President Muhammadu Buhari has sent a letter to the Senate requesting that Lamido Yuguda be screened and confirmed as the new director-general of the Securities and Exchange Commission (SEC).
The three nominees for the committee have also been selected and awaiting confirmation.
Others to be confirmed as full-time commissioners are Reginald C. karausa; Ibrahim D. Boyi, and Mr. Obi Joseph.
Senator Ahmed Lawan, President of the Senate, read during a plenary meeting in a letter that contained President Buhari ’s request.
The letter reads: “In accordance with Articles 3 and 5 (1) of the Investment and Securities Act of 2007, I wrote to the Senate to confirm the appointment of the following four nominees as Director-General and commissioners of the Securities and Exchange Commission (SEC). Enclosed is their resume.
President Muhammadu Buhari, on Tuesday, brought an end to the 2-year long controversy surrounding the office of the Director-General of the Securities and Exchange Commission (SEC). He did this when he sent a letter to the Senate requesting the house to ratify the appointment of Dr. Lamido Yuguda as Commission’s new DG.
Yuguda is an economist, banker, and investment manager, with over 30 years’ experience in financial services. Let us take a closer look at Yuguda’s pedigree.
Shortly after he graduated from Ahmadu Bello University in Zaria in 1984, he began his career at the Central Bank of Nigeria. He served as a senior director of the foreign operations department, which is responsible for managing Nigeria’s external debt records. In 1985, he moved to the Banking Supervision Department and was responsible for handling bank licensing and prudential supervision. In 1988, another internal reorganization took him to the Debt Conversion Committee Secretariat to manage the Nigerian debt conversion plan with the Secretariat’s pioneers.
He moved to the Foreign Business Department in 1992 and soon became a senior manager of the investment office. Once again, his responsibilities include managing Nigeria’s external debt services and managing the investment of CBN’s external reserves in a liquid portfolio of cash, time deposits, and foreign government treasury bills. After being second, he joined the International Monetary Fund (IMF) in Washington, DC, USA in 1997 as an economist in the African Department. In this position, Yuguda evaluated the economic policies and management of the balance of payments support programs of IMF member countries.
In 2001, he returned to the CBN leadership team to restructure and diversify CBN’s growing foreign exchange reserve portfolio. Together with the team, it adopted a new investment policy, introduced new asset classes, and appointed well-known global custodians and asset managers.
He has participated in leadership training at prestigious business schools such as Harvard, INSEAD, IMD, Said, Wharton, Haas, and London. He is a member of the Nigerian Institute of Chartered Accountants (ICAN), a CFA charter holder, and also holds a certificate in financial asset management and engineering from the Swiss Institute of Finance in Geneva, Switzerland.
Yuguda successfully upgraded CBN’s internal fixed income trading and settlement functions and left the most advanced portfolio management system. By 2010, he became director of the reserve management department. He is known for his strong risk-conscious investment culture and instilled a disciplined investment assessment method. After working for 32 years in the leading bank, he voluntarily retired in 2016. He has been a member of the board of directors of the Securities and Exchange Commission and will continue to serve as its director-general. Yuguda graduated from Ahmadu Bello University in Zaria in 1983 with a bachelor’s degree in accounting. Later, he received a master’s degree in currency, banking, and finance from the University of Birmingham, UK, in 1991.