Nigeria’s Minister of Finance, Kemi Adeosun, on Friday appointed Mary Uduk to take over as Acting Director-General of the Securities and Exchange Commission (SEC).
Uduk takes over from Abdul Zubair, who Adeosun redeployed to External Relations Department of the SEC.
The finance minister said 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.
In a letter dated April 13, 2018, Adeosun 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 minister said in a mailed statement, Friday night, by her media adviser, Yinka Akintunde.
The Minister also announced the redeployment of
Reginald Karawusa as Acting Executive Commissioner, Legal and Enforcement; Isiyaku Tilde as Acting Executive Commissioner, Operations; as well s Henry Roland Adekunle who now becomes the Acting Executive Commissioner, Corporate Services.
Uduk 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.
She 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 queried authorities at the SEC over the recent communications between the Commission and the Nigerian Stock Exchange (NSE), which she said, adversely impacted market confidence.
Onyinye Nwachukwu, Abuja
