Our Reporter
The Honourable Minister of Finance, Mrs. Kemi Adeosun, on Friday approved the appointment of Ms Mary Uduk as the Acting Director General of the Securities and Exchange Commission (SEC) and reassigned other portfolios in the Securities and Exchange Commission (SEC).
According to a press release signed by Oluyinka Akintunde, Special Adviser, Media & Communications to the Hon. Minister of Finance, Federal Ministry of Finance,
Ms. Mary Uduk will assume the position of Acting Director-General of the Commission.
Uduk replaces Dr Abdul Zubair who was Acting SEC DG but now moved to External Relations department.
The Minister stated that Uduk’s appointment is governed by the provisions of the Investments and Securities Act (ISA), 2007 and the conditions of service applicable to the Director-General of the Commission.
“The Minister, in a letter dated 13th April, 2018, said Uduk’s appointment had become necessary to ensure effective regulation of the Capital Market. Her appointment will, subject to satisfactory performance, subsist until further notice” the release stated
The Minister also announced the redeployment of the former acting Director-General of the Commission, Dr. Abdul Zubair, to External Relations Department.
The Minister according to the release also made further changes in the SEC by reassigning 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.
Meanwhile, the Federal Ministry of Finance has requested for a formal explanation from the SEC of the recent communications between the Commission and the Nigerian Stock Exchange (NSE), which adversely impacted market confidence.
