‘Replacement of acting DG of SEC is unjust, unfair’: NASS member

• show of continued marginalization of some sections of the country

The Member representing Etinan/Nsit Ibom/Nsit Ubium Federal Constituency and Chairman House Committee on Judiciary, Mr Onofiok Luke, has expressed dissatisfaction with Mr President’s proposal for the replacement of the Acting Director-General of the Security and Exchange Commission [SEC], Ms Mary Uduk.

In a statement signed by his press secretary Mr Aniekan Udofia and made available to newsmen in Uyo yesterday, The immediate past Speaker of the Akwa Ibom state assembly reasoned that, in the spirit of federal character and merit, Ms Uduk should have since been confirmed as the substantive head of SEC two years after her appointment in acting capacity rather than be replaced.

However, he acknowledged that, even though it was within the prerogative of the President to appoint, reappoint or dropped federal officials, he noted that, such appointment(s) must be seen to be fair and just, and in compliance with the federal character requirements of the Constitution of the Federal Republic of Nigeria.

He, therefore, reasoned that the replacement of Ms Uduk as the substantive Director-General of the Commission was unfair, unjust and contrary to the tenets of federal character.

The lawmaker posited that the track record of the acting DG in restoring investor’s confidence in Nigeria’s capital market would have been one of the strong reasons she should have been considered to retain the office in a substantive capacity.

According to him, replacing the woman at a time of global economic instability was unnecessary, especially when her experience and familiarity with the terrain of the Nigerian market would have served the nation’s best interest.

Luke averred that the action of the Federal government should worry every patriotic and detribalized Nigerian, that the unexplained and untimely replacement of Ms Uduk signals yet another form of the continued marginalization of some sections of the country.

It would be recalled that Ms Uduk, an Akwa Ibom indigene from Uyo Local Government joined the SEC in 1986 and had served in various capacities providing structural, policy and due diligence for capital market transactions. Her competence and experience has given stability to the SEC since her appointment in 2018.

In April of 2020, Ms Uduk was elected into the Board of the International Organisation of Securities Commissions (IOSCO) to represent the Africa/Middle-East Regional Committee on the IOSCO board for a period of two years.

“While praying Mr President to reconsider his replacement of the Acting DG, Luke is urging his colleagues at the National Assembly to not assent to the president’s replacement of Uduk on grounds of equity and fairness”, the statement said.

-The Guardian