" />
Published On: Mon, Dec 4th, 2017

FG appoints Abdul Zubair to replace suspended SEC DG

The Securities and Exchange Commission (SEC) on Monday announced the appointment of Abdul Zubair as acting Director General.

The commission while making the announcement, also reassured the investing public of continued stability of the Nigerian capital market following last week’s suspension of its Director General, Mounir Gwarzo.

It would be recalled that Gwarzo was directed by the Minister of Finance, Kemi Adeosun, to proceed on compulsory suspension to allow an unimpeded investigation into several allegations of financial impropriety leveled against him.

Specifically, he was accused of pocketing about N104.85 million as severance package while still in service, apart from his involvement in the award of contracts to companies, including Medusa Investment Limited, in which he was alleged to be a director.

He was suspended along with two other top management staff of the Commission, Abdulsalam Naif Habu, Head of Media Division, and Anastasia Braimoh, Head of Legal Department, for their alleged involvement in various financial improprieties contrary to Public Service Rules, PSRs, 03405 and 03406.

Following Gwarzo’s suspension, the Federal Government on Monday named Mr. Zubair as his successor with immediate effect, albeit in an acting capacity.

Until his appointment, Zubair was the Director in charge of External Relations in the Commission.

In the statement announcing his appointment, SEC management said despite fears of a possible disruption in the operation of the capital market, investors should rest assured of continue stability.

“SEC Nigeria wishes to assure 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. The Commission is poised to continue sustaining the all-time high level of investor confidence,” the statement said.

“We will not allow recent developments to disrupt the regulatory effectiveness and efficiency of the Commission as the statutory regulator of the capital market and by extension, the smooth running of the market,” it added.

The Commission said while it awaits the outcome of the assignment of the Administrative Panel of Inquiry set up by the Minister of Finance to investigate allegation of financial impropriety against the suspended DG and other officials, it would not allow the operational independence of the Commission to be compromised.

The SEC management said the resolve to uphold the integrity of its regulatory mandate was 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.

Also, the Commission said it would, without let or hindrance, continue to remain faithful to its developmental mandates as enunciated in the Investments and Securities Act, ISA.

While assuring of market efficiency, accountability and transparency, SEC said it would proceed with all regulatory matters currently before it with all sense of objectivity and fairness, with the best interest of investors at the core of all considerations.

Apart from promptly making public its decisions on matters before it, the Commission said it would maintain capital market role in economic stability and growth, and would not abandon its regulatory and developmental responsibilities.

The acting SEC DG is an alumnus of the Ahmadu Bello University, ABU, Zaria, where he received the Bachelor of Science, B.Sc. degree in Economics; Master of Business Administration, MBA, Master of Science, M.Sc. and PhD in Business Administration.

Zubair holds post graduate diplomas, PGDs (Mathematics & Computer Science) and Education from other universities.

He has over 25 years’ cognate experience in the financial industry and the academia, with his career traversing banking, private and public service and the academia.

Prior to joining SEC Nigeria, Zubair served on the board of Intercity Bank Plc, Nigeria and Minna Pharmaceutical and Surgical Company Limited.

He was also Group Managing Director, Niger State Trust Fund and NST Finance Limited as well as a Fellow of the Institute of Corporate Administrators and Marketing Academy of Nigeria.

He is also a member of the Institute of Management Consultants, a certified Commodity Broker and Certified member of Pension Institute of Nigeria.

Zubair attended several local and international courses at middle, executive and top management levels.

He is married with children and has been contributing to academic journals worldwide.

Leave a comment

XHTML: You can use these html tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

Most Shared

Recent posts

  • CBN ruins Black Market business, says Gwadabe

    Central Bank of Nigeria (CBN’s) foreign exchange management policies have begun to put severe pressure on Nigeria’s parallel foreign currency market as ‘Black marketers’ begin to see their trading margins disappear. Indeed with more stable supply of forex and growing investor confidence on rising oil prices (currently at $74 per barrel) , the business of […]

  • Manufacturers groan despite improved bank liquidity

    By FELIX OLOYEDE Nigerian manufacturers are still credit-starved despite the improved liquidity of the banking sector. Although credit to the private sector has been rising, manufacturers have claimed that access to funds still pose a serious problem. Broad money in circulation increased 8.14 per cent to N2, 401.91 trillion in February 2018 compared to N2, […]

  • MAN, LCCI disagree over CFTA

    By UCHE CHRIS President Buhari seems to be coming under increasing pressure from both home and abroad over his refusal to sign the Continental Free Trade Area treaty last month at the meeting African Union Heads of states and government in Addis Ababa, Ethiopia. Also Nigerians particularly the business community are sharply divided over the […]

