23 December 2012

Nigeria: FG Appoints Board for SEC

President Goodluck Jonathan has appointed new board for the Securities and Exchange Commission (SEC).

Dr Suleyman Abdu Ndanusa, representing the North Central Zone, was appointed as Chairman of the Commission.

In a statement issued yesterday, Paul Nwabuikwu, the Special Adviser on Communication to the Minister of Finance Dr Ngozi Okonjo-Iweala, said the appointment of member of the Board was in line with the provisions of section 5 of the Investment and Securities Act 2007.

Other members of the new board include; Malam Mounir Haliru Gwarzo, representing North West, as Executive Commissioner; Mrs Sa'adatu Mohammed Bello from North Central also as Executive Commissioner.

Also in the Board is Zakawanu Imhobobho Garuba as Executive Commissioner, representing South-South; Barrister Adefunke Abiodun, representing South West as Non-Executive Commissioner.

Mr Ugochukwu Ikemba was also appointed as a Non-Executive Commissioner from the South East.

The Director General of the Commission Arunma Oteh has been having a running battle with the National Assembly.

The National Assembly has insisted they will have nothing to do with SEC as long as Oteh remains the DG. The parliament did not endorse budgetary allocation for the Commission in the 2013 budget approved last Thursday. Unconfirmed reports suggest that Oteh has been penciled down as the Chief Investment Officer of the Sovereign Wealth Fund.

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