Adeosun removes Abdul Zubair as acting SEC boss DG, appoints Mary Uduk

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Kemi Adeosun

Mrs Kemi Adeosun, Nigeria’s Minister of Finance, 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, to SEC’s External Relations Department.. 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.
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, was appointed on November 29, 2017 following the suspension of Munir Gwarzo for alleged abuse of office.
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.
The new DG 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.

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