Senate President Charges SEC DG On Investment

By Fola James

Ahmad Lawan, Nigeria’s Senate President has charged the Director General of the Security and Exchanged Commission, Lamido Yuguda to use his position to attract more investment to the country.

“The Securities and Exchange Commission must be efficient and effective in ensuring that we are able to attract and sustain not only domestic investment but foreign direct investment.

People should bring their monies and feel safe with their investments here. This is essential to create the very enabling climate for investors to be attracted and retained here in the country,” Lawan said yesterday during Yuguda’s confrimation as SEC director general.

President Muhammadu Buhari appointed Yuguda on May 19 and sent his name to the Senate for confirmation.

“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),” the president said in the letter to the Senate.

He replaced Mary Uduk who served as acting director general after the sack of Munir Gwazo two years ago

The lawmakers also confirmed Reginald Karawusa, Ibrahim Boyi, and Temidayo Obisan, as executive commissioners for the commission.

Yuguda’s had earlier been described as the round peg in a round hole by the Senate Committee Chairman on Capital Markets, Senator Ibikunle Amosun.

As an experienced administrator, Amosun said will turn the agency around.