Meanwhile, the federal government yesterday announced the appointment of Dr. Abdul Zubair as the acting DG of the SEC with immediate effect.
Zubair’s appointment followed the suspension of Gwarzo to allow for an unhindered investigation of several allegations of financial impropriety levelled against him.
Before the appointment, the acting DG was the director in charge of external relations in the commission.
The commission, in a statement assured 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.
“Accordingly, 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.
“While the commission patiently awaits the outcome of the assignment of the Administrative Panel of Inquiry set up by the Honourable Minister of Finance, at no point will management allow the operational independence of the commission to be compromised.
“This is strictly in line with the objectives and principles of securities regulations as set out by the International Organisation of Securities Commissions (IOSCO), to which Nigeria is a signatory,” SEC said in the statement.
The acting DG is an alumnus of Ahmadu Bello University (ABU), Zaria where he obtained a B.Sc. Economics, MBA, M.Sc. and PhD Business Administration degrees.
He also holds a PGD (Mathematics & Computer Science) and PGD (Education) from other universities.
He has over 25 years cognate experience in the financial industry and the academia. His career transverses the private and public sector and the academia.
Prior to joining SEC Nigeria, Zubair served on the board of Intercity Bank Plc and Nigeria and Minna Pharmaceutical and Surgical Company Ltd.
He was also the 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 a 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.