President Muhammadu Buhari has written the Senate to seek the confirmation of Lamido Yuguda as the new Director-General of Nigeria’s apex capital market regulator, Securities and Exchange Commission (SEC).
The President urged the Senate to consider and approve the nomination in line with 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 Obisan T. Joseph.
The appointment brings to an end the tenure of Mary Uduk, the acting DG and also comes two years after the suspension of Mounir Gwarzo by former finance minister, Kemi Adeosun.
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).”