More insights emerged on Tuesday on the nomination of Mr. Lamido Yuguda as the new Director-General of the Securities and Exchange Commission (SEC) by President Muhammadu Buhari.
Investigation revealed that President Buhari actually snubbed the recommendation of the Minister of Finance, Zainab Ahmed, for the substantive appointment of erstwhile acting D-G of SEC, Mary Uduk.
Former Minister of Finance, Kemi Adeosun, had in 2018 appointed Uduk as acting D-G of the commission following the sack of the erstwhile acting D-G and management of SEC.
Presidency sources confirmed that the Finance Minister sent a memo to the President recommending the reappointment of the Managing Director of Nigerian Bulk Electricity Trading Plc (NBET), Dr. Marilyn Amobi and substantive appointment of Mary Uduk as D-G of SEC.
The sources stated that while the President approved the reappointment of Amobi as NBET Managing Director, the other recommending Uduk as D-G of SEC was rejected.
No reason was provided for the rejection of the Uduk’s substantive appointment.
The office Nigerian of the Nigerian Minister of Finance did not respond to requests for comments.