The Minister of Finance, Mrs. Kemi Adeosun, has appointed Ms Mary Uduk as the new Director-General of the Securities and Exchange Commission (SEC).
Her appointment followed the redeployment of Dr. Abdul Zubair, who had been acting since December last year.
The minister, according to her media aide, Mr. Oluyinka 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.
The appointment which was made known in a statement issued on Friday by Akintunde, would remain till further notice depending on her satisfactory performance.
According to the minister, Uduk’s appointment became necessary so that there would be effective regulation of the Capital Market.
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While Zubair has been posted to SEC’s External Relations Department, Reginald C. Karawusa was appointed as Acting Executive Commissioner, Legal and Enforcement; Isiyaku Tilde as the Acting Executive Commissioner, Operations and Henry Roland Adekunle as Acting Executive Commissioner, Corporate Services.
The minister was said to have also asked 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.
Uduk joined the commission in 1986 as an assistant financial analyst.
She has since held different positions and carried out different functions.
She was also the pioneer Head of the Operations Division in the Lagos Zonal Office, and had worked as the head of different departments in the commission.
It would be recalled that the Director-General of the commission, Mr. Mounir Gwarzo, was suspended last year following alleged financial mismanagement.
He was replaced by Zubair on December 3, 2017.
