The Federal Government will on Monday(today )inaugurate the board of
the Securities and Exchange Commission (SEC) to be chaired by Olufemi
Lijadu.
It is gathered that the board’s constitution is coming four years
after President Muhammadu Buhari sacked the former SEC board headed by
Peter Obi.
A senior management source who pleaded anonymity confirmed the
constitution and inauguration to newsmen in Lagos on Sunday
The source said the inauguration would take place at the Ministry of
Finance Headquarters, Abuja, and would be conducted by the permanent
secretary.
The source said that Lijadu, who hails from Ogun State had been
announced as the commission’s chairman.
According to him, other members of the board include Lamido Yuguda
from Gombe State (Non-executive Commissioner), Rekiya Ladi (Kaduna)
Non-executive Commissioner and Okokon Ekanem, representing Ministry of
Finance.
The others include Alvan Ikoku, representing the Central Bank of
Nigeria, Mary Uduk, SEC’s Acting Director-General, and Henry Rowlands,
SEC’s Acting Executive Commissioner, Corporate Services.
The other members of the board from SEC are Isyaku Tilde, Acting
Executive Commissioner (Operations), and Reginald Karawusa, SEC’s
Acting Executive Commissioner (Legal and Enforcement).
The board will have a four-year tenure, according to the source.
Buhari dissolved the previous board on July 16, 2015, and set up an
eight-man panel headed by a former Secretary to the Government of the
Federation, Babachir Lawal, two months later, to reconstitute it.
Market operators had been calling for the reconstitution of the board
to strengthen SEC’s operations.
The Chief Operating Officer, InvestData, Ambrose Omordion, told the
Newsmen that non reconstitution of the board for over three years had
implications for operational efficiency of the apex capital market
regulator.
He said the situation was affecting some operational activities of the
commission, thereby dampening investor confidence.
Omordion told journalists that SEC needed to be strengthened with
appointment of board of directors for its growth and the development
of the capital market.
Omordion, who commended Mr Uduk for achievements recorded so far in
the commission in spite of being in acting capacity, called for her
confirmation.
He said the management team of the commission should be confirmed by
the government with immediate effect to avoid excesses in the market.
