TheCable

Lamido Yuguda has assumed office as the director-general of the Securities and Exchange Commission (SEC).

According to a statement by Efe Ebelo, SEC head of corporate communication, Yuguda resumed on Monday alongside three executive commissioners; Reginald Karawusa, Ibrahim Boyi and Dayo Obisan.

Speaking during the handover, the new DG said the capital market has a lot of potentials for growth and development of Nigeria post-COVID-19 and beyond.

Yuguda said the capital market master plan, which was launched in 2014, has the objective of positioning the capital market for accelerated development of the national economy.

“Many of the plan’s initiatives have been successfully implemented while many others are work in progress in line with its objectives,” he said.

“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.

“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.”

He said consumer protection would be at the centre of the new management’s initiatives saying the commission would fight market manipulation to the last.

Mary Uduk, the outgoing DG, expressed hopes that the new management would build on the reforms and regulatory milestones achieved so far.

“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),”  she said.

“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 (CAMMIC) to drive advocacy and ensure national buy-in. Through this, a series of engagement has been made with many of the plan’s initiatives achieved.”

Yuguda began his career with the Central Bank of Nigeria in 1984, joined the International Monetary Fund (IMF) in 1997 and served as CBN director of reserve management department from 2010 to 2016.