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Lawan challenges SEC on efficiency to attract investments

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Ahmad Ibrahim Lawan PHOTO:Twitter


confirms appointments of SEC, RMAFC nominees
For Nigeria to be able to attract local and foreign investments to the country the Securities and Exchange Commission (SEC) must ensure efficiency in the discharge of its duties so as President of the Senate, Ahmad Lawan, has said

Lawan gave the indication on Wednesday in his remarks after the senate confirmed Lamido Yuguda, a former director at the Central Bank of Nigeria (CBN), as the director-general (DG) of the Securities and Exchange Commission (SEC).

Speaking further the Senate President said, “The Security and Exchange Commission must be efficient and effective in ensuring that we are able to attract and sustain not only domestic investment but a foreign direct investment.

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“People should bring their monies and feel safe with their investments here. This is essential to create a very enabling climate for investors to be attracted and retained here in the country’

The senate also confirmed Reginald C Karawusa, Ibrahim D Boyi, and Obi Joseph as full-time commissioners of SEC.

The nominees were confirmed after the Senate considered the report of the Committee on Capital Market.

The Committee which is chaired by Senator Ibikunle Amosun (APC – Ogun Central), recommended that “the Senate confirms the Four (4) nominees as appointed by Mr. President , the Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria to the Board of the Securities and Exchange Commission, (SEC).”
The confirmation of the nominees followed the consideration and adoption of the report of the Committee on National Planning and Economic Affairs.

But before the question was put on the nominations, Albert Bassey Akpan, senator representing Akwa Ibom north-east, reminded his colleagues of a petition the Akwa Ibom caucus had filed against Yuguda.

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The Akwa Ibom senators had wanted Mary Uduk, acting SEC DG, to be confirmed.
Uduk has been acting as SEC DG since Mounir Gwarzo was suspended for alleged misdeeds two years ago.

In response, Amosun said the petition does not stop the work of his committee since they complained about being “shortchanged.”

In a related development, the Senate on Wednesday also confirmed the appointment of five out of the six nominees forwarded by President Muhammadu Buhari to the National Assembly for confirmation as Members of the Revenue Mobilization Allocation and Fiscal Commission (RMAFC).
Chairman of the Committee, Senator Olubunmi Adetumbi (APC – Ekiti North), in his presentation on the screening of the nominees, said the Committee recommended that the nomination of Barr. Emmanuel D. Nwosu, be suspended pending security investigations on the petition against his nomination as a Commissioner in the Revenue Mobilization Allocation and Fiscal Commission representing Imo State.

He advised the Executive to investigate the alleged wrongful conduct in the petition against the nominee before further action by the Committee can be taken.

The nominees confirmed by the Senate are Salamatu Mohammed Bala (Adamawa); Hon. Alfred Egba (Bayelsa); Adamu Shettima Yuguda Dibal (Borno); Oladele Gboyega (Osun); Bello Abubakar Wamakko (Sokoto); and Ahmed Yusuf (Taraba).

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Ahmad LawanSEC
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