By Modupe Gbadeyanka
Federal Government on Friday reshuffled the top management of the Securities and Exchange Commission (SEC).
The reshuffling was approved by Minister of Finance, Mrs Kemi Adeosun, under whose ministry the capital market’s regulatory agency operates.
Acting Director General of SEC, Mr Abdul Zubair, was redeployed by the Minister to the External Relations department of the agency.
Ms Mary Uduk has now been appointed as the new Acting DG of SEC.
Also, the Minister said Reginald Karawusa has been appointed the Acting Executive Commissioner in charge of Legal and Enforcement, Isiyaku Tilde as the Acting Executive Commissioner in charge of Operations, and Henry Roland Adekunle as Acting Executive Commissioner in charge of Corporate Services.
Confirming these redeployments, the Minister, in a statement issued by her media aide, Mr Olumuyiwa Akintunde, explained that Ms Uduk’s appointment was 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.
Mrs Adeosun added that the appointment had become necessary to ensure effective regulation of the capital market, but will, subject to satisfactory performance, subsist until further notice.
Ms Uduk joined SEC 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.
The new acting DG 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.
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