On Wednesday, 15 May 2024, President Bola Tinubu proposed that the Senate confirm four individuals who were recently nominated to the Securities and Exchange Commission Board. During May 15 2024,  Wednesday’s plenary session in the Red Chamber, Tinubu’s request was read aloud in a letter he wrote to Godswill Akpabio, Senate President.

Gama Emomotimi, Chukwuogor Frana, Ajomale Bola, and Hassan-Usman Samiya are the SEC nominees. It should be noted that Chukwuogor has been nominated to serve as the commission’s Executive Commissioner (Legal and Enforcement), while Agama has been listed as the Director-General.

He nominated Ajomale for the position of Executive Commissioner (Operations), while Hassan-Usman was appointed Executive Commissioner (Corporate Services). In April of this year, the Senate still needed to ratify the appointments of seven people to the SEC, which the President had approved.

Only four names, nevertheless, were sent to the Senate for confirmation; the President did not provide an explanation for why the other three names were left off. The president clarified in the letter that section 3 and subsection 5 (1) of the Investment and Security Act of 2007 were followed in making the appointment.

In part, the letter titled “Confirmation of appointment of the Director-General and Commissioners of the Securities and Exchange Commission” said, “I am pleased to present the under-listed four nominees as Director-General and Commissioners of Securities and Exchange Commission for confirmation by the Senate, in accordance with the provision of sections 3 and 5 (1) of the Investment and Security Act of 2007.”

The President also asked Legislators to move quickly to complete the confirmation and vetting procedures. The proposal was then forwarded to the Senate Committee on Capital Markets by Senator Akpabio, who also instructed the committee members to submit their decision to the Senate for consideration within a week.

It is anticipated that the Senate Committee on Capital Markets would vet the nominees.

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