President Muhammadu Buhari has asked the senate to confirm Lamido Yuguda, a former director at the Central Bank of Nigeria (CBN), as chairman of the Securities and Exchange Commission (SEC).
Buhari’s request was contained in a letter read by Senate President Ahmad Lawan on the floor of the upper legislative chamber on Tuesday
The president based his request on section 3 and 5 (1) of the investment and securities act.
“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),” he said.
“Their CVs are attached herewith.”
The president also sought the confirmation of Reginald C Karausa, Ibrahim D Boyi, and Obi Joseph as full-time commissioner of SEC.
Buhari’s request is coming two years and eight months after Mounir Gwarzo was suspended and later removed as the DG of SEC.
Kemi Adeosun, former minister of finance, suspended Gwarzo as the DG of SEC for allegedly approving the sum of N104 million for himself as severance package for being a former commissioner of SEC.
In a petition, Gwarzo was also accused of awarding contracts to members of his family and friends, in violation of the rules guiding the commission.
He was subsequently charged but the allegations were struck out by a high court of the federal capital territory (FCT).