Uche Usim, Abuja

The Minister of Finance, Mrs. Kemi Adeosun, on Friday approved appointment of Ms Mary Uduk as the Acting Director General of the Securities and Exchange Commission (SEC), in what she described as  the reassignment of portfolios in the capital market regulatory body. 

Uduk replaces Dr Abdul Zubair who was Acting SEC DG but now moved to External Relations department.

According to a statement by Adeosun’s Spokesman, Olumuyiwa Akintunde, Uduk’s appointment is 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 13th April, 2018, 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 further made the following reassignment of the under-mentioned persons; Reginald C. Karawusa, Acting Executive Commissioner, Legal and Enforcement; Isiyaku Tilde – Acting Executive Commissioner, Operations;

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Henry Roland Adekunle – Acting Executive Commissioner, Corporate Services”, Akintunde stated.

The new Acting Director-General 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 transactions. 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, and managing the banking and insurance industry consolidations between 2005-2007.

Uduk served as the pioneer Head of the Operations Division in the Lagos Zonal Office, and has headed the following Departments in the Commission: Internal Control, Investment Management, Financial Standards and Corporate Governance and Securities, and Investment Services Department, among others.

Meanwhile, the Federal Ministry of Finance has 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.

The issue bordered on the lifting of the Oando’s shares’ suspension, which shocked many industry watchers.