Nigeria’s Minister of Finance, Kemi Adeosun, has appointed Mary Uduk as the Acting Director-General of the Securities and Exchange Commission, SEC.
Uduk’s appointment is governed by the provisions of the Investments and Securities Act, 2007 and the conditions of service applicable to the Director-General of the Commission.
Adeosun said in a letter dated April 13, 2018, that Uduk’s appointment had become necessary to ensure effective regulation of the Capital Market.
The Finance Minister also announced the redeployment of the former acting Director-General of the Commission, Dr Abdul Zubair, to the External Relations Department.
Adeosun further made the following reassignment of the under-mentioned persons: Reginald C. Karawusa – Acting Executive Commissioner, Legal and Enforcement, Isiyaku Tilde – Acting Executive Commissioner, Operations, Henry Roland Adekunle – Acting Executive Commissioner, Corporate Services.
The new Acting Director-General joined the Commission in 1986 as an assistant financial analyst.
Meanwhile, Uduk’s appointment is coming two (2) days after the confusion between SEC and the Nigerian Stock Exchange (NSE) over the shares Oando Plc.
NSE had lifted the suspension on the trading of Oando’s shares and suspended it again after three hours of trading. The agency later reversed itself, explaining that it acted based on a directive from SEC.