Zubair appointed acting SEC DG

The Federal Government has appointed Dr. Abdul Zubair as the acting Director-General of the Securities and Exchange Commission (SEC) with immediate effect. He was before the appointment the director in charge of external relations in the commission.

The appointment was disclosed in a statement by SEC on Sunday.

The commission said it was awaiting the outcome of the outcome of the probe by the Administrative Panel of Inquiry into the allegations of the suspended director-general, Mr. Mounir Gwarzo, as ordered by the Minister of Finance, Mrs Kemi Adeosun, adding that it would not allow the operational independence of SEC to be compromised at any point.

SEC said this was strictly in line with the objectives and principles of securities regulations as set out by the International Organisation of Securities Commissions, to which Nigeria is a signatory.

The Commission therefore assured 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.

Accordingly, the commission said it was poised to continue to ensure the stability of the Nigerian capital market and sustain the all-time high level of investor confidence, as recent developments would not be allowed to disrupt its regulatory effectiveness and efficiency as the statutory regulator of the capital market and by extension, the smooth running of the financial market.