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FG appoints Abdul Zubair to replace Gwarzo as Ag SEC DG

By Favour Nnabugwu
Federal Government of Nigeria has appointed Dr. Abdul Zubair as the acting Director General of the Securities and Exchange Commission (SEC) to replace the suspended Mr Mounir H. Gwarzo with immediate effect.

Mounir H. Gwarzo

 

Zubair until Sunday, was the Director in charge of External Relations in the Commission before he was appointed as Ag DG which automatically oust the Gwarzo who was suspended on November 29, 2017 to allow unhindered investigation into alleged financial impropriety.

While the Commission patiently awaits the outcome of the assignment of the Administrative Panel of Inquiry set up by the Honourable Minister of Finance, at no point will Management allow the operational independence of the Commission to be compromised.

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.

According to the Sec! “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.”

The Commission will also without let or hindrance, continue to be faithful to its developmental mandates as enunciated in the Investments and Securities Act.

In specific terms, the Commission, while ensuring market efficiency, accountability and transparency, will proceed with all regulatory matters currently before it with all sense of objectivity and fairness, with the best interest of investors at the core of all considerations.

However, the Acting DG 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 PGD (Mathematics & Computer Science) and PGD (Education) from other universities.

He has over twenty-five (25) years’ cognate experience in the financial industry and the academia. His career transverse banking, private and public service and the academia.

Prior to joining SEC Nigeria, Zubair served on the board of Intercity Bank Plc, Nigeria and Minna Pharmaceutical and Surgical Company Ltd. He was also Group Managing Director, Niger State Trust Fund and NST Finance Ltd. He is a fellow of the Institute of Corporate Administrators and Marketing Academy of Nigeria, a member of the Institute of Management Consultants, a certified Commodity Broker and Certified member of Pension Institute of Nigeria.

He has attended several local and international courses at middle, executive and top management levels. He is married with children and has been contributing to academic journals worldwide.


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