The newly appointed Director-General of the Securities and Exchange Commission, Lamido Yuguda, has taken over the mantle of leadership of the commission.
Yuguda also vowed to tackle any form of manipulation in the capital market.
He said these in Abuja when he took over as the new SEC DG alongside the Executive Commissioners, Reginald Karawusa, Ibrahim Boyi and Dayo Obisan.
The new DG said the capital market had a lot of potentials for growth and development of Nigeria, post COVID-19.
Yuguda explained that investor protection would be at the centre of the initiatives of the new management, warning that any operator that short-changes investors would be sanctioned.
He said, “We want to assure investors that this market is for them and we are ready to do everything to ensure that we increase investor enlightenment through education, robust regulation and fair dealing.
“For those that want to defraud investors, there would be no respite because we are ready to fight market manipulation to the last.”
According to him, anyone that flouts the rules will be made to face the consequences of their actions.
In order to achieve these objectives, he said the commission would develop relevant capacities and foster collaboration among stakeholders.
Yuguda assured that the members of the new management team would work to improve capital market regulation.
“Together we must set our sights on achieving those milestones that are capable of making the capital market a powerful engine of growth for the Nigerian economy. With God’s help and our collective resolve and dedication, we shall succeed,” he added.
The SEC DG said the capital market was a crucial component of any economy, as the Commission over the last two decades had worked with other relevant stakeholders to introduce and implement various initiatives targeted at improving the regulation and developing the market.
According to him, the capital market master plan, launched in 2014, has the objective of positioning the capital market for an accelerated development of the national economy.
He said, “Many of the plan’s initiatives have been successfully implemented while others are still being worked on in line with our 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 strengthening it for enhanced impact.”
“We would equally work towards improved market regulation, surveillance and general development,” the SEC boss added.
In her brief remarks before the handover, Outgoing Acting Director-General, Mary Uduk, said the Commission had, in the past few years, undertaken key reforms and achieved some regulatory milestones.
She expressed the hope that the new management would build on 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 (2015-2025).
“This is a 10-year plan with over 100 initiatives to position the capital market for an accelerated development of the national economy.”
Lamido Abubakar Yuguda obtained a Bachelor of Science (Honours) degree in Accounting in 1983 from the Ahmadu Bello University, Zaria and a Master of Science 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 and a Certificate in Investment Performance Management from the CFA Institute, Charlottesville, Virginia, USA.
He is a Fellow of the Institute of Chartered Accountants of Nigeria and a holder of the CFA charter.
The new Director-General of the Securities and Exchange Commission brings to the Commission more than three decades of experience as a central banker, economist, and investment manager.
