BREAKING! Senate confirms Lamido Yuguda as SEC DG

Yuguda’s confirmation as SEC DG follows Buhari’s nomination

Nigeria upper chamber of the parliament, the Senate on Wednesday confirmed the nomination of Mr Lamido Yuguda as the Director-General of Nigeria’s stock market regulator, the Securities and Exchange Commission (SEC).

Recall that Yuguda was nominated by President Muhammadu Buhari as the substantial SEC DG, effectively taking the reins from Mary Uduk who has been on acting capacity.

Yuguda’s nomination was approved along with Reginald Karawusa (Imo), Ibrahim Boyi (Katsina) and Obisan Joseph (Lagos) as full-time commissioners of SEC.

Their appointment was confirmed after the Senate considered the report of the Committee on Capital Market, chaired by Senator Ibikunle Amosun.

Amosun, in his presentation, said the nominees were experienced and suitable for the job and recommended their confirmation.

Also confirmed were the appointments of six nominees as members of the Revenue Mobilization Allocation and Fiscal Commission (RMAFC).

Those confirmed include Salamatu Mohammed Bala (Adamawa), Alfred Egba (Bayelsa), Adamu Shettima Yuguda (Borno), Oladele Semiu Gboyega (Osun) Bello Abubakar Wamakko (Sokoto) and Ahmed Yusuf (Taraba) The Red Chamber, however, stood down the conformation of Barr. Emmanuel Nwosu (Imo).

This followed the consideration of the report of the Senate Committee on National Planning and Economic Matters. Chairman of the Committee, Senator Olubunmi Adetunmbi (Ekiti North), in his presentation, said the panel suspended the screening of Barr. Nwosu because the security report it received from the Department of State Services (DSS), showed that there were petitions against the nominees which the secret police said it was investigating.

Nwosu’s screening was suspended pending the conclusion of the DSS investigation, Adetunmbi said.

Senate President, Ahmad Lawan, congratulated all the confirmed nominees and urged them to bring their experience to bear in the discharge of their duties.