ADVERTISEMENT
  • The Membership Club
  • PT Hausa
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
Wednesday, March 3, 2021
Premium Times Nigeria
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
Premium Times Nigeria
BUA Group Ad BUA Group Ad BUA Group Ad
ADVERTISEMENT
SEC gets acting Director General

SEC building used to illustrate the story. [Photo credit: Naijaloaded]

SEC gets acting Director General

byBassey Udo
December 4, 2017
3 min read

RelatedNews

Osun Assembly reverses policy on local government administration

Gunmen kidnap Chinese contractor in Ekiti

Mob ties teenager to electric pole for ‘stealing’ mother’s cooking utensil

Osinbajo urges EU not to stop financing Nigeria’s gas projects

The Securities and Exchange Commission, SEC, on Monday reassured the investing public of continued stability of the Nigerian capital market following last week’s suspension of its Director General, Mounir Gwarzo.

The Commission gave the assurance while announcing the appointment of Abdul Zubair as acting Director General.

Investigations revealed Mr. Gwarzo may have come under official hammer over his alleged refusal to call off the forensic audit the Commission ordered into the messy financial records of the embattled indigenous oil company, Oando PLC.

Mr. Gwarzo was directed by the Minister of Finance, Kemi Adeosun, to proceed on compulsory suspension to allow an unimpeded investigation into several allegations of financial impropriety leveled against him.

Specifically, he was accused of pocketing about N104.85 million as severance package while still in service, apart from his involvement in the award of contracts to companies, including Medusa Investment Limited, in which he was alleged to be a director.

He was suspended along with two other top management staff of the Commission, Abdulsalam Naif Habu, Head of Media Division, and Anastasia Braimoh, Head of Legal Department, for their alleged involvement in various financial improprieties contrary to Public Service Rules, PSRs, 03405 and 03406.

Following Mr. Gwarzo’s suspension, the Federal Government on Monday named Mr. Zubair as his successor with immediate effect, albeit in an acting capacity.

Until his appointment, Mr. Zubair was the Director in charge of External Relations in the Commission.

In the statement announcing his appointment, SEC management said despite fears of a possible disruption in the operation of the capital market, investors should rest assured of continue stability.

“SEC Nigeria wishes to assure the investing public and all stakeholders, local and international, of its commitment to ensuring an uninterrupted and orderly operation of the market and the regulation thereof. The Commission is poised to continue sustaining the all-time high level of investor confidence,” the statement said.

“We will not allow recent developments to disrupt the regulatory effectiveness and efficiency of the Commission as the statutory regulator of the capital market and by extension, the smooth running of the market,” it added.

The Commission said while it awaits the outcome of the assignment of the Administrative Panel of Inquiry set up by the Minister of Finance to investigate allegation of financial impropriety against the suspended DG and other officials, it would not allow the operational independence of the Commission to be compromised.

Dangote adbanner 728x90_2 (1)

The SEC management said the resolve to uphold the integrity of its regulatory mandate was 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.

Also, the Commission said it would, without let or hindrance, continue to remain faithful to its developmental mandates as enunciated in the Investments and Securities Act, ISA.

While assuring of market efficiency, accountability and transparency, SEC said it would proceed with all regulatory matters currently before it with all sense of objectivity and fairness, with the best interest of investors at the core of all considerations.

Apart from promptly making public its decisions on matters before it, the Commission said it would maintain capital market role in economic stability and growth, and would not abandon its regulatory and developmental responsibilities.

The acting SEC DG is an alumnus of the Ahmadu Bello University, ABU, Zaria, where he received the Bachelor of Science, B.Sc. degree in Economics; Master of Business Administration, MBA, Master of Science, M.Sc. and PhD in Business Administration.

Mr. Zubair holds post graduate diplomas, PGDs (Mathematics & Computer Science) and Education from other universities.

ADVERTISEMENT

He has over 25 years’ cognate experience in the financial industry and the academia, with his career traversing banking, private and public service and the academia.

