From Uche Usim, Abuja and Chinenye Anuforo
The Federal Government yesterday, announced the appointment of Dr. Abdul Zubair, as the Acting Director General of the Securities and Exchange Commission (SEC).
He replaces the embattled Mounir Gwarzo, who was suspended, alongside two others senior officials of the Commission, to make way for unhindered investigation into some fraudulent allegations levelled against them. Zubair, whose appointment takes immediate effect, was formerly the director in charge of External Relations in the Commission.
SEC in a statement, assured the investing public and all stakeholders (local and international) of its commitment to ensuring uninterrupted and orderly operation of the market and the regulation thereof.
“Accordingly, the Commission is poised to continue to ensure the stability of the Nigerian capital market and sustain the all-time high level of investor confidence, as recent developments will not be allowed to disrupt the regulatory effectiveness and efficiency of the Commission as regulator of the capital market and by extension, the smooth running of the market.
“While the Commission patiently awaits the outcome of the assignment of the Administrative Panel of Inquiry set up by the Minister of Finance, at no point will 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 noted.
The Commission also assured that it will, 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.
“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”. it said.
The Acting DG is an alumnus of Ahmadu Bello University, Zaria where he bagged a Bachelor of Science (B.Sc) in 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 25 years cognate experience in the financial industry and the academia. His career transverses banking, private and public services.
Prior to joining SEC Zubair served on the board of Intercity Bank Plc, and Minna Pharmaceutical and Surgical Company Limited. He was also Group Managing Director, Niger State Trust Fund and NST Finance Limited. He is a Fellow of the Institute of Corporate Administrators and Marketing Academy of Nigeria, member, the Institute of Management Consultants, 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.