The Minister of Finance, Kemi Adeosun, has appointed a new director-general for the Securities and Exchange Commission (SEC).

The appointment comes days after the confusion between SEC and the Nigerian Stock Exchange (NSE) over the shares of Nigerian oil giant, OANDO.

Akelicious reported how the NSE on Wednesday lifted the suspension on the trading of Oando’s shares, then reversed itself, only to reverse itself again.

The NSE said it was acting based on the directive of SEC.

Mrs. Adeosun has now queried the management of SEC to provide an official explanation for the controversy, her spokesperson, Oluyinka Akintunde, said in a statement .

She also appointed Mary Uduk as the new acting director general of the agency. Ms. Uduk is to replace Abdul Zubair who was moved to the External Relations Department.

Read Mr. AKintunde’s full statement below.

Adeosun reassigns portfolios in SEC, as Mary Uduk takes over as Acting DG

The Honourable Minister of Finance, Mrs. Kemi Adeosun, on Friday approved the reassignment of portfolios in the Securities and Exchange Commission (SEC).

2. Ms. Mary Uduk will assume the position of 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.

3. The Minister, in a letter dated 13th April, 2018, said Uduk’s appointment had become necessary to ensure effective regulation of the Capital Market. Her appointment will, subject to satisfactory performance, subsist until further notice.

4. The Minister also announced the redeployment of the former acting Director-General of the Commission, Dr. Abdul Zubair, to External Relations Department.

5. She further made the following reassignment of the under-mentioned persons –

i. Reginald C. Karawusa – Acting Executive Commissioner, Legal and Enforcement;

ii. Isiyaku Tilde – Acting Executive Commissioner, Operations;

iii. Henry Roland Adekunle – Acting Executive Commissioner, Corporate Services.

6. 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 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.

7. 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.

8. 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.

http://www.akelicious.net/2018/04/oando-crisis-adeosun-queries-sec.html[url][/url]

Okay

This woman has balls.
I am proud of her.

Iron Lady

Sure woman.

Nice! I hope Bubu will not come back and arbitrarily reinstate his brother just like he did that of the NHIS. Just made the Health minister look like some dumb fool...

Ok

I like her handling of the Oando crisis. She gives no damn about Ass-waju Tinubu and his brother Wale the conman

Bossing the Boss!!!

Politricks

nairavsdollars:
I like her handling of the Oando crisis. She gives no damn about Ass-waju Tinubu and his brother Wale the conman

It is because of them she is doing this. She's on their side.

Correct woman!

Anyone care to enlighten me on the crisis being discussed?

I can see alot of comments praising this woman but I would like to be better informed before joining the bandwagon to sing praise

... May God help you receive SENSE. This. Year

freeze001:
Nice! I hope Bubu will not come back and arbitrarily reinstate his brother just like he did that of the NHIS. Just made the Health minister look like some dumb fool...

.

Like play lik play buhari no do cabinet reshuffle

Firgemachar:
This woman has balls.
I am proud of her.

One other woman was Finance Minister when Nwudi Okereke as DG of NSE turned the Exchange into a kobo-kobo house with many fake companies coming to list fake shares and in the process technically stealing investors' money e.g. Ray Power.

Imagine his young woman suspending Tinubu's company. The other world bank house girl would have thought oh! it's our friend company, let's just warn them.

She definitely acted in favour of Oando under the directives of Jagaban himself. No one messes with the Jagaban and go scot free.

Too many a cabals in this country.

lordsharks:

Hmm

Does the minister v powers to sack a presidential appointee

nairavsdollars:
I like her handling of the Oando crisis. She gives no damn about Ass-waju Tinubu and his brother Wale the conman

The two Tinubus Are not RELATED! Get your "FACTS" right.

Obviously most people commenting on this matter haven't got a clue what the Oando crisis is.Some even praised Mumu corrupt Kemi Adeosun purportedly for having balls to step on Bola Tinubu and Wale Tinubu's toes.
This indeed is the contrary, Kemi Adeosun stepped into the Oando crisis to protect the Tinubus

Care to know the genesis and entire gamut of the whole Oando crisis ?? Well google is your friend, do a little online research so you can make more informed comments

China is currently the world's leading economic power, in China there is Zero Church!

Finland has the most stable economy in the world today. There are less than twenty churches in Finland!

Switzerland has the second most stable economy in the world. Switzerland has fewer than thirty churches!

Denmark is the third most stable economy in the world, there are about 23 churches in Denmark.

These countries are considered to have the highest number of atheists, but they are blessed!

Come to Nigeria, there are more than 50,000 churches.
+25 000 churches in Lagos.
+2 500 churches in Oyo

In Africa, we have more churches than schools and hospitals combined!
More pastors than doctors.
Everyone is born again!o
Everyone is covered with the blood of Jesus!
Jesus even became the husband of all single women (according to them) in revival churches!
Everyone is filled with the Holy Spirit!
However, none of these claims reflect the moral elevation that is hoped for in a society.

We are among the laziest, the most deceiving, the most corrupt, the most hypocritical, the most hateful on the planet today, with all our Jesus and the Holy Spirit!

Our people need to distinguish between religion and stupidity or between spirituality and tradition!.

Wake up!!!

Governor Ibikunle Amosun Vs Asiwaju "Brownie" Ahmed Bola Tinubu

Paperwhite:
^{She is indeed courageous by daring the Buhari presidency cabal & coming out unscathed.At least the former SEC' s boss-Gwarzo remains indicted & sacked but no arrest till date.
This is unlike the cowardly Prof.Isaac Adewole(former Provost College of Medicine & VC of UI) who bluntly refused to resign & protect his integrity after Buhari defiantly reinstate the indicted NHIS sec.that he suspended.}

Adewole has no godfather that is very close to Buhari and he has no modicum of self respect else he would have resigned.

Kemi is simply fighting a proxy war for Ibikunle Amosun who is also a very close ally of Buhari.

Nice one..we need more of this bold decision for every non performance individuals in the system even in the political space