Senate confirms Emomotimi Agama as SEC director-general

The Nigerian Senate has confirmed Dr. Emomotimi Agama as the director-general of the Securities and Exchange Commission, SEC.

The Senate also approved the nomination of Frana Chukwuogor as Executive Commissioner (Legal and Enforcement). Bola Ajomale as Executive Commissioner (Operations) and Samiya Usman as Executive Commissioner (Corporate Services).

The confirmation of the appointments by the upper legislative chamber followed the presentation of the report of the Committee on capital markets by its Chair, Senator Osita Izunaso representing Imo West (Orlu) constituency of Imo State.

Sen. Izunaso told the Senate that the nominees met the requirements to be appointed by President Bola Tinubu.

“That they were eminently qualified for the positions. They passed all security checks and answered relevant questions during the screening,” Mr Izunaso said.

After his presentation, the senate voted and confirmed the nominees.

Barau Jibrin, deputy senate president who presided, asked the appointees to carry out their jobs diligently for the betterment of the country.

“They should do their work in the best way they can to turn around the economy of Nigeria. They should try not to let Mr President down or the nation. They should do their best to use that institution to promote the wellbeing of this country.”

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 that would boost the birthing of the Tinubu administration’s $1tn economy.

Speaking shortly after his clearance by the Committee last week, Mr Agama, a technocrat and insider of the commission said he will 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, 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 appointed 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 polices and programmes that will create world-class companies in such a way that will ensure redistribution of wealth.

Mr 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 said the president has set up a team with the intention to change the lives of Nigerians, explaining that the capital market is one of the vehicles that the president intends to use to achieve that.