Akpabio Sends Tinubu’s SEC DG Confirmation Request to Senate’s Capital Market Committee

Senate President Godswill Akpabio has referred President Bola Tinubu’s request for the confirmation of Emomotimi Agama as the Director General of the Securities and Exchange Commission (SEC) to the committee on the capital market for scrutiny.

This decision came after Akpabio read Tinubu’s correspondence to the Senate during Wednesday’s plenary.

Tinubu’s letter to the Senate outlined the appointments of four nominees for confirmation: Emomotimi Agama as Director General, Frana Chiwogo as Executive Commissioner Legal and Enforcement, Bola Ajomale as Executive Commissioner Operations, and Samia Hassan Usman as Executive Commissioner Corporate Services. Tinubu expressed hope that the Senate would consider and confirm the nominees promptly.

Following the reading of the letter, Akpabio announced that the Senate Committee on Capital Market would review the president’s request and provide feedback to the lawmakers within two weeks.

Notably, President Tinubu had previously appointed Emomotimi Agama as the DG of SEC, succeeding Lamido Yuguda. Tinubu also approved the appointment of several Nigerian professionals to the SEC Board, including Mr. Mairiga Aliyu Katuka as Chairman, among others. The presidency anticipated that these appointees would leverage their expertise to advance the commission’s mandate of developing and regulating a dynamic, fair, and transparent capital market.

However, only four names were forwarded to the Senate for confirmation, indicating a partial submission of nominees. The Senate typically confirms nominations for senior diplomatic, Federal cabinet, and Federal judicial appointments, among others, while its committees oversee legislative functions.

SEC, a federal government agency, is responsible for monitoring the financial health of market operators and ensuring the participation of fit and proper entities in the market.