New SEC Boss, Commissioners Assume Duties

The director-general of the Securities and Ex change Commission, Lamido Yuguda, on Monday assumed duties alongside executive commissioners of the agency. Commissioners who assumed duties at agency included Reginald Karawusa, Ibrahim Boyi and Dayo Obisan. In a statement issued by a senior official in the press department of the commission, Efe Ebelo, Yuguda stated that the capital market had potential for the growth and development of Nigeria post COVID-19. Yuguda said the capital market master plan inaugurated in 2014 had the objective of positioning the market for accelerated development of the national economy. He was quoted as saying, "Many of the plan's initiatives have been successfully implemented, while many others are work in progress in line with its objectives. "Therefore, the continued implementation of the plan will be one of the major focus of the incoming management, while we also seek possible ways of strengthen
ing it for enhanced impact. The new SEC boss said investor protection would be at the centre of the initiatives of the new management, as any operator who shortchanged investors would face the consequences. "For those who want to defraud investors, there will be no respite because we are ready to fight market manipulation to the last. Anyone that flouts our rules will be made to face the consequences, he stated. The outgoing acting director-general, Ms Mary Uduk, in her remarks before handing over to Yuguda, said the commission had in the past few years undertaken key reforms and achieved some regulatory millstones. She expressed the hope
that the new management would build on the achievements recorded so far. She said, "In implementing the commission's mandate of regulating and developing the Nigerian capital market, most of our recent activities are guided by the Capital Market Master Plan (20152025). "This is a 10-year plan with over 100 initiatives to position the capital market for accelerated development of the national economy. It has an implementation governance structure to drive advocacy and ensure national buy-in. Through this, series of engagement has been made with many of the plan's initiatives achieved.

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