The Capital Market Integrity, Transparency and Good Governance Group has petitioned President Bola Tinubu, demanding the sacking of the management of Nigeria’s Securities and Exchange Commission (SEC), over what it described poor performance of the Nigerian capital market under its watch.
In the petition titled: “Call for the removal of the incompetent management of the Securities and Exchange Commission and restructuring of the Nigerian capital market,” the group lamented how the nation’s capital market has been “performing woefully.”
Jointly signed by the group’s Chairman, Omobolanle Alogba, and Secretary Abdulaziz Kazaure, the group, a member of the Civil Society Coalition on Sustainable Development (CSCSD), which is a coalition of over 2000 registered civil society and nongovernmental organizations which monitors the performance of the capital market, said the call for the sacking of the SEC management team is the outcome of its investigation into the cause of the poor performance during which it engaged several key stakeholders in the market.
One of such outcomes, it continued, is that the management team of the commission, comprising Lamido Yuguda (Director-General), Dayo Obisan (Commissioner), Reginald Karawusa (Commissioner) and Dutsinma Boyi (Commissioner) is “extremely incompetent.”
Continuing, the petitioners, wrote: “Our investigations revealed that the Management team of the Securities and Exchange Commission which is made up of Lamido Yuguda (Director General), Dayo Obisan (Commissioner), Reginald Karawusa (Commissioner) and Dutsinma Boyi (Commissioner) is extremely incompetent.
“The Securities and Exchange Commission under the watch of these individuals has been in free fall and without direction because they do not know what they are doing. When we compared the records and work experience of these individuals, we realized that Lamido Yuguda and Dutsinma Boyi do not even possess the required 15 years experience and 12 years experience respectively that the Law (ISA) requires the Director General and a Commissioner in the Securities and Exchange Commission to possess in order to hold such positions.
“The Director General of the Securities and Exchange Commission travels abroad too much. Our engagements with stakeholders as well as our investigations revealed that the Director General of the Securities and Exchange Commission, Lamido Yuguda travels around the world too much. Our investigation shows that he travelled over 30 times last year to different countries on jamborees and frivolous trips.
“He is hardly ever on seat to do his work. It is, therefore, no surprise that the Securities and Exchange Commission is not performing its duties and regulating the capital market effectively.
“Stakeholders in the capital market informed us that the Management of the Securities and Exchange Commission always delay in approving their applications in respect of shares, bonds, registration of capital market operators, schemes of arrangement etc. even on routine requests such as documents and staff claims last for months on his table before approval.
“For instance, our checks with the Commission revealed that staff payments – such as service award – has been on his desk since January 15, 2024 without approval.
“The stakeholders strongly voiced their dissatisfaction with the performance of the management of the Securities and Exchange Commission. According to the stakeholders, the unnecessary delays on the part of the management of the Securities and Exchange Commission has cost them millions of Naira which they cannot recover and above all, this kind of disposition from Chief Executive of such an important Organization such as SEC is a violation of Executive order 8 of Presidency on Ease of Doing Business lunched in 2019.”
The group further claimed in the report that the Management of SEC have for no justifiable reason, failed for the past three years to approve the payment of unclaimed dividends in the investor protection fund which is under the custody of the Securities and Exchange Commission.
The group further lent its “voice to those of the stakeholders and investors in the capital market who are clamouring for the appointment of a competent management team for the Securities and Exchange Commission by President Bola Ahmed Tinubu.”