Abdul Zubair, SEC Acting DG
Abdul Zubair, SEC Acting DG

Prior to joining SEC Nigeria, Mr. Zubair served on the board of Intercity Bank Plc, Nigeria and Minna Pharmaceutical and Surgical Company Limited.

He was also Group Managing Director, Niger State Trust Fund and NST Finance Limited as well as a Fellow of the Institute of Corporate Administrators and Marketing Academy of Nigeria.

He is also a member of the Institute of Management Consultants, a certified Commodity Broker and Certified member of Pension Institute of Nigeria.

Mr. Zubair attended several local and international courses at middle, executive and top management levels. He is married with children and has been contributing to academic journals worldwide.

  • WhatsApp
  • Tweet
  • Email
  • Print
  • Telegram
  • More
  • Share on Tumblr
  • Pocket

Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate


TEXT AD: To advertise here . Call Willie +2347088095401...


JOIN THE CONVERSATION

  • Disqus (0)
premiumtimes



PT Mag Campaign AD

Previous Post

Why judge ordered arrest of former Enugu governor, Nnamani

Next Post

Former Nigerian Senator kidnapped

Bassey Udo

Bassey Udo

Bassey Udo is PREMIUM TIMES' Business & Economy Editor. He has covered finance, energy, oil, gas & extractive industries for over a decade. He is a winner of the Wole Soyinka Award for Investigative Journalism, and the Thomson Reuters Foundation (Wealth of Nations) Award for Business Reporting. Bassey is an alumnus of the U.S. International Visitors Leadership Programme. Twitter: @ba_udo

More News

Oil Barrels used to illustrate the story. [Photo credit: ThePointNG]

Oil prices rise as OPEC+ unlikely to raise output

March 3, 2021
Nigeria Market street [PHOTO CREDIT: Financial Times]

Blockade: Meat scarcity, high food prices persist in Lagos, Ibadan, others

March 3, 2021
Nigerian Economy

Naira gains at parallel market

March 2, 2021
Nigerian stocks Exchange

Nigerian Stocks retreat on profit-taking in Nestle, Zenith, WAPCO

March 2, 2021
Governor Douye Diri of Bayelsa State

PIB: 2.5% revenue for host communities ‘unacceptable’ to Niger Delta – Gov Diri

March 2, 2021
MTN Office

MTN Nigeria posts record turnover as pandemic drives data sales

March 1, 2021
Next Post
UCH confirms death of ex-Senator Arise’s aide

Former Nigerian Senator kidnapped

Olubadan of Ibadan, Saliu Adetunji

Ibadan chieftaincy review reversible - Olubadan

Discussion about this post

Search

#EndSARS: Latest Updates




Polaris Bank


JAIZ Ad


NITDA Ad





Glo Ad

Subscribe to News via Email

Enter your email address and receive notifications of news by email.

Join 1,627,657 other subscribers.

Advertisement






netherland biz school Advert



Zenith Advert
ADVERTISEMENT

Our Digital Network

  • PT Hausa
  • Election Centre
  • Human Trafficking Investigation
  • Centre for Investigative Journalism
  • National Conference
  • Press Attack Tracker
  • PT Academy
  • Dubawa
  • LeaksNG
  • Campus Reporter

Resources

  • Oil & Gas Facts
  • List of Universities in Nigeria
  • LIST: Federal Unity Colleges in Nigeria
  • NYSC Orientation Camps in Nigeria
  • Nigeria’s Federal/States’ Budgets since 2005
  • Malabu Scandal Thread
  • World Cup 2018
  • Panama Papers Game
  • Our Digital Network
  • About Us
  • Resources
  • Projects
  • Data & Infographics
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

No Result
View All Result
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Panama Papers
    • Paradise Papers
    • Parliament Watch
    • AGAHRIN
  • Opinion
  • PT Hausa
  • The Membership Club
  • Dubawa
    • Dubawa NG
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
  • Digital Store
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

Our website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
loading Cancel
Post was not sent - check your email addresses!
Email check failed, please try again
Sorry, your blog cannot share posts by email.