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Just in: Adeosun removes Abdul Zubair as acting SEC boss DG

Just in: Adeosun removes Abdul Zubair as acting SEC boss DG

- Nigeria's minister of finance, Kemi Adeosun, has removed Dr Abdul Zubair as the acting Director-General of the Securities and Exchange Commission (SEC)

- Mary Uduk, was appointed as the new director general, following the redeployment of Zubair to External Relations Department

- Zubair was appointed on November 29, 2017 following the suspension of Mounir Gwarzo for alleged abuse of office

Minister of finance, Kemi Adeosun, on Friday, April 13, appointed Mary Uduk, as the new Director -General, the Securities and Exchange Commission (SEC) following the redeployment of Dr Abdul Zubair, who had held forte since December last year.

Oluyinka Akintunde, special adviser, media & communications to the minister of finance made the changes known.

Adeosun said that Uduk’s appointment was governed by the provisions of the Investments and Securities Act (ISA), 2007 and the conditions of service applicable to the director-general of the commission.

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The minister in a letter dated April 13, said Uduk’s appointment had become necessary to ensure effective regulation of the Capital Market.

“Her appointment will, subject to satisfactory performance, subsist until further notice”, she said.

Zubair, the former acting director-general of the Commission, has been posted to SEC’s External Relations Department.

The minister also appointed Reginald C. Karawusa as Acting Executive Commissioner, Legal and Enforcement; Isiyaku Tilde – Acting Executive Commissioner, Operations and Henry Roland Adekunle – Acting Executive Commissioner, Corporate Services.

She requested for a formal explanation from the SEC of the recent communications between the commission and the Nigerian Stock Exchange (NSE), which adversely impacted market confidence.

Market operators were of the view that the reassignment was in connection with the flip-flop by both SEC and Nigerian Stock Exchange over Oando’s technical suspension and re-admission into the market.

Uduk joined the commission in 1986 as an assistant financial analyst.

Her career as a regulator has spanned many functions and departments in the commission, from corporate finance, administration, to providing structural, policy and due diligence for capital market transaction.

She has also been responsible for managing several landmark capital market projects, including the registration of capital market operators, articulating rules for bonds and equities; mergers, acquisitions and takeovers, among others.

Uduk also served as the pioneer Head of the Operations Division in the Lagos Zonal Office, and has headed various departments in the commission, including Internal Control, Investment Management, Financial Standards and Corporate Governance and Securities.

The federal government on December 3, 2017, announced the appointment of Zubair as acting SEC Director-General.

Zubair’s appointment followed the suspension of Mounir Gwarzo, the commission’s Director-General, on November 29, 2017 over allegations of financial impropriety.

The finance minister on November 29 suspended Gwarzo and set up an administrative panel of inquiry to investigate allegations of financial impropriety against him. She said that Gwarzo was suspended from office to allow for an unhindered investigation of the allegations.

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The minister also suspended two other senior staff of the commission, Abdulsalam Naif Habu, Head of Media Division and Anastasia Omozele Braimoh, Head of Legal Department.

According to an earlier report by, the minister of finance, Kemi Adeosun, on Thursday, March 1, said that the federal government is ready to prosecute, name and shame tax evaders that fail to utilise the tax amnesty programme, the Voluntary Assets and Income Declaration Scheme (VAIDS), to regularise their tax profiles.

Nigerian Tribune reports that she also disclosed that the federal government would strictly adhere to the confidentiality of the automatic exchange of financial account information in tax matters, in line with the guidelines of the Organisation for Economic Cooperation and Development (OECD).

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