Mr. Lamido Yuguda, the new Director-General of the Securities and Exchange Commission (SEC), has started work at the capital markets regulatory agency. He assumed duty alongside three new SEC commissioners, namely – Mr Reginald Karawusa, Ibrahim Boyi, and Dayo Obisan.
Mr Yuguda announced that the SEC’s capital market master plan of 2014 will enable Nigeria’s capital markets to accelerate the development of the country’s economy. He added that the SEC in the past 20 years has worked with industry stakeholders to implement initiatives that have improved the regulation and development of Nigeria’s capital markets.
“Many of the 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 strengthening it for enhanced impact. We would equally work towards improved market regulation, surveillance and general development,” Yuguda said.
He added that the SEC would make investor protection the focus of the initiatives that will be implemented by the new management. Assuring the public that the new management would do its best to improve capital market regulation for the benefit of all stakeholders and warned defaulting operators would be punished.
“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,” he added.
The outgoing Acting Director-General, Ms Mary Uduk said she was confident in the new management would improve on the achievement the SEC has built so far. Adding that the SEC has introduced reforms in the past few years that have led to regulatory milestones.
Mr. Lamido Yuguda is a holder of the CFA Charter and a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), with a B.Sc. degree in Accounting from Ahmadu Bello University, Zaria and an M.Sc. in Money, Banking and Finance from the University of Birmingham.
He is holds a Certificate in Financial Asset Management and Engineering from the Swiss Finance Institute, Geneva and a Certificate in Investment Performance Management from the CFA Institute, Charlottesville, Virginia, USA.