The Minister of Finance, Mrs. Kemi Adeosun, yesterday, approved the reassignment of portfolios in the Securities and Exchange Commission (SEC).Following the reassignments, Ms. Mary Uduk would assume the position of Acting Director General of the Commission, in line with 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 April 13, said Uduk’s appointment became necessary to ensure effective regulation of the capital market, adding that her appointment would, 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; Reginald C. Karawusa, Acting Executive Commissioner, Legal and Enforcement; Isiyaku Tilde, Acting Executive Commissioner, Operations and Henry Roland Adekunle, Acting Executive Commissioner, Corporate Services.
Uduk joined the Commission in 1986 as an assistant financial analyst in a career that has spanned many functions and departments, including corporate finance, administration, to providing structural, policy and due diligence for capital market transactions.
She was the pioneer Head of the Operations Division in the Lagos Zonal Office and has headed the Internal Control, Investment Management, Financial Standards and Corporate Governance and Securities and Investment Services Departments, among others.
Meanwhile, the ministry has requested for a formal explanation from the SEC regarding the recent communications between the Commission and the Nigerian Stock Exchange (NSE), which adversely impacted market confidence.