Governance

Senate confirms appointment of Lamido Yuguda as SEC Director-General

The Nigerian Senate has confirmed the appointment of Mr Lamido A. Yuguda (Gombe) as Director-General of the Securities and Exchange Commission (SEC).

Also confirmed alongside Yuguda are three Executive Commissioners Nominees namely; Mr Reginald Karawusa, Mr Ibrahim Boyi and Mr Temidayo Obisan.

Their confirmation followed the submission of the report of the Committee on Capital Markets which was presented before the Senate by the Chairman, Senator Ibikunle Amosun.

Amosun in his presentation said the nominees were experienced and suitable for the job and therefore recommended their confirmation.

It would be recalled that President Muhammadu Buhari had last week asked the Senate to confirm Lamido Yuguda as the new Director-General of the Securities and Exchange Commission (SEC).

His request was contained in a letter read out by the Senate President, Ahmad Lawan, at the start of plenary last Tuesday.

The New SEC DG, Mr Lamido Abubakar Yuguda 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.

The new Director-General of the Securities and Exchange Commission (SEC) brings to the Commission more than three decades of experience as a central banker, economist, and investment manager.

He began his career with Central Bank of Nigeria 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.

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.

Meanwhile, President of the Senate, Ahmad Lawan, has tasked the Securities and Exchange Commission (SEC) to ensure efficiency in the discharge of its duties so as to attract local and foreign investments to the country.

The Senate President gave the charge in his remarks after the confirmation of Mr Lamido A. Yuguda as Director-General of the Commission.

Source: Voice of Nigeria