Buhari replaces SEC Acting DG, Mary Uduk with Lamido Yuguda

President Muhammadu Buhari has appointed Mr Lamido Yuguda as the new substantive Director-General of Nigeria’s the Securities and Exchange Commission (SEC).

This brings an end to the tenure of the acting director general of the Commission Ms Mary Uduk.

It also ends the uncertainties around the leadership of the Commission since the suspension and later removal of former Director-General, Mr Mounir Gwarzo by former Minister of Finance, Mrs Kemi Adeosun.

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

Former minister of finance, Kemi Adeosun, 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.

Gwarzo alleged financial crimes included an award of contracts to members of his family and friends, in violation of the rules guiding the commission

In a letter just read at the Senate, Buhari requested the Senate to consider and approve the nomination of Mr Lamido Yuguda as SEC DG in line with the requirements of the Investment and Securities Act (ISA).

The President is also seeking Senate’s confirmation for SEC DG, others.

Also, to be confirmed are three nominees as full-time Commissioners for the Commission, including Reginald C. Karawusa, Ibrahim D. Boyi and Mr Obisan T. Joseph.

The President’s request was contained in a letter read by the Senate President, Senator Ahmad Lawan, during plenary in Abuja.

Buhari’s letter reads in part: “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).”

Yuguda was a former director at the Central Bank of Nigeria.