The Federal Government on Sunday announced the appointment of Dr. Abdul Zubair as Acting Director-General, Securities and Exchange Commission (SEC).
The announcement was made in a statement issued by Mrs. Efe Ebelo of the commission’s Corporate Communications Unit.
The appointment, according to the statement, was with immediate effect.
Zubair’s appointment followed the suspension of Mr Munir Gwarzo, the commission’s boss.
Until his appointment, Abdul Zubair was the director in charge of External Relations in the commission.
In the statement, Ebelo assured the investing public and stakeholders, both local and international, of the commission’s commitment to ensuring uninterrupted and orderly operation of the market and regulation.
According to her, SEC would continue to ensure the stability of the Nigerian capital market and sustain the all-time high level of investors’ confidence.
She added that recent developments in the commission would not be allowed to disrupt its regulatory effectiveness and efficiency as statutory regulator of the capital market.
She pointed out that the commission patiently awaited the outcome of the assignment of the Administrative Panel of Inquiry set up by the Minister of Finance to investigate the allegations against the former boss.
She said that at no point would the management allow the operational independence of the commission to be compromised.
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“This is strictly in line with the objectives and principles of securities regulations as set out by the International Organisation of Securities Commissions (IOSCO), to which Nigeria is a signatory,’’ she said.
On November 29, the Minister of Finance, Mrs. Kemi Adeosun, suspended Gwarzo over allegations of financial impropriety.
Adeosun immediately set up an administrative panel of inquiry to investigate the allegations.
She said that the suspension of Gwarzo was to allow for an unhindered investigation of several allegations of financial impropriety leveled against him.
She also suspended two other senior staff of the commission: Abdulsalam Naif Habu, head of Media Division; and Anastasia Omozele Braimoh, head of Legal Department.
The acting director-general is an alumnus of Ahmadu Bello University, Zaria, where he received B.Sc. Economics, MBA, M.Sc. and PhD Business Administration degrees.
