The Federal Government has announced the appointment of Dr. Abdul Zubair as the acting Director-General of the Securities and Exchange Commission (SEC) with immediate effect.
In a statement by SEC on Sunday, Zubair, before the appointment, was the Director in charge of external relations in the commission.
His appointment was necessitated by the suspension of SEC Director-General, Mr. Mounir Gwarzo, as ordered by the Minister of Finance, Kemi Adeosun
The commission said it was awaiting the outcome of the outcome of the probe by the Administrative Panel of Inquiry into the allegations of the suspended DG adding that it would not allow the operational independence of SEC to be compromised at any point.
It insisted that the action was strictly in line with the objectives and principles of securities regulations as set out by the International Organisation of Securities Commissions, to which Nigeria is a signatory.
SEC 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.
It revealed that it was poised to continue to ensure the stability of the Nigerian capital market and sustain the all-time high level of investor confidence.
It also declared that recent developments would not be allowed to disrupt its regulatory effectiveness and efficiency as the statutory regulator of the capital market and by extension, the smooth running of the financial market.
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