Senate confirms Yuguda as SEC DG

The Senate on Wednesday confirmed Lamido Yuguda, a former director at the Central Bank of Nigeria (CBN), as the director-general of the Securities and Exchange Commission (SEC).

The red chamber also confirmed Reginald Karausa, Ibrahim Boyi, and Obi Joseph as full-time commissioners of the agency.

These confirmations were sequel to the report presented by the Chairman, Senate Capital Market Committee, Ibikunle Amosun (APC, Ogun).

“The committee recommends that the Senate confirm the four nominees as appointed by Mr President, the commander-in-Chief of the Armed Forces of Nigeria for the Securities and Exchange Commission (SEC),”  Amosun said.

Upon Mr Yuguda’s nomination by President Muhammadu Buhari in mid-May, some lawmakers raised eyebrows.

In a petition filed by the senators from Akwa Ibom State, they requested that Mary Uduk, who had been acting as SEC DG since Mounir Gwarzo was suspended two years ago, be confirmed as the substantive head.

So, while the nominations were put to voice votes, Albert Akpan (PDP, Akwa Ibom) reminded his colleagues of the petition the Akwa Ibom caucus filed against the candidature of Mr Yuguda.

But, Amosun responded by saying the petition does not stop the work of his committee since they complained about being “short-changed.”

“That petition will not hinder our work. They complained about being short-changed,” he said.

On his part, Senate President Ahmad Lawan said there was “no need for the ethics committee to present a report on the petition.”

The Senate went ahead and confirmed all four nominees.

Also, the Senate confirmed the appointment of six nominees as members of the Revenue Mobilization Allocation and Fiscal Commission (RMAFC).

They are Salamatu Mohammed Bala (Adamawa), Alfred Egba (Bayelsa), Adamu Shettima Yuguda (Borno), Oladele Semiu Gboyega (Osun) Bello Abubakar Wamakko (Sokoto) and Ahmed Yusuf (Taraba).

The Senate, however, stood down the confirmation of Mr Emmanuel Nwosu (Imo) on the recommendation of the Senate National Planning and Economic Matters Committee.

The Committee Chairman, Olubunmi Adetunmbi, in his presentation, said Nwosu was not screened because the security report it received from the State Security Services (SSS) showed that there were petitions against the nominees, which the secret police said it was investigating.

Pending when the SSS completes its investigation, Nwosu’s confirmation has been withheld,   Adetunmbi said.