Buhari Surprises Again, Appoints Yuguda SEC DG

By Fola James

President Muhammadu Buhari has finally ended the two year crisis in the Security and Exchange Commission, SEC with his appointment of Lamido Yuguda as the Director General of the apex stock regulatory body.

There were initially speculations that the president will confirm Acting DG, Mary Uduk as the substantive boss of the agency, following a deluge of northerners appointed into crucial government positions in the last few weeks.

That suggestion has now been put to rest as Gwazo, a former Central Bank of Nigeria, CBN director, will now preside over SEC which for many months was without a substantive head after Kemi Adeosun, a former Minister of Finance sacked Mounir Gwazo, its former DG over corruption allegation.

The president, in a letter to the Senate President Ahmad Lawan said Gwazo’s appointment takes immediate effect.

Buhari also requested, from the Senate, the confirmation of three nominees as full-time Commissioners for the Commission.

Buhari said in the letter to the Senate: “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).”

Apart from Yuguda, Director General; Reginald C. Karawusa, full-time Commissioner; Ibrahim D. Boyi, full-time Commissioner; and Mr. Obisan T. Joseph, full-time Commissioner, the president requested should be confirmed as full-time commissioners.

Meanwhile, the magazine learnt that Uduak had lobbied top APC chieftains so that she will be confirmed as DG but “she did not get the job because Oscar Onyema, the Director General of the Nigerian Stock Exchange, NSE is from the south,” said a Ministry of Finance top official on Tuesday.