FG Appoints Abdul Zubair Acting DG Of SEC

The federal government on Sunday 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 said in a statement made available to the News Agency of Nigeria in Lagos that the appointment is with immediate effect.

Ebelo stated that the appointment follows the suspension of 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 operation of the market and 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. Ebelo said the commission patiently awaits the outcome of the investigation by the Administrative Panel of Inquiry set up by the Minister of Finance into allegations against the former boss.

She said that 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.