The Minister of Finance, Mrs. Kemi Adeosun, today directed that Ms Mary Uduk should assume the position of Acting Director-General of the Securities and Exchange Commission (SEC) and also approved the re-assignment of some top officials.
Uduk’s appointment and re-deployment of other top management staff may not be unconnected with the week’s conflicting directives from the commission to the Nigerian Stock Exchange (NSE) on the lifting of technical suspension on Oando Plc’s shares and reversal of same within 48 hours.
To show that the changes of portfolios at the SEC were not unconnected with the regulatory blunder, the Federal Ministry of Finance had queried the SEC to explain the recent communications between the Commission and the Nigerian Stock Exchange (NSE), which adversely impacted market confidence.
By the latest arrangements, Ms Mary Uduk will assume the position of Acting Director-General of the Commission based on the provisions of the Investments and Securities Act (ISA), 2007 and the conditions of service applicable to the Director-General of the Commission.
A statement issued by the Special Adviser (Media & Communications) to the Minister, Oluyinka Akintunde, confirmed that a letter dated 13th April, 2018, signed by the minister stated that Uduk’s appointment became necessary to ensure effective regulation of the Capital Market.
The minister stated that Uduk’s appointment would, 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.
Other re-assigned officials include Reginald C. Karawusa – Acting Executive Commissioner, Legal and Enforcement; Isiyaku Tilde – Acting Executive Commissioner, Operations; and Henry Roland Adekunle – Acting Executive Commissioner, Corporate Services.
The new Acting Director-General joined the Commission in 1986 as an assistant financial analyst. Her career as a regulator has spanned many functions and departments in the Commission, from corporate finance, administration, to providing structural, policy and due diligence for capital market transactions.
She has also been responsible for managing several landmark capital market projects, including the registration of Capital Market Operators, articulating rules for bonds and equities; Mergers, acquisitions and Takeovers, and managing the banking and insurance industry consolidations between 2005-2007.
Uduk served as the pioneer Head of the Operations Division in the Lagos Zonal Office, and has headed the following Departments in the Commission: Internal Control, Investment Management, Financial Standards and Corporate Governance and Securities, and Investment Services Department, among others.