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Okezie Commends appointment of SEC ​ DG, stresses need to bring back retail investors

COMFORT EKELEME, Asst Business Editor

National Chairman, Progressive Shareholders Association of Nigeria (PSAN), Mr. Boniface Okezie has lauded the nomination of Mr. Lamido Yuguda the substantive Director General of the Securities and Exchange Commission (SEC).

Okezie maintained that there is urgent need for him to embark on policy of wowing retail who have lost confidence lost confidence in the Nigerian Capital market.

According to him, acting capacity has not inspired confidence in the market rather it contributed in making investors​ dump the market instead of embracing it, adding that a lot of​ unpopular policies have indeed rock the market in recent times.

Okezie who spoke in an interview with Daily Champion said that many investors have left the capital market because of lack of confidence in the market, stressing that coming of​ a tentative DG for the Commission is a welcomed development.

He said, “First and foremost I welcome Mr Yuguda on board as the New henchman of the Apex market SEC. it is a good thing which I have been canvasing over some time now that we need substantive DG than the acting we have had almost two years running now or there about ,it does not help the market.

“The acting capacity have not inspired confidence in the market rather it help people dump the market instead of embracing it that is where we are as a result lots of unpopular policies which has indeed rocked the market in recent times,Investors have left the capital market in drove because it lack confidence in it.

“We employ the new man sit up immediately and get down to work a lot of things awaits him. To give the capital market a new direction, he must be in hurry because time is not on his side, 2023 is almost around the corner. He needs to embark on policy of wowing retail Investors back to market as well the big ones who have lost confidence in the market, there is need to go and look for them and bring all back, a task that needs to be urgently accomplished.

“SEC itself needs reorganization, the workforce needs to over be over-hurled ,people need to be place in proper positions​ in their various departments for proper results, that is the way to go if he must get the best from the work force. Moving the economy forward after this Pandemic depend on the new SEC.

“He must also look at how to countdown on excess charges on transactions on the floor of exchange ,and others in capital market,” he said.

​ Speaking further, Okezie maintained that relationship between shareholders and management of SEC have not been cordial for some time now.

He however, called on the new DG to engage the leaders to round table discussion to move the market forward, while describing the shareholders as they are the landlord. “While he will be there today as DG SEC, tomorrow he may not be there but shareholders are there over and over ,he must bear that at the back of his mind.

Daily Champion recalled that President Muhammadu Buhari nomited Mr. Lamido Yuguda the substantive Director General, SEC.

The development ended uncertainties around the leadership of SEC since the suspension of a former Director-General, Mr Mounir Gwarzo, by a former Minister of Finance, Mrs Kemi Adeosun.

In a letter read at the Senate, Buhari requested the Senate to consider and approve the nomination of Yuguda as SEC Director-General​in line with the requirements of the Investment and Securities Act.

Also to be confirmed are three nominees as full-time SEC​commissioners.

They are Reginald C. Karawusa, Ibrahim D. Boyi and Mr Obisan T. Joseph.

The president’s request was contained in a letter read by the Senate President Ahmed Lawan during plenary in Abuja.

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.

Yuguda began his career with the Central Bank of Nigeria 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.

He was moved again in 1988 to the Debt Conversion Committee Secretariat, to join the pioneer staff tasked with managing the Nigerian Debt Conversion Programme.

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