Details As Finance Minister Adeosun Moves Against SEC Over Oando Case That Refuses To Die Down

The minister of finance Kemi Adeosun on Friday relieved the Acting Director-General of the Securities and Exchange Commission (SEC) Abdul Zubair of his duties and appointed a new helms woman in his place.

The change was part of a reassignment of portfolios at SEC in a move which the minister said has become necessary to ensure effective regulation of the capital market. Zubair will be moved to the External Relations Department while Ms Mary Uduk assumes the position of Acting Director-General of SEC.

This comes after a couple days of uncertainty in the capital market triggered by the dramatic pronouncements and reversals between SEC and the Nigerian Stock Exchange (NSE) concerning the shares of indigenous oil and gas conglomerate OANDO Plc.

The NSE, ostensibly acting on the direction of SEC, had on Wednesday lifted the suspension placed on shares of OANDO. Only to reverse itself later in the day, before reversing its reversal.

The development did not go down well with the honourable minister of finance who has queried the management of SEC to provide an explanation for the policy somersaults.

According to her spokesperson Olayinka Akintunde, she has also shuffled the SEC Management with Zubair redeployed to External Relations Division while Ms Uduk will leave her post as Coordinating Director, Operations to become Acting DG.

Prior to her latest elevation Ms Uduk has headed the Internal Control, Investment Management, Financial Standards and Corporate Governance and Securities and Investment Services departments.

Also affected by the shuffle of top SEC echelon are Reginald C. Karawusa who becomes Acting Executive Commissioner, Legal and Enforcement, Isiyaku Tilde who is now Acting Executive Commissioner, Operations and Henry Roland Adekunle, Acting Executive Commissioner, Corporate Services