Senate committee confirms Agama as DG SEC Nigeria

The Senate Committee on Capital Markets has confirmed Dr. Emmotimi Agama as CEO of the Securities and Exchange Commission (SEC).

In a press statement, the SEC said the committee chaired by Senator Osita Izunaso also approved the nomination of Frana Chukwuogor as Executive Commissioner for Legal and Enforcement Affairs. Mr. Bola Ajomale as Executive Commissioner (Operations) and Ms. Samiya Usman as Executive Commissioner (Corporate Services).

President Bola Tinubu on April 19 this year appointed Agama as DG SEC to take over from Lamido Yuguda.

His appointment as DG SEC was welcomed with enthusiasm by capital market stakeholders who described him as a technocrat who will accelerate the birth of the trillion dollar economy of the Tinubu administration.

 What Agama said

In a speech shortly after his confirmation, Agama, a technocrat and committee insider, said he would accelerate capital market development in a way that would spur wealth creation, attract investment and create jobs for Nigerians.

According to him, his team was appointed by President Tinubu to change the narrative on the capital market and put it on the path to boost economic growth.

He said“We introduce innovation and development. We intend to change the narrative of the Nigerian capital market. We’re going to turn it around. This is the essence of our nomination by the President. With this team in place, we assure Nigerians that we will do whatever the President wants.

“So we should all wait to see what happens. Our desire is to push this market forward. And help the President achieve a $1 trillion economy in the shortest time possible.

“Yes, in a few days the President will finish his year in office. This is extraordinary because as the donor of the anniversary, the President has given us Nigerians to do everything we can to change the market.”

He described the capital market as a barometer of the economy, noting that the Commission will implement innovative policies and programs that will create world-class companies in a way that redistributes wealth.

 Agama said,“You have to understand that the capital market is really a barometer of any economy. And without a strong capital market, the economy obviously won’t do very well. The intention of this management is to ensure the mainstreaming of the capital market in the Nigerian economy.

“By doing this, we will be able to create jobs, change the narrative and create companies that will be leading world-class companies in such a way that what we call a redistribution of wealth will occur.”

He noted that the President intends to change the lives of Nigerians, adding that the capital market is one of the tools the President intends to use for this purpose.

“That’s why the president established this team to do this,” he said.

 What you should know

In April, Tinubu approved the appointment of the following Nigerian professionals to the Securities and Exchange BoardSecurities Exchange Commission (SEC):

Mr. Mairiga Aliyu Katuka – Chairman, Emomotimi Agama, Chief Executive Officer, Frana Chukwuogor – Executive Commissioner (Law and Enforcement), Mr. Bola Ajomale – Executive Commissioner (Operations), Ms. 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 board members of this critical commission to leverage their extensive experience and expertise to deliver on the core mandate of the commission.

This mandate includes the development and regulation of a dynamic, fair, transparent and efficient capital market.

The president believes that achieving these goals will strengthen investor confidence and significantly contribute to the country’s economic development.