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Finance Minister Shakes Up SEC, appoints Acting DG
Mrs. Kemi Adeosun, Minister of Finance

Finance Minister Shakes Up SEC, appoints Acting DG

Honourable Minister of Finance Kemi Adeosun today approved the reassignment of portfolios in the Securities and Exchange Commission (SEC), Nigeria

Ms. Mary Uduk will assume the position of Acting Director-General of SEC Nigeria. 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 Minister also announced the redeployment of the former acting Director-General of the Commission, Dr. Abdul Zubair, to External Relations Department.

Honourable Minister Kemi Adeosun also reassigned the following:

  1. Reginald C. Karawusa; Acting Executive Commissioner, Legal & Enforcement
  2. Isiyaku Tilde; Acting Executive Commissioner, Operations
  • Henry Roland Adekunle; Acting Executive Commissioner, Corporate

The new Acting DG joined SEC Nigeria in 1986 as an assistant financial analyst. Her career as a regulator has spanned many functions and departments in SEC, from corporate finance, administration, to providing structural, policy & due diligence for capital market transactions.

She’s also been responsible for managing several landmark capital market projects,including the registration of Capital Market Operators, articulating rules for bonds & equities; Mergers, acquisitions & Takeovers, and managing the banking & insurance consolidations of 2005-07.

Uduk served as the pioneer Head of the Operations Division in Lagos Zonal Office, and has headed the following Departments in SEC: Internal Control, Investment Management, Financial Standards & Corporate Governance & Securities, & Investment Services Department, among others.

Meanwhile, the Federal Ministry of Finance has requested for a formal explanation from SEC Nigeria of the recent communications between the Commission and the Nigerian Stock Exchange, which adversely impacted market confidence.

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