Barring any last minute hitches, a substantive Director General will soon assume duty at the Securities and Exchange Commission (SEC), ending Ms Mary Uduk’s more than two years tenure in acting capacity.
He is Mr Lamido Yuguda whose appointment was announced by President Muhammadu Buhari in a letter sent to the Senate on Tuesday requesting the confirmation of Yuguda as the Director General of the Commission.
The President also requested the Upper Chambers to confirm a three other nominees, namely Reginald C. Karausa; Ibrahim D. Boyi and Mr. Obi Joseph as full-time Commissioners of the Commission.
The appointment ends the controversy surrounding that office following the controversial sack of the former Director-General, Mounir Gwarzo, in November 2017 by the then Minister of Finance, Kemi Adeosun.
Gwarzo, was sacked by the former Finance Minister, Mrs Kemi Adeosun on claims of award of contracts to his companies and collection of a severance package from SEC, where he had served as Executive Commissioner.
An administrative panel of inquiry which was set up to look into these alleged violations of public service rules and other rules and regulations recommended the dismissal of the former DG on the award of a contract to his company.
Now, with the appointment of a substitutive DG, it is likely that Ms Uduk may revert to her previous position as Executive Commissioner.
Commenting on the development, Nigeria’s first professor of Capital Market, Uche Uwaleke, in a statement made available to newsmen in Abuja said the President has nominated qualified persons as the new SEC management team.
“I think they are all eminently qualified especially the DG nominee who I understand retired from the CBN as a Director. There is no doubt that Mary Uduk did very well as Ag DG. So I expect him (Yuguda) to continue from where she is signing off”, he noted.
Prof Uwaleke said, “Since the days of Arunma Oteh as DG through Mounir Gwarzo, there has been a major agenda which is the implementation of the Capital Market Master Plan. So, the new DG Lamido Yuguda already has his job well cut out for him.
“All he needs do is to pick up the document, revise and update it and then hit the ground running with the remaining outstanding initiatives in the Master Plan.
“The retention of Reginald Karawusa, who has been functioning in an Acting capacity, as full time Executive Commissioner will help the new management team settle-in timeously.
“It is equally important the new DG carries the Board along by working closely with the Chairman, Olufemi Lijadu, to improve the welfare of the Commission’s staff as well as advance the interest of the capital market.
“I have no doubt that his rich Central Banking background will rub off positively on the market especially in the area of forging closer ties between SEC and the CBN in the overall interest of the nation’s financial market.
“I congratulate him and his team and pray God to grant them the wisdom to take the capital market to higher heights”.