Adeosun Redeploy’s SEC Top Management, Appoints Mary Uduk As Acting Director General

Acting DG, SEC, Mary Uduk

Nigeria’s Minister of Finance, Mrs. Kemi Adeosun, has effected an immediate redeployment of some key top management of Securities and Exchange Commission (SEC).

With the redeployment, Ms. Mary Uduk assumes the position of Acting Director-General of the Commission.

Adeosun cited that 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.

In a letter to that effect, dated 13th April, 2018, Adeosun explained that Uduk’s appointment had become necessary to ensure effective regulation of the Capital Market, adding however that her appointment would, subject to satisfactory performance, subsist until further notice.

Further, she announced the redeployment of the former acting Director-General of the Commission, Dr. Abdul Zubair, to External Relations .

Other redeployed persons include, Reginald C. Karawusa – Acting Executive Commissioner, Legal and Enforcement; Isiyaku Tilde – Acting Executive Commissioner, Operations; and Henry Roland Adekunle – Acting Executive Commissioner, Corporate Services.

The new Acting Director-General joined the Commission in 1986 as an assistant financial analyst and her career as a regulator has spanned many functions and departments in the Commission, from corporate finance, administration, to providing structural, policy and due diligence for capital market transactions.

She has also been responsible for managing several landmark capital market projects, including the registration of Capital Market Operators, articulating rules for bonds and equities; Mergers, acquisitions and Takeovers, and managing the banking and insurance industry consolidations between 2005-2007.

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

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