By Ndubuisi FrancisÂ in Abuja
The Minister of Finance, Mrs. Kemi Adeosun, has approved the reassignment of portfolios in the Securities and Exchange Commission (SEC), with Ms. Mary Uduk as the Acting Director-General of the Commission.Â
Udukâ€™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, a statement from the Ministry of Finance said last night.
According to the statement, “the minister, in a letter dated 13th April, 2018, said Udukâ€™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 minister also announced the redeployment of the former acting Director-General of the Commission, Dr. Abdul Zubair, to External Relations Department.
Other reassignments are Reginald C. Karawusa as Acting Executive Commissioner, Legal and Enforcement; Isiyaku Tilde, Acting Executive Commissioner, Operations, and Henry Roland Adekunle as Acting Executive Commissioner, Corporate Services.
The new Acting Director-General joined the Commission in 1986 as an assistant financial analyst.Â
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.Â
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 and 2007.
Uduk served as the pioneer Head of the Operations Division in the Lagos Zonal Office, and has headed other departments
Meanwhile, the 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.