President Muhammadu Buhari has appointed Mr. Lamido Yuguda as the new Director-General of the Security and Exchange Commission, SEC.
Until this recent appointment, Yuguda was a Non-Executive Commissioner of the Exchange.
This was contained in the letter which was read by the Senate President, Ahmad Lawan, during the plenary session on Tuesday, May 19, 2020. The president requested the upper chamber to confirm the new Director-General and 3 other commissioners for the commission. The other nominees who will be full-time commissioners of the commission are Reginald C. Karausa, Ibrahim D. Boyi, and Mr. Obisan T. Joseph.
This appointment ends the controversy surrounding that office and ends the tenure of Mary Uduk, who has been the Acting Director-General, since the controversial sack of the former Director-General, Mounir Gwarzo, in November 2017 by the then Minister of Finance, Kemi Adeosun.
According to the letter read by the Senate President, 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 letter reads.
Gwarzo, who was sacked on claims of award of the contract to his companies and collection of a severance package from SEC, where he had served as Executive Commissioner, claimed that he was suspended by the former finance minister because he protested her directive to stop the forensic audit being carried out on Oando at that time.
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.
