FG Appoints Acting SEC DG, After Gwarzo’s Suspension

Channels Television  
Updated December 3, 2017

The Federal Government of Nigeria has appointed Dr Abdul Zubair as the acting Director General of the Securities and Exchange Commission (SEC).

Zubair was appointed after the Minister of Finance, Mrs Kemi Adeosun on Thursday suspended the Director-General of the SEC, Mr Mounir Gwarzo.

The Securities and Exchange Commission (SEC) in a statement said before the appointment, Zubair was the Director in charge of External Relations in the Commission.

“The 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 to ensure the stability of the Nigerian capital market and sustain the all-time high level of investor confidence, as recent developments will not be allowed 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,” the statement read in part.

The Commission said an Administrative Panel of Inquiry has been set up by the Minister of Finance, and it patiently awaits the outcome of the panel.

Garwzor was suspended to allow for an unhindered investigation of several allegations of financial impropriety leveled against him.

The Acting DG is an alumnus of Ahmadu Bello University, Zaria where he received B.Sc. Economics, MBA, M.Sc. and PhD business Administration degrees.

He also holds PGD (Mathematics & Computer Science) and PGD (Education) from other universities.

He has over 25 years’ experience in the financial industry and the academia. His career transverse 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 Ltd. He was also Group Managing Director, Niger State Trust Fund and NST Finance Ltd. He is a fellow of the Institute of Corporate Administrators and Marketing Academy of Nigeria, a member of the Institute of Management Consultants, a certified Commodity Broker and Certified member of Pension Institute of Nigeria.

He has 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.