By Favour Nnabugwu
LAGOS—THE Federal Government, yesterday, announced the appointment of Dr Abdul Zubair as Acting Director-General, Securities and Exchange Commission, SEC.
Mrs Efe Ebelo of the commission’s Corporate Communications Unit, who disclosed this in Lagos, said the appointment was with immediate effect.
Ebelo stated that the appointment followed the suspension of Mr Munir Gwarzo, the commission’s boss.
She assured the investing public and stakeholders, both local and international, of the commission’s commitment to ensuring uninterrupted and orderly operations of the market, as well as regulation.
Until his appointment, Zubair was the Director in charge of External Relations in the commission.
Ebelo stated that the 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 the statutory regulator of the capital market.
She assured that the market would run smoothly, despite the development.
Ebelo said 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 at no point would the management allow operational independence of the commission to be compromised.
“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.
Ebelo said the commission would continue to be faithful to its developmental mandates as enunciated in the Investments and Securities Act, ISA.
She added that SEC would ensure market efficiency, accountability and transparency and would proceed with all regulatory matters currently before it.
She said the commission would do that with all sense of objectivity and fairness and with the best interest of investors.
She added: “In this regard, the commission will make public its decisions on matters before it as promptly as such decisions are being arrived at.
“The role of the capital market in economic stability and growth cannot be over-emphasised, hence the commission will not at any time permit the abandonment of its regulatory and developmental responsibilities.”
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.
He also holds a PGD (Mathematics & Computer Science) and a PGD (Education) from other universities.
He has over 25 years cognate experience in the financial industry and the academia.
It will be recalled that Mrs Kemi Adeosun, the Minister of Finance, on November 29, 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.