Buhari Sacks Uduk, Appoints Lamido Yuguda As New SEC Boss

• Seeks Senate confirmation

BY EDMOND ODOK, ABUJA – Two years, one month and six days of diligently serving in an acting capacity have failed to convince President Muhammadu Buhari that Ms Mary Uduk is good enough to be the substantive Director General of the Securities and Exchange Commission (SEC).

The President’s lack of faith in Uduk and her ability to continue leading the Commission came to the fore with Nigerian Senate disclosure that it has received a request for the confirmation of Mr Lamido Yuguda as the new Director General of SEC.

Also to be screened and confirmed by the upper legislative chamber alongside Yuguda are three nominees as full-time Commissioners of the nation’s Capital market regulatory agency.

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

According to the letter: “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). Their CVs are attached herewith.”

A statement by the Special Assistant (Press) to President of the Senate, Ezrel Tabiowo, said those for confirmation are: “Mr Lamido A. Yuguda, Director General; Reginald C. Karawusa, full-time Commissioner; Ibrahim D. Boyi, full-time Commissioner; and Mr Obisan Joseph, full-time Commissioner.”

Former Minister of Finance Kemi Adeosun had in a letter dated April 13, 2018 approved the appointment of Ms Mary Uduk as Acting Director-General of SEC in line with “provisions of the Investments and Securities Act (ISA), 2007 and the conditions of service applicable to the Director General of the Commission.”

The said letter said Uduk’s appointment became necessary to “ensure effective regulation of the Capital Market”, adding; “Her appointment will, subject to satisfactory performance, subsist until further notice.”

Uduk took over from former acting Director General of the Commission, Dr Abdul Zubair, who was then redeployed to the External Relations Department of the Commission.

Yuguda, a former director at the Central Bank of Nigeria (CBN) will be the first substantive SEC Director General in over two years. The last one was Mounir Gwarzo, suspended and later removed by the then Finance Minister Adeosun over allegations of corruption and abuse of office.

Gwarzo was alleged to have approved the sum of N104 million for himself as severance package for being a former Commissioner of the Commission.