The Senate President, Godswill Akpabio, has referred President Bola Tinubu’s request for the confirmation of Emomotimi Agama as the Director General of the Securities and Exchange Commission(SEC) to the committee on the capital market for scrutiny.
Akpabio decided after reading Tinubu’s correspondence to the Senate during plenary on Wednesday, May 15, 2024.
The president said Agama’s appointment and that of three others was in accordance with the provisions of Section 3 and Section 51 of the Investment and Securities Act 2007.
“I’m pleased to present for confirmation by the Senate, the appointments of the under listed 4 nominees as director general and commissioners of the Securities and exchange commission.
“Mr Emomotimi Agama, Director General, Mr Frana Chiwogo, Executive Commissioner Legal and Enforcement, Mr Bola Ajomale, Executive Commissioner Operations, Mrs Samia Hassan Usman, Executive Commissioner Corporate Services,” the president’s letter partly read.
Tinubu expressed hope that the Senate will consider and confirm the nominees in the usual “expeditious manner.”
Akpabio’s remark
After reading the letter, Akpabio announced that the Senate Committee on Capital Market will go through the president’s request and revert to the lawmakers in two weeks’ time.
Akpabio said,
“This correspondence is referred to the committee on capital market to revert to the senate in two weeks.”
More insights
- Nairametrics previously reported that President Bola Tinubu appointed Emomotimi Agama as the DG of the Securities and Exchange Commission (SEC).
- Agama took over from Lamido Yuguda.
- Tinubu also approved the appointment of the following Nigerian professionals to the Board of the Securities and Exchange Commission (SEC): Mr. Mairiga Aliyu Katuka – Chairman, Frana Chukwuogor – Executive Commissioner (Legal and Enforcement), Mr. Bola Ajomale — Executive Commissioner (Operations), Mrs. Samiya Hassan Usman — Executive Commissioner (Corporate Services), Mr. Lekan Belo — Non-Executive Commissioner and Mr. Kasimu Garba Kurfi — Non-Executive Commissioner.
- The presidency had anticipated that all members of the board of the commission will bring to bear their wealth of experience and competence in advancing the commission’s core mandate of developing and regulating a capital market that is dynamic, fair, transparent, and efficient, to bolster investor confidence and contribute immeasurably to the nation’s economic development.
- Meanwhile, only four names were sent to the Senate for confirmation on Wednesday.
- The Senate confirms the President’s nominations of senior diplomats, members of the Federal cabinet, Federal judicial appointments, and others while its committee helps in carrying out legislative oversight.
- SEC is a federal government agency responsible for monitoring the financial health of market operators thereby ensuring that only fit and proper participants are in the market.
