Emmanuel Ukudolo l Friday, April 13, 2018
ABUJA, Nigeria – Minister of Finance, Mrs. Kemi Adeosun, on Friday approved reassignment of portfolios in the Securities and Exchange Commission (SEC). She appointed Ms. Mary Uduk as Acting Director-General of the commission.
“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”, the minister said in a letter signed by her Special Assistant on Media, Mr. Oluyinka Akintunde.
In a letter dated 13th April, 2018, the minister said Uduk’s appointment became necessary to ensure effective regulation of the Capital Market, adding that her appointment, will 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.
Other appointments include Reginald C. Karawusa as Acting Executive Commissioner, Legal and Enforcement; Isiyaku Tilde as Acting Executive Commissioner, Operations and Henry Roland Adekunle as Acting Executive Commissioner, Corporate Services.
The new Acting Director-General joined the commission in 1986 as an assistant financial analyst. Her career as a regulator has spanned many functions and departments in the Ccommission, 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 was head of 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 SEC on recent communications between the commission and the Nigerian Stock Exchange (NSE), which adversely impacted market confidence.
