[BREAKING] Adeosun Sacks Acting SEC Boss, Zubair, Sends Him To External Affairs Dept

…directs Uduk to take over as acting SEC DG

The Minister of Finance, Mrs. Kemi Adeosun, on Friday removed Dr. Abdul Zubair as the acting Director-General of the Securities and Exchange Commission.

The removal was confirmed in a statement issued by the Special Adviser to the minister of finance, Mr. Oluyinka Akintunde.

The statement said that following his removal as acting SEC DG, Zubair has now been redeployed to External Relations Department.

Zubair was appointed as acting SEC DG on November 29, 2017 following the suspension of Mr. Mounir Gwarzo for alleged abuse of office.

As a result of the reassignment of Zubair, the minister, according to the statement, has given approval that Ms. Mary Uduk should assume the position of acting Director-General of the Commission.

The statement said that Uduk’s appointment is governed by the provisions of the Investments and Securities Act, 2007 and the conditions of service applicable to the Director-General of the Commission.

The statement read in part, “The minister, in a letter dated 13th April, 2018, said Uduk’s appointment had become necessary to ensure effective regulation of the capital market.

“Her appointment will, subject to satisfactory performance, subsist until further notice.

“The minister also announced the redeployment of the former acting Director-General of the Commission, Dr. Abdul Zubair, to External Relations Department.”