Group writes Tinubu, demands removal of SEC’s DG, other mgts

Tshe Capital Market Integrity, Transparency and Good Governance Group has written a petition to the President Bola Tinubu demanding the sacking of the management team of the Securities and Exchange Commission (SEC) over what it described as the poor performance of the Nigerian capital market.

The group made the claim in a petition titled “Call for the removal of the incompetent management of the SEC and restructuring of the Nigerian capital market.”

The petition was jointly signed by the Chairman of the Group, Omobolanle Alogba and the Secretary Abdulaziz Kazaure.                                                               

Tbe Group is a member of the Civil Society Coalition on Sustainable Development (CSCSD), which is a coalition of over 2000 registered civil society and nongovernmental organizations committed to citizens’ empowerment, human rights protection, economic development and peace in Nigeria.

The Group which monitors the performance of the capital market said it has observed with shock and dismay that the capital market has been “performing woefully.”

In its capacity as an advocacy group, the organisation said in the petition that it has investigated the cause of the poor performance.

According to the petition, one of tbe outcome of the group’s investigation is 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 petition reads, “In the course of our investigative work, we engaged several key stakeholders in the Nigerian capital market.

“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 SEC 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.

It added, “President Bola Tinubu, the consensus of the stakeholders and investors in the capital market is that the capital market is performing badly. We lend our 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.”