Shakeup in SEC as Tinubu Names New Board


April 19, 2024

By By Kelechukwu Mgboji InvestAdvocate

Lagos (INVESTADVOCATE)-President Bola Tinubu has approved the appointment of Nigerian professionals to the Board of the Securities and Exchange Commission (SEC).

The shakeup swept off Lamido Yaguda as Mr. Emomotimi Agama, a thorough bred professional takes over as the new Director-General while Mr. Mairiga Aliyu Katuka becomes the Chairman of the Board of Directors.

Other professionals on the board of newly reconstituted leadership of SEC are Frana Chukwuogor, the Executive Commissioner (Legal and Enforcement); Mr. Bola Ajomale, Executive Commissioner (Operations); and Mrs. Samiya Hassan Usman, the Executive Commissioner (Corporate Services).

Other professionals appointed into the new board of SEC are Mr. Lekan Belo, and Mr. Kasimu Garba Kurfi, both are Non-Executive Commissioners.

A statement issued by the Commission on Friday said President Tinubu expected the Board members to utilize their experience and competence in fulfilling the commission’s core mandate of developing and regulating a capital market that is dynamic, fair, transparent, and efficient, aiming to bolster investor confidence and significantly contribute to the nation’s economic development.”

However the statement signed by Mr. Ajuri Ngelale, Special Adviser to the President on Media & Publicity, did not drop any hints as to why the president opted for a sweeping shakeup of the Commission.

Tinubu’s shakeup of SEC is coming on the heels of unresolved crisis of confidence over alleged non-remittance of over N45 billion surplus fund, an allegation which SEC leadership had vehemently denied.

Few days ago, the House of Representatives Public Accounts Committee had directed SEC and the Fiscal Responsibility Commission (FRC) to resolve their differences regarding the alleged non-remittance of over N45 billion to the Consolidated Revenue Fund within 21 days.

However, Tinubu’s horricane swept through the apex capital market regulator without recourse to the Bamidele Salam led Committee which had issued the directive for reconciliation of differences on Monday in Abuja during the Committee’s public hearing on government revenue leakages.

FRC had claimed that SEC did not respond to its 2022 report, which highlighted N45 billion in unremitted operating surplus from 2007 to 2021.

In response, SEC Director General Lamido Yuguda stated that the Commission had reconciled its surplus with the Office of the Accountant General of the Federation.

Yuguda emphasized the Commission’s efforts to reconcile surplus figures since 2007 and provided evidence of past remittances to refute the allegations.

Despite Yaguda’s frantic efforts to furnish all required documents to the Committee and possibly save his job, President Tinubu decided to have experienced professionals to take charge of the Commission.

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