  • Gov. Wike: More garlands for Mr. Projects

    By OBINNA EZUGWU On Sunday April 15, 2018 at the Civic Centre, Victoria Island, Lagos, Rivers State governor, Nyesom Wike was the cynosure of all eyes as he stood firm and composed to the cheering of the audience at the capacity hall to receive the prestigious Zik Prize for good governance. It was indeed an […]

  • The Sterling Bank spreadsheet… an uppity lenders burden

    By TESLIM SHITTA-BEY Despite not stirring excitement in recent years, Sterling Bank Plc has run a recession gauntlet and come out looking marvelous. The bank in 2017 grew its gross earnings by slightly under twenty per cent to 19.79 per cent between 2016 and 2017.  The banks gross earnings (a measure of its business volume) […]

  • Melaye released after being detained, police deny involvement

    Kogi West senator, Dino Melaye has been released from detention reports reaching Business Hallmark indicate. The Senator was released after being detained by officials of the immigration service at the Nnamdi Azikiwe International Airport, Abuja on his way to Morocco The officials allege that he was detained based on an order from Interpol. However, the […]

  • Breaking: Senator Dino Melaye arrested at Abuja airport

      Senator Dino Melaye on Monday morning arrested after checking in at the international wing of the Nnamdi Azikiwe Airport, Abuja. The embattled senator representing Kogi West on the platform of the APC, tweeted that he was picked up on his way to Morocco for an official engagement sponsored by the Nigerian government. Melaye was […]

  • Big Brother Naija 2018: Miracle claims N25m cash prize, brand new SUV

    Miracle Ikechukwu Igbokwe has emerged the winner of Big Brother Nigeria #BBNaija, reality show. Miracle beats one of the most controversial housemates, Cee-C to win the ultimate grand prize of N25million cash, a brand new SUV among other prizes. Miracle is a young pilot and also a model. A total of 170 million votes were […]

  • Economy: Nigeria receives massive vote of confidence – Adeosun

    …We will continue to build reserves and save for the rainy day – Emefiele From OKEY ONYENWEAKU, Washington D.C, USA Minister of Finance, Kemi Adeosun Saturday in Washington D.C, USA said Nigeria has been praised for her good economic outlook.  Speaking to Journalists during a combined briefing with the Governor, Central Bank of Nigeria, Mr. […]

  • Nigeria-US Investment Summit not included in our schedule, says Adeosun, Emefiele

    The Minister of Finance, Kemi Adeosun and the governor of the Central Bank of Nigeria, Godwin Emefiele, have explained the reasons why they were absent at the Nigeria-Us Investors Summit which was held in Washington, DC on Saturday. The summit is organised by the Embassy of Nigeria in the United State and the absence of […]

  • Nigerian banks must grow risk-weighted assets to remain competitive, says Coronation Merchant Bank report

    FELIX OLOYEDE Ability to create risk asset creation in the real sector would set apart leaders of the Nigerian banking industry over the next three years, a new report from Coronation Research, a part of Coronation Merchant Bank Group has stated. The report released last week claimed that while the quality of asset in the […]

  • Nigerian equities market sheds 0.28%

    The equities market closed negative last week as Nigerian Stock Exchange All-Share Index (NSE ASI) dropped by 0.28 per cent to 40,814.89 basis points. Similarly, all other indices finished lower with the exception of NSE Consumer Goods, NSE Premium, NSE-Main Board, NSE 30, NSE Banking, NSE Oil/Gas, and NSE Pension indices, which appreciated by 1.08 […]

  • SEC expresses worry over spate of delisting companies

    FELIX OLOYEDE The spate of highly capitalised companies delisting from the Nigerian Stock Exchange (NSE) calls for some concern, the Securities and Exchange Commission (SEC) has stated. The Acting Director General, Ms. Mary Uduk, while briefing pressmen on the outcome of the first Capital Market Committee (CMC) in 2018 on Friday, noted that this trend […]

  • Borno Mosque Attack: Four killed, eight injured Sunday morning

    Four people have been killed and eight others injured in a suicide attack on a mosque in Bama Local Government Council, Borno state. The State Emergency Managment Agency (SEMA) chairman, Yabawa Kolo, confirmed the death toll on Channels Television. The incident occurred when two suicide bombers, a male and female between the ages of  13 and 14 invaded […]

  • Buhari returns to Abuja from London

    President Muhammadu Buhari has returned to Abuja after his visit to the United Kingdom, where he held bilateral talks on Nigeria – British relations and also participated in the Commonwealth Heads of Government Meeting ( CHOGM). The President on April 9 left Abuja for London after he announced his intention to seek re-election in the […]

  • World Bank jacks up share capital by $13 billion

    World Bank shareholders have approved an increase in the bank’s lending capacity  after the United States backed a reform package that curbs loans and charges more for higher income countries like China. World Bank President Jim Yong Kim said neither China nor any middle income countries was happy about the prospect of paying more for […]