The new Director-General of the Securities and Exchange Commission (SEC), Lamido Yuguda, on Monday assumed duty at the capital markets’ regulatory agency.
A statement by SEC Head of Corporate Communication, Efe Ebelo, said Mr Yuguda assumed duty alongside three new executive commissioners of the commission.
They are Reginald Karawusa, Ibrahim Boyi and Dayo Obisan.
The SEC DG said the capital market was a crucial component of any economy with a lot of potential for growth and development of the country.
He said 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 development of the market.
According to him, the capital market master plan launched in 2014 has the objective of positioning the market for an accelerated development of the national economy.
“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.”
Mr Yuguda assured that the new management would work to the best of its ability to uphold things on ground and consciously seek ways to improve them to the benefit of all stakeholders.
He further stated that investor protection would be at the centre of the initiatives of the new management, warning that any operator that short-changed investors would not go free.
” 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.
In a remark, the 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.
Mr Yuguda holds a B.Sc. degree in Accounting from Ahmadu Bello University, Zaria and an M.Sc. 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 (ICAN) and a holder of the CFA charter.