FG Appoints Abdul Zubair As Acting DG Of SEC

By Mike Abba

Following the suspension of Munir Gwarzo, being investigated for alleged official misconduct and corrupt acts, the Federal Government has announced the appointment of Dr. Abdul Zubair as Acting Director-General of the Securities and Exchange Commission (SEC) with immediate effect.

In a statement yesterday, the Commission said , Zubair was, before the appointment, the Director in charge of External Relations at the Commission.

The apex capital market regulatory body assured the investing public and all stakeholders, local and international, of its commitment towards ensuring an uninterrupted and orderly operation of the market and the regulation, following the suspension of Gwarzo.

“While the Commission patiently awaits the outcome of the assignment of the Administrative Panel of Inquiry set up by the Minister of Finance, at no point will 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 said.

The Commission said it will proceed with all regulatory matters currently before it with all sense of objectivity and fairness and with the best interest of investors at the core of all considerations, while ensuring market efficiency, accountability and transparency.

It pledged to make public its decisions on matters before it promptly as such decisions are being arrived at, adding that 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.

The acting DG is an alumnus of Ahmadu Bello University, Zaria where he received B.Sc. Economics, MBA, M.Sc. and PhD Business Administration degrees. He also holds PGD in Mathematics and Computer Science and PGD Education from other universities, with over 25 years cognate experience in the financial industry and the academia.