginald C. Karawusa, Ibrahim D. Boyi, and Obisan Joseph. The president urged the Senate to carry out the screening in the usual expeditious manner.

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