President Buhari Nominates Lamido Yuguda for Confirmation as SEC DG and 3 Commissioners

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Tuesday, May 19, 2020 / 02:12 PM / By News / Header Image Credit: EcoGraphics

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President Muhammadu Buhari has written to the Nigerian Senate to confirm Lamido Yuguda, a former director at the Central Bank of Nigeria (CBN), as the Director General of the Securities and Exchange Commission (SEC).


The Presodent's request was contained in a letter read by Senate President Ahmad Lawan on the floor of the upper legislative chamber today


The president also sought the confirmation of Reginald C Karausa, Ibrahim D Boyi, and Obi Joseph as full-time commissioner of SEC.


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.


On confirmation, Lamido Yuguda will replace Mary Uduk who has been acting as the Director General of the Securities and Exchange Commission since April 2018.


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Brief Profile - Lamido Yuguda

Nominee for the Post of Director-General of the Securities and Exchange Commission (SEC) Nigeria.


Mr. Lamido Yuguda obtained a B.Sc 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.


Mr. Yuguda began his career with the Central Bank of Nigeria (CBN) as Senior Supervisor, Foreign Operations Department in 1984 with responsibility for maintaining Nigeria's external debt records. He was redeployed to the Banking Supervision Department in 1985 to work on prudential regulation and bank licensing, and moved again in 1988 to the Debt Conversion Committee Secretariat as part of the pioneer staff tasked with managing the Nigerian Debt Conversion Programme. In 1992 he was posted back to the Foreign Operations Department where he rose through the ranks to become the Senior Manager, Investment Office with responsibility for external debt service and investment of the CBN's external reserves in a liquid portfolio of cash, fixed-term deposits, and foreign government treasury bills.


In 1997 he joined the staff of the International Monetary Fund (IMF) in Washington DC, USA as an economist in the Africa Department where he worked on the assessment of economic policies and management of balance of payment support programs in IMF member countries. He returned to the Central Bank of Nigeria in 2001 where he was assigned the task of leading a staff team charged with restructuring and diversifying the CBN's growing foreign exchange reserve portfolio. This resulted in the development and adoption of a new investment policy, the introduction of new asset classes, the appointment of a reputable global custodian and asset managers, the selection of a state-of-the-art portfolio management system, as well as the upgrading of the CBN's in-house fixed income trading and settlement capabilities. He reached the pinnacle of his career at the Central Bank of Nigeria as Director of the Reserve Management Department from 2010 to 2016, when he retired voluntarily.


Mr. Yuguda has attended leadership training programmes at leading business schools including Harvard, INSEAD, IMD, Saad, Wharton, Haas, and London. He is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and a CFA charterholder.


Mr. Yuguda served as the Chairman, Finance and Economic Development Committee of Governor Inuwa Yahaya's Transition Committee, Gombe State. 

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