Nigeria: Senate confirms Agama as SEC DG

The Senate Committee on Capital Markets has confirmed Emomotimi Agama as the director-general of the Securities and Exchange Commission.

The committee approved the appointment of Frana Chukwuogor as SEC’s executive commissioner of legal and enforcement, Bola Ajomale as executive commissioner of operations, and Samiya Usman as the executive commissioner of corporate services.

According to a statement from SEC made available to The PUNCH, capital market stakeholders have welcomed Agama’s appointment, describing him as a technocrat poised to advance the Tinubu administration’s ambitious goal of achieving a $1tn economy.

On April 19, 2024, President Bola Tinubu appointed Agama to succeed Lamido Yuguda as the head of the SEC.

Upon his confirmation, he recommitted to accelerating the development of Nigeria’s capital market, to boost wealth creation, attract investments, and create jobs.

He noted the importance of innovation and development in changing the narrative of the capital market, stating, “We are bringing on board innovation, and development. We are going to change the narrative of the Nigerian capital market. We are going to turn it around.”

Agama added that the management’s goal was to ensure that the country’s capital market is mainstream and establish businesses that would rank top in the world.

“You must understand that the capital market is the barometer of any economy. And without a strong capital market, then, of course, the economy will not do very well. This management intends to make sure that we mainstream the capital market in the Nigerian economy.

“And in doing that, we are 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 remarked.

According to the SEC DG, the President has an intention to change the lives of Nigerians.

“And the capital market is one of the vehicles that the President intends to use to achieve that. That is why the President has set up a team like this to be able to do that,” he said.