The nomination of Mr Lamido Yuguda as the new Director-General of the Securities and Exchange Commission (SEC) has been confirmed by the Senate.
Mr Yuguda from Gombe State was selected for the position by President Muhammadu Buhari and he is to replace Ms Mary Uduk, who has occupied the post for years in an acting capacity.
At the plenary on Wednesday, the Senate, after receiving a report of its Committee on Capital Markets presented by its Chairman, Mr Ibikunle Amosun, said the new DG should ensure he attracts more investors to the market.
The Senate President, Mr Ahmad Lawan, who spoke after Mr Amosun said Mr Yuguda was capable of occupying the position, said tasked the apex capital market regulator to ensure efficiency in the discharge of its duties.
“The Security and Exchange Commission (SEC) 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,” the Senate President told Mr Yuguda.
Also confirmed alongside Mr Yuguda yesterday were three Executive Commissioners nominees; Mr Reginald Karawusa, Mr Ibrahim Boyi and Mr Temidayo Obisan.
Profile of new SEC DG, Mr. Lamido Yuguda
The new SEC chief obtained a B.Sc. (Honours) degree in Accounting in 1983 from Ahmadu Bello University, Zaria and an M.Sc. in Money, Banking and Finance in 1991 from the University of Birmingham, United Kingdom.
He also holds a Certificate in Financial Asset Management and Engineering from the Swiss Finance Institute, Geneva, Switzerland and a Certificate in Investment Performance Management from the CFA Institute, Charlottesville, Virginia, USA
He is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and a holder of the CFA charter.
Mr Yuguda has attended leadership training programmes at leading business schools including Harvard, INSEAD, IMD, Saïd, Wharton, Haas, Kellogg, Chicago Booth and London.
He is expected to bring to the agency more than three decades of experience as a central banker, economist, and investment manager.
Mr Yuguda started his career with Central Bank of Nigeria (CBN) in 1984 and worked in several departments such as Foreign Operations, Banking Supervision and Reserve Management.
He also served in the Debt Conversion Committee Secretariat where he managed the Nigerian Debt Conversion Programme together with the pioneer staff in the secretariat.
In 1997, he joined the staff of the International Monetary Fund (IMF) in Washington DC, USA, on secondment as an economist in the Africa Department.
In this position, Mr Yuguda assessed economic policies, offered policy advice and managed balance of payment support programmes in IMF member countries.
In 2001, Mr Yuguda returned to the CBN to lead a team of staff to restructure and diversify the CBN’s growing foreign exchange reserve portfolio.
A new investment policy was adopted, new asset classes introduced, the CBN’s in-house fixed income trading and settlement capabilities were upgraded, while a reputable global custodian and securities lending agent as well as several international asset managers were selected.
The new SEC boss reached the pinnacle of his career at the CBN as Director of the Reserve Management Department from 2010 to 2016, where he inculcated a strong risk-aware investment culture and engendered a disciplined approach to investment evaluation. He retired voluntarily in 2016.
Mr Yuguda has served as a non-executive director on the boards of Africa Finance Corporation (AFC) and Premium Pension Limited. He has been a member of the Board of Directors of the SEC since June 2019 and is happily married with children.
Recall that President Buhari, in a letter to the Senate, sought the confirmation of the new DG “Pursuant to Section 3 and 5(1) of the Investment and Securities Act 2007.”
