The Federal Government has appointed Dr. Abdul Zubair, as the acting Director General of the Securities and Exchange Commission (SEC) with immediate effect.
His appointment was disclosed in a statement made available to the Daily Times on Sunday. The Daily Times be recalls that the Federal Government had last week, sacked former DG of SEC, Mr. Mounir Gwarzo; and had gone ahead to set up administrative inquiry to investigate the allegations levelled him.
According to the statement, Zubair, who has over 25 years’ cognate experience in the financial industry and the academia, was before the appointment, the director in charge of External Relations in the commission.
Prior to joining SEC Nigeria, Zubair served on the board of Intercity Bank Plc, Nigeria and Minna Pharmaceutical and Surgical Company Ltd. He was also Group Managing Director, Niger State Trust Fund and NST Finance Ltd. He is a fellow of the Institute of Corporate Administrators and Marketing Academy of Nigeria, a member of the Institute of Management Consultants, a certified Commodity Broker and Certified member of Pension Institute of Nigeria.
The SEC’s statement also assured the investing public and all stakeholders, local and international, that in view of the current probe of its DG and two other officials, the Commission is committed to ensuring an 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 the statutory 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 Honourable 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 partly read. The commission noted that it would 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.”