Few days after the suspension of the erstwhile Director General of the Securities and Exchange Commission (SEC), Mounir Gwarzo, over financial impropriety, the Nigerian government has appointed Dr. Abdul Zubair, as replacement in acting capacity with immediate effect.

Zubair was until his appointment, the Director in charge of External Relations in the Commission.

SEC in a statement, disclosing the new appointment, 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 said it 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.

It stressed that while the Commission patiently awaits the outcome of the assignment of the Administrative Panel of Inquiry set up by the Minister of Finance, at no point would the Management allow the operational independence of the Commission to be compromised.

SEC explained that 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.

Further, the Commission said it would without hindrance, continue to be faithful to its developmental mandates as enunciated in the Investments and Securities Act.

In specific terms, the Commission said while ensuring market efficiency, accountability and transparency, it would proceed with all regulatory matters currently before it with all sense of objectivity and fairness, with the best interest of investors at the core of all considerations. 

Also, it would make public its decisions on matters before it as promptly as such decisions are being arrived at, adding that as the role of the capital market in economic stability and growth cannot be over-emphasised, hence the Commission will not at any time permit the abandonment of its regulatory and developmental responsibilities.

The Acting DG is an alumnus of Ahmadu Bello University, Zaria where he received B.Sc. Economics, MBA, M.Sc. and PhD business Administration degrees.

He also holds PGD (Mathematics & Computer Science) and PGD (Education) from other universities.

He has over twenty-five (25) years cognate experience in the financial industry and the academia. His career transverse banking, private and public service and the academia.  

Prior to joining SEC Nigeria, Zubair served on the board of Intercity Bank Plc, Nigeria and Minna Pharmaceutical and Surgical Company Ltd. He was also 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 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.