The Federal Government on Friday removed the acting Director-General of the Security and Exchange Commission (SEC), Dr Abdul Zubair, redeploying him to External Relations Department.
The Minister of Finance, Mrs Kemi Adeosun, who approved the reassignment of portfolios in the SEC announced the appointment of Ms Mary Uduk as Acting Director-General of the Commission taking over from Zubair.
This reassignment is contained in a statement issued by Mr Oluyinka Akintunde, the Special Adviser, Media and Communications to the Minister of Finance.
Akintunde said Uduk’s appointment was governed by the provisions of the Investments and Securities Act (ISA), 2007 and the conditions of service applicable to the Director-General of the Commission.
According to him, the minister, in a letter dated April 13, 2018, said Uduk’s appointment had become necessary to ensure effective regulation of the Capital Market.
The minister was quoted as saying Uduk’s appointment would, subject to satisfactory performance, subsist until further notice.
She also announced the redeployment of the former acting Director-General, Zubair, to the External Relations Department.
Other reassignments carried out in the commission include – Reginald C. Karawusa, as Acting Executive Commissioner, Legal and Enforcement; Isiyaku Tilde, Acting Executive Commissioner, Operations and Henry Roland Adekunle, Acting Executive Commissioner, Corporate Services.
The new Acting Director-General joined the commission in 1986 as an assistant financial analyst.
Her career, as a regulator, spanned many functions and departments in the SEC, from corporate finance, administration, to providing structural, policy and due diligence for capital market transactions.
Uduk has also been responsible for managing several landmark capital market projects, including the registration of Capital Market Operators, articulating rules for bonds and equities; Mergers, acquisitions and Takeovers, and managing the banking and insurance industry consolidations between 2005-2007.
She had served as the pioneer Head of the Operations Division in the Lagos Zonal Office and had headed some departments like Internal Control, Investment Management, Financial Standards and Corporate Governance and Securities and Investment Services Department among others.
Meanwhile, the ministry had requested for a formal explanation from the SEC of the recent communications between the Commission and the Nigerian Stock Exchange (NSE), which adversely impacted market confidence.
By Our Correspondent