FG Appoints Abdul Zubair Acting SEC DG 4 Days After Gwarzo’s Suspension

The Federal Government has announced the appointment of Abdul Zubair as the Acting Director-General, Securities and Exchange Commission (SEC).

The appointment which is with immediate effect was made by the Nigerian government on Sunday, December 3, 2017, in a statement issued by Efe Ebelo of the Commission’s corporate communications unit.

Zubair’s appointment is coming four (4) days after Nigeria’s Minister of Finance, Kemi Adeosun suspended Mounir Gwarzo over alleged N104.8m severance package.

Adeosun said Gwarzo’s suspension is to allow an unhindered investigation into allegations of financial impropriety levelled against him.

Gwarzo was suspended alongside Abdulsalam Naif Habu, head of media division, and Anastastia Omozele Braimoh, head of legal department.

Before his appointment, Zubair was the Director in charge of external relations in the commission.

Ebelo in her statement, 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 assured that recent developments in the commission would not be allowed to disrupt its regulatory effectiveness and efficiency as a statutory regulator of the capital market, noting that the market would run smoothly despite the development.

Ebelo said SEC 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 the 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 with.

Ebelo furthered that SEC would do that with all sense of objectivity and fairness and with the best interest of investors.

“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”, Ebelo.

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