FG names Zubair as acting SEC DG

Securities and Exchange Commission

The Federal Government has appointed Dr. Abdul Zubair as the acting Director-General of the Securities and Exchange Commission.

The appointment  which was disclosed in a statement by SEC on Sunday  takes immediate effect.

Zubair who was the director in charge of external relations in the commission until the appointment will steer the ship of the commission pending outcome of the probe of the suspended Director-General, Mr Mounir Gwarzo.

The commission said it would not allow the operational independence of SEC to be compromised at any point.

The statement also 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.

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It would be recalled that the Minister of Finance, Kemi Adeosun had ordered the suspension of Gwarzo to allow his probe.