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Senators Clear Way For Buhari’s Man As SEC DG

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The way for the confirmation of a new head of Nigeria’s capital market was cleared on Thursday after three senators who had blocked President Muhammadu Buhari’s nomination of Mr. Lamido Yuguda as director-general of the Securities and Exchange Commission, SEC withdrew their petition. The development was set to clear the way for Buhari’s man as SEC DG.

Sen. Ayo Akinyelure, Chairman, Senate Committee on Ethics, Privileges and Public Petitions, said this while presenting the report of the committee at plenary on Thursday.

Akinyelure explained that Senators- Bassey Akpan (PDP – Akwa-Ibom); Christopher Ekpenyong (PDP – Akwa-Ibom); and Akon Eyakenyi (PDP – Akwa-Ibom) withdrew the petition following the intervention of the committee.

The lawmakers had challenged the nomination of Yuguda, Buhari’s man as SEC DG, saying that Ms. Mary Uduk an indigene of Akwa-Ibom should have been nominated for the position. Ms. Uduk was the most senior official of SEC who acted as director-general for more than two years following the removal of the immediate past director-general allegedly on ethical grounds.

Mounir Gwarzo was removed by the former minister of finance, Mrs. Kemi Adeosun upon reports of financial irregularities alleged against him especially in the payment of entitlements.

Contributing to the issue on the floor of the Senate on Thursday, Sen. Sam Egwu (PDP – Ebonyi) urged the Federal Government to consider Akwa-Ibom in future appointments in view of the development.

Sen. Adamu Bulkachuwa (APC – Bauchi) said the consideration of the report of the committee was not necessary as the petitioners had withdrawn their petition.

Senate President Ahmad Lawan, however, observed that there was a procedural issue which made it mandatory for the committee to submit its report to the senate in spite of the withdrawal of the petition.

Accordingly, the senate while adopting a resolution by Sen. James Manager (PDP – Delta) resolved that consequent upon the withdrawal of the petition, the matter should be laid to rest.

With the development the Senate would now consider Buhari’s man as SEC DG, the apex regulatory body of the country’s capital market.

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