Two years after Gwarzo’s suspension, Buhari names new SEC DG

President Muhammadu Buhari has asked the senate to confirm Lamido Yuguda, a former director at the Central Bank of Nigeria (CBN), as the director-general (DG) of the Securities and Exchange Commission (SEC).

Buhari’s request was contained in a letter read by Senate President Ahmad Lawan on the floor of the upper legislative chamber on Tuesday

The president based his request on section 3 and 5 (1) of the investment and securities act.

“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),” he said.

“Their CVs are attached herewith.”

Yuguda obtained a bachelor of science degree in accounting from Ahmadu Bello University, Zaria, in 1983 and a master’s in money, banking, and finance from the University of Birmingham, United Kingdom in 1991. He also holds a certificate in financial asset management and engineering from the Swiss Finance Institute, Geneva, Switzerland.

He began his career with the CBN as senior supervisor, foreign operations department in 1984 with responsibility for maintaining Nigeria’s external debt records.

Buhari also sought the confirmation of Reginald C Karausa, Ibrahim D Boyi, and Obi Joseph as full-time commissioner of SEC.

Buhari’s request is coming two years and eight months after Mounir Gwarzo was suspended as the DG of SEC.

Kemi Adeosun, former minister of finance, suspended Gwarzo as the DG of SEC for allegedly approving the sum of N104 million for himself as severance package for being a former commissioner of SEC.

In a petition seen by TheCable, Gwarzo was also accused of awarding contracts to members of his family and friends, in violation of the rules guiding the commission, an allegation he denied.

He was subsequently charged but the allegations were struck out by a high court of the federal capital territory (FCT).

The national industrial court also reinstated Gwarzo as SEC DG but he did not return to office.

Legally, only the senate can remove the SEC DG.

Section 8(2) of the Investments and Securities Act, 2007 states that the President may at any time and upon the recommendation of the Minister remove a person to whom subsection (1) of this section applies: Provided no full time member of the Board of the Commission shall be removed from office without the approval of the Senate.