The Securities and Exchange Commission (SEC) on Monday, July 24, 2019, inaugurated a newly re-constituted Board with Mr. Olufemi Dominic Lijadu emerging as the new Board Chairman.
The inauguration was performed in Abuja, by Alhaji Mahmoud Isa-Dutse, the Permanent Secretary of the Federal Ministry of Finance.
The inauguration of the new SEC board after market operators and other relevant stakeholders had called for a reconstitution of the board to help strengthen the commission’s operations.
Isa-Dutse said in his opening remark:
“This event signals another milestone in our efforts to emphasize the importance of the capital market in economic growth and development through the mobilization of long-term savings for investment as well as efficient pricing of financial instruments”.
Isa-Dutse further stated that the board is crucial to the existence and operation of the SEC to adequately and efficiently perform its regulatory function of the capital market.
“The inauguration of the Board of the SEC is critical, as the existence and operation of a board are fundamental for an agency like the SEC to adequately and efficiently perform its regulatory and market development functions”.
He noted that the inauguration of the new SEC Board is timely as it is coming at the period when various players in the market are exhibiting weak corporate governance practices that could dampen investor’s confidence.
Also at the inauguration, SEC’s Acting Director-General, Ms. Mary Uduk, said the board was long overdue.
“The Capital Market will no longer be the same again because we have gotten the Board we have been waiting for for a longtime now. From the CV of the Board Members, the market will definitely move forward considering their qualifications and experience.”
The new Chairman of the SEC, Olufemi Lijadu, in his remark noted that the Board will work unitedly with relevant stakeholders to ensure accountability and transparency which is paramount to the building of investors’ confidence and trust of the public, while stressing that the Commission will always abide by the rule of law in enforcing rules in the capital market.
Members of the new SEC board includes:
- Mr. Olufemi Dominic Lijadu (Chairman)
- Mr. Okokon Ekanem Udo (Representative of the Federal Ministry of Finance),
- Mrs. Angela Adewumi Sere-Ejembi (Representative of the Central Bank of Nigeria)
- Mrs. Faruk Ladi Rekiya (part time Commissioner),
- Mr. Lamido Abubakar Yuguda (part time Commissioner).