Following Gwarzo’s suspension, FG appoints Abdul Zubair acting DG of
SEC

The Federal Government Sunday announced the appointment of Abdul Zubair as Acting Director-General, Securities and Exchange Commission (SEC), following the suspension of Munir Gwarzo,
the commission’s Director-General.
Until his appointment, Zubair was the director in charge of external relations in the commission.
In a statement, Efe Ebelo of the commission’s corporate communications unit said the appointment was with immediate effect.
She assured the local and international investing public and stakeholders of the commission’s commitment to ensuring continued coordinated and uninterrupted regulation and market operation.
Ebelo said SEC would continue to ensure the stability of the Nigerian capital market, while also preserving investors’ confidence.
She said the commission patiently awaited the outcome of the assignment of the Administrative Panel of Inquiry set up by the Minister of Finance to investigate the allegations against the former boss, adding that the management would never allow the operational independence of the commission to be compromised.
“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 maintained that the commission would continue to be committed to its mandate as stipulated in the Investments and Securities Act (ISA).
She added that SEC would ensure market efficiency, accountability and transparency and would proceed with all regulatory matters currently before it and would do that with all sense of objectivity and fairness and with the best interest of investors.
“In this regard the commission will make public its decisions on matters before it as promptly as such decisions are being arrived at.
“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”, she said.
Kemi Adeosun, Minister of Finance, had on November 29 suspended Gwarzo over allegations of financial impropriety.
Adeosun immediately set up an administrative panel of inquiry to investigate the allegations.
She also suspended two other senior staff of the commission: Abdulsalam Naif Habu, head of media division; and Anastasia Omozele Braimoh, head of legal department.