The Senate Committee on Capital Market has cleared Dr. Emomotimi Agama as the Director-General of the Securities and Exchange Commission (SEC).
SEC in a press statement said the Committee chaired by Senator Osita Izunaso, also approved the nomination of Frana Chukwuogor as Executive Commissioner (Legal and Enforcement). Mr. Bola Ajomale as the Executive Commissioner (Operations) and Mrs. Samiya Usman as the Executive Commissioner (Corporate Services).
President Bola Tinubu had on April 19 this year appointed Agama as the DG of SEC to take over from Lamido Yuguda.
His appointment as SEC DG has been hailed by capital market stakeholders who described him as a technocrat who would boost the birthing of the Tinubu administration’s $1 trillion economy.
What Agama said
Speaking shortly after his confirmation, Agama, a technocrat and insider of the commission said he would accelerate the development of the capital market in a manner that would boost wealth creation, attract investments, and create jobs for Nigerians.
According to him, his team was appointed by President Tinubu to change the narrative of the capital market and reposition it to the path that would boost economic growth.
He said, “We are bringing on board innovation, and development. We are going to change the narrative of the Nigerian capital market. We are going to turn it around. That is the essence of our appointment by Mr. President. With this team, we assure Nigerians that we’re going to do the best that the President has the desire to do.
”So, we should all wait to see what is going to happen. Our desire is to move this market forward. And to help in achieving the President’s $1tn economy in the shortest possible time.
”Yes, the President is going to be a year in office in a few days. That is remarkable because as an anniversary giver, the President has given us to Nigerians to do the best to change the market.”
He described the capital market as the barometer of the economy, noting that the Commission would implement innovative policies and programmes that would create world-class companies in such a way that would ensure the redistribution of wealth.
Agama said, “You must understand that the capital market is actually the barometer of any economy. And without a strong capital market, then, of course, the economy will not do very well. The intention of this management is to make sure that we mainstream the capital market in the Nigerian economy.
”And in doing that, we’re going to be able to provide employment, change the narrative, and create companies that are going to be top world-class companies in such a way that there will be what we call redistribution of wealth”.
He noted that the President has an intention to change the lives of Nigerians adding that the capital market is one of the vehicles that the President intends to use to achieve that.
“That is why the President has set up a team like this to be able to do that,” he said.
What you should know
Tinubu had in April approved the appointment of the following Nigerian professionals to the Board of the Securities and Exchange Commission (SEC):
Mr. Mairiga Aliyu Katuka – Chairman, Emomotimi Agama, Director General, 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
Ajuri Ngelale, Special Adviser to the President on Media and Publicity, disclosed in a statement that President Tinubu expects all members of the board of this critical commission to utilize their extensive experience and expertise to advance the commission’s core mandate.
This mandate involves developing and regulating a dynamic, fair, transparent, and efficient capital market.
The President believes that achieving these goals will bolster investor confidence and significantly contribute to the nation’s economic development.
