By KELECHI MGBOJI
Barely six months after dissolution of the Senator Udoma Udo Udoma led board of Securities and Exchange Commission (SEC), supervising Ministry for the Commission, over the weekend, announced its reconstitution with Dr. Suleiman Abdu Ndanusa as the Chairman of the reconstituted board. Erstwhile Director General of SEC, and former Chief Executive Officer and Managing Director of defunct Spring Bank Plc, Ndanusa is a seasoned banker whose wealth of experience cuts across the financial industry.
Announcing the reconstitution of the SEC board, the Ministry of Finance also announced the appointment of five other members of the board with two of them coming from the North, one each from the South West, South East and South South. A statement signed by Mr. Paul C Nwabuikwu, special adviser to the Coordinating Minister for the Economy and Minister of Finance (CME/MoF), Dr (Mrs) Ngozi Okonjo Iweala, named both Mallam Mounir Haliru Gwarzo from North West, and Mrs. Sa’adatu Mohammed Bello from North Central as Executive Commissioners.
Another executive commissioner of the board is Rt. Hon. Zakawanu Imhobobho Garuba from South South zone while Barrister Adefunke Abiodun from South West and Mr Ugochukwu Ikemba from South East were appointed as non-executive commissioners. Until December 2008, Dr. Ndanusa was the Chief Executive Officer and Managing Director of defunct Spring Bank Plc which was nationalized and transformed into Enterprise Bank Limited after it was rescued by the Central bank of Nigeria as one of the distressed banks.
Ndanusa began his banking career in the Continental Merchant Bank of Nigeria (CMBN) as a Deputy Manager of Credit & Marketing in 1987. He served as Assistant General Manager, Head of Domestic Money Market Department of Spring Bank Plc. in July 1992. At Spring Bank Plc, he also served as Manager of Credit & Marketing in Charge of Construction, Real Estate, Packaging and Transportation Team in 1989 and Head of Department, Domestic Money Market & Treasury in 1991. From 1993 to 1996, he served as Group Managing Director of Empire Group Ltd., a financial services holding company with five subsidiary companies covering finance & investment; stock broking; insurance broking; savings & loan and commodities trading.
He served variously as Special Assistant to the Minister of Commerce, Lead Consultant of the Central Bank of Nigeria Bank Consolidation Monitoring Team, Non-Executive Director of UAC of Nigeria Plc since January 2010, and Non-Executive Director of Spring Bank Plc. Dr. Ndanusa, who holds a Doctorate degree from St. Clements University, UK, is also a graduate of Ahmadu Bello University, Zaria, with B.Sc. Economics and MBA degrees. He is a lawyer, certified stockbroker and an AMP graduate of Harvard Business School, USA Commenting on the appointment, cross section of market operators and shareholder groups lauded the appointment, describing it as “a round peg in a round hole”.
David Adonri, the Managing Director and Chief Executive Officer, Lambeth Securities Trust Limited, said Ndanusa’s appointment will serve as further boost to recovering investor confidence in the market. According to him, his experience will further strengthen the market and move it to the next level. He said the new board chairman would certainly be of immense value to the Commission and the market. Boniface Okezie, Chairman of Progressive Shareholders Association of Nigeria, Ndanusa is quite suitable for the job and will serve as stabilizing factor.