The federal government will on Monday inaugurate the board of the Securities and Exchange Commission (SEC) to be chaired by Olufemi Lijadu.
The News Agency of Nigeria (NAN) reports 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 NAN in Lagos.
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 Mr 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.
Mr 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 News Agency of Nigeria 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.
Mr Omordion told NAN that SEC needed to be strengthened with appointment of board of directors for its growth and the development of the capital market.
Mr 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.