New boss of the Nigerian Security and Exchange Commission Dr Abdul Zubair

London, Dec. 3, 2017 (AltAfrika)-The Government of Nigeria on Sunday announced the appointment of Dr Abdul Zubair as acting Director-General, Securities and Exchange Commission (SEC).

The appointment takes immediate effect going by a statement signed by Mrs Efe Ebelo of the commission’s Corporate Communications Unit and  made available to the News Agency of Nigeria (NAN)

Ebelo stated that the appointment followed the suspension of Mr Munir Gwarzo, the commission’s boss.

The statement assured the investing public and stakeholders, both local and international, of the commission’s commitment to ensuring uninterrupted and orderly operation of the market and regulation.

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

She added that recent developments in the commission would not be allowed to disrupt its regulatory effectiveness and efficiency as statutory regulator of the capital market.”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,” she said.

Ebelo said the commission patiently awaited the outcome of the enquiry of the Administrative Panel set up by the Minister of Finance to investigate the allegations against the former boss.

Ebelo said that the commission would continue to be faithful to its developmental mandates as enunciated in the Investments and Securities Act (ISA).

“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.”

It will be recalled that Mrs Kemi Adeosun, the Minister of Finance on Nov. 29 suspended Gwarzo  and two other senior staff of the commission: Abdulsalam Naif Habu, Head of Media Division; and Anastasia Omozele Braimoh, Head of Legal Department over allegations of financial impropriety

Adeosun immediately set up an administrative panel of inquiry to investigate the allegation

The acting Director-General is an alumnus of Ahmadu Bello University, Zaria, where he obtained B.Sc. Economics, MBA, M.Sc. and PhD Business Administration degrees.

He also holds a PGD (Mathematics & Computer Science) and a PGD (Education) from other universities.

He has over 25-year cognate experience in the financial industry and the academia.