Abdul Zubair replaces suspended Gwarzo as acting SEC DG


The federal government on Sunday announced the appointment of Abdul Zubair as acting director-general, Securities and Exchange Commission (SEC).

The appointment which was with immediate effect, followed the suspension of Munir Gwarzo, the commission’s boss.

The 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.

Until his appointment, Zubair was the director in charge of external relations in the commission.

The statement said the SEC would continue to ensure the stability of the Nigerian capital market and sustain the all-time high level of investors’ confidence.

The statement added that recent developments in the commission would not be allowed to disrupt its regulatory effectiveness and efficiency as statutory regulator of the capital market, assuring that the market would run smoothly despite the development.

The statement 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.

It 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,” the statement said.

The commission, according to the statement, would continue to be faithful to its developmental mandates as enunciated in the Investments and Securities Act (ISA).

It added that SEC would ensure market efficiency, accountability and transparency and would proceed with all regulatory matters currently before it with, stressing that the commission 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.”

Kemi Adeosun, mnister 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.


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