What was really Gwarzo’s error at SEC as FG appoints Zubair acting DG?
Though the Federal Government has rushed to appoint Dr. Abdul Zubair as the acting Director-General of the Securities and Exchange Commission (SEC) with immediate effect, after suspending the former director-general, Mr. Mounir Gwarzo last week, industry pundits are beginning to query the entire process.
The new boss before his appointment was the director in charge of external relations in the commission.
Gwarzo was suspended in first week of December 2018 for yet to be proved infractions in Oando’s share crisis, but he is currently being investigated on an issue that was first raised during the first quarter of the year.
Analysts argue if he was truly removed based on recent deeds or things that transpired earlier in the year.
In a statement, SEC claimed it was awaiting the outcome of the outcome of the probe by the Administrative Panel of Inquiry into the allegations of the suspended director-general, Mr. Mounir Gwarzo, as ordered by the Minister of Finance, Kemi Adeosun, adding that it would not allow the operational independence of SEC to be compromised at any point.
SEC also noted that all its current actions are strictly in line with the objectives and principles of securities regulations as set out by the International Organisation of Securities Commissions, to which Nigeria is a signatory.
SEC 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.
The Commission also assured the investing public that it was 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 would not be allowed to disrupt its regulatory effectiveness and efficiency as the statutory regulator of the capital market and by extension, the smooth running of the financial market.
