Senate committee confirms Agama as SEC DG

The senate has cleared Emomotimi Agama as the director-general of the Securities and Exchange Commission (SEC).

The senate committee on capital markets, chaired by Osita Izunaso, also approved the nomination of Frana Chukwuogor as executive commissioner (legal and enforcement), Bola Ajomale as executive commissioner (operations), and Samiya Usman as executive commissioner (corporate services).

The red chamber’s approval comes more than one month after the executives were appointed.

On April 19, President Bola Tinubu appointed seven SEC members.

However, Tinubu requested senate screening and confirmation of only four board members on May 15.

The four names were submitted for confirmation, with no explanation provided for the omission of the other three appointees.

Speaking after his confirmation, Agama said he would accelerate the development of the capital market in a manner that would boost wealth creation, attract investments, and create jobs for Nigerians.

“We are bringing on board innovation, development. We are going to change the narrative of the Nigerian capital market,” he said.

“We are going to turn it around. That is the essence of our appointment by Mr. President. With this team, we assure Nigerians that we’re going to do the best that the President has the desire to do.

“So, we should all wait to see what is going to happen. Our desire is to move this market forward and to help in achieving the President’s $1 trillion economy in the shortest possible time.

“Yes, the President is going to be a year in office in a few days. That is remarkable because as an anniversary giver, the President has given us to Nigerians to do the best to change the market.”

Agama further described the capital market as the barometer of the economy, adding that the commission would implement innovative policies and programmes.

“You must understand that the capital market is actually the barometer of any economy. And without a strong capital market, then, of course, the economy will not do very well,” he said.

“The intention of this management is to make sure that we mainstream the capital market in the Nigerian economy.

“And in doing that, we’re going to be able to provide employment, change the narrative, and create companies that are going to be top world-class companies in such a way that there will be what we call redistribution of wealth.

“The president has an intention to change the lives of Nigerians. And the capital market is one of the vehicles that the president intends to use to achieve that.”

He also said the team was appointed to reposition the capital market for economic growth.