Run efficiently and attract investments, Senate charges SEC

Security and Exchange Commission (SEC) has been tasked by the President of the Senate, Ahmad Lawan, to ensure efficiency in the discharge of its duties to facilitate local and foreign investments into the country.

Lawan’s remarks came on the hill of the confirmation of Mr Lamido A. Yuguda by the Senate as Director of the Commission and three others on the SEC Board.

The Senate confirmed the appointments of Reginald C. Karawusa (Imo); Ibrah it Bilisim D. Boyi (Katsina); and Obisan T. Joseph (Lagos) as Commissioners full-time Commissioners of the Securities and Exchange Commission.

The nominees were confirmed after the Senate considered the report of the Committee on Capital Market.

The Committee which is chaired by Senator Ibikunle Amosun (APC – Ogun Central), recommended that “the Senate confirms the Four (4) nominees as appointed by Mr President, the Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria to the Board of the Securities and Exchange Commission, (SEC).”

Speaking after the nominees were confirmed, the Senate President said, “the Security and Exchange Commission must be efficient and effective in ensuring that we are able to attract and sustain not only domestic investment but a foreign direct investment.

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“People should bring their monies and feel safe with their investments here. This is essential to create a very enabling climate for investors to be attracted and retained here in the country.”

In a related development, the Senate, on Wednesday, also confirmed the appointment of five out of the six nominees forwarded by President Muhammadu Buhari to the National Assembly for confirmation as Members of the Revenue Mobilization Allocation and Fiscal Commission (RMAFC).

The confirmation of the nominees followed the consideration and adoption of the report of the Committee on National Planning and Economic Affairs.

Chairman of the Committee, Senator Olubunmi Adetumbi (APC – Ekiti North), in his presentation on the screening of the nominees, said the Committee recommended that the nomination of Barr. Emmanuel D. Nwosu, be suspended pending security investigations on the petition against his nomination as a Commissioner in the Revenue Mobilization Allocation and Fiscal Commission representing Imo State.

He advised the Executive to investigate the alleged wrongful conduct in the petition against the nominee before further action by the Committee can be taken.

The nominees confirmed by the Senate are; Salamatu Mohammed Bala (Adamawa); Hon. Alfred Egba (Bayelsa); Adamu Shettima Yuguda Dibal (Borno); Oladele Gboyega (Osun); Bello Abubakar Wamakko (Sokoto); and Ahmed Yusuf (Taraba).


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