Oando Crisis: Adeosun queries SEC, appoints new director-general

-



Nigerian oil company, Oando. [Photo credit: Guardian Newspaper]

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.

PREMIUM TIMES 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 to PREMIUM TIMES.

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.

- Premium Times

Comments

Post a Comment

Popular posts from this blog

Helicobacter pylori

-
Image
What is H. pylori ? H. pylori is a Gram-negative, spiral-shaped bacterium that infects the stomach and duodenum (first part of the small intestine). Transmission : 1. Person-to-person contact 2. Contaminated food and water 3. Poor hygiene Infections and Diseases: 1. Gastritis (inflammation of the stomach lining) 2. Peptic ulcers (stomach and duodenal ulcers) 3. Gastric cancer 4. Duodenal cancer 5. MALT lymphoma (mucosa-associated lymphoid tissue lymphoma) Symptoms : 1. Abdominal pain 2. Nausea and vomiting 3. Bloating and gas 4. Loss of appetite 5. Weight loss Diagnosis : 1. Endoscopy with biopsy 2. Urea breath test (UBT) 3. Stool antigen test 4. Blood tests (serology) 5. Histology (tissue examination) Treatment : 1. Triple therapy: Proton pump inhibitor (PPI) +
Read more

The 50 men accused in mass rape of Gisèle Pelicot

-
Image
Reuters Collectively, the defendants accused of raping Gisèle Pelicot are facing more than 600 years in jail They are young, old, burly, thin, black and white. Among them are firefighters, lorry drivers, soldiers, security guards, a journalist and a DJ. These are the 50 men accused of raping Gisèle Pelicot at the behest of her husband, Dominique Pelicot, 72, who drugged her for a decade with prescription sleeping pills. The fact they broadly represent a microcosm of French society means they have been dubbed  Monsieur-Tout-Le-Monde  (Mr Everyman). Next week they are due to be sentenced, at the end of a trial that started in September. If found guilty, collectively they face more than 600 years in jail. A few of them act defiant, but they mostly look down as they answer questions from the judges, looking up occasionally to catch their lawyers' eyes for reassurance. Read Also: Dozens of civilians killed in two days of intense fighting in Sudan Warning: You may find some of the d...
Read more

NAPS School Fees Support Fund (NSFSF)

-
Image
L-R Deputy Rector Academic, the beneficiary, Student Union President Kwara State Polytechnic, the beneficiary, and the Directorate of Students Affairs (DSA) of Kwara State Polytechnic . In the push by Leadership of National Association of Polytechnic Students ( NAPS) that no Students should drop out of School because of Finance , the Leadership of NAPS commence the second phase of School fees Support and  Food Items distribution yesterday 16th October 2024, two Students From Kwara State Polytechnic Ilorin were given 40 percent of their School fees likewise Food items in large quantities were distributed at Federal Polytechnic Bida Niger State,this second phase was  made  possible through  the donation From Dr. Segun Musa the CEO of Widescope Group International, Lagos State. NAPS Initiated this Projects in 2023 when it was discovered that lot of Final year Students in the Polytechnic are dropping out due to Financial Constraints to pay up their Final year...
Read more

“Detected in Germany” – What you should know about new COVID-19 variant XEC spreading across world

-
A new COVID-19 variant has started spreading accross the countries in the world and could soon take off and become the dominant type. The variant – known as XEC – has infected 600 people across Europe and North America just ahead of the winter season in the Northern Hemisphere, during which respiratory diseases are typically more widespread. As the XEC began to raised concerns about its potential impact on public health, here are what you should know: What is the new COVID XEC variant? The News Agency of Nigeria (NAN) reports that Coronavirus disease (COVID-19) is an infectious disease caused by the SARS-CoV-2 virus. COVID-19 can cause mild to severe respiratory illness, including death. The first known case was identified in Wuhan, China, in December 2019. Since the beginning of the pandemic, there have been several prominent variants, including Alpha, Beta, Delta, Omicron and XEC. According to the World Health Orgnasation, the XEC strain is a subvariant of the Omicron lineage of the ...
Read more

Dozens of civilians killed in two days of intense fighting in Sudan

-
Image
More people killed in North Darfur and Greater Khartoum attacks as fighting between the army and the RSF turns bloodier. People walk past a destroyed vehicle after shelling by the Rapid Support Forces in Omdurman, Sudan, December 10, 2024 [Handout/Government of Sudan via Reuters] Dozens of people have been killed over two days in Sudan as fighting between the army and the paramilitary group Rapid Support Forces (RSF) intensifies, according to officials, activists and rights groups. The 20-month  conflict , which has killed tens of thousands, has become increasingly bloody, with the army stepping up air attacks in areas under the RSF control and the paramilitary forces staging raids and carrying out intense artillery strikes. On Monday, an air attack on a busy market in the town of Kabkabiya, a town about 180km (110 miles) west of North Darfur’s capital  el-Fasher , currently surrounded by the RSF, killed more than 100 people and wounded hundreds, including women and children, ...
Read more

𝐈𝐧𝐭𝐫𝐨𝐝𝐮𝐜𝐭𝐢𝐨𝐧 𝐭𝐨 𝐆𝐫𝐚𝐦-𝐏𝐨𝐬𝐢𝐭𝐢𝐯𝐞 𝐚𝐧𝐝 𝐆𝐫𝐚𝐦-𝐍𝐞𝐠𝐚𝐭𝐢𝐯𝐞 𝐁𝐚𝐜𝐭𝐞𝐫𝐢𝐚

-
Image
Bacteria are microscopic organisms found everywhere – in soil, water, plants, animals, and humans. They are classified into two main groups based on the structure of their cell wall: Gram-positive and Gram-negative bacteria. This classification is done using a scientific method called Gram staining, which reveals specific characteristics of the bacterial cell wall. What is Gram Staining? Gram staining is a laboratory technique used to identify bacteria by staining their cell walls. The bacteria either appear purple or pink depending on their cell wall structure. Gram-Positive Bacteria Gram-positive bacteria have a thick layer of peptidoglycan in their cell walls, which gives them strength and stability. These bacteria also contain teichoic acids, which help in cell wall maintenance. Read Also: Sickle Cell Anemia: Complete Note - Positivity : Gram-positive bacteria appear purple when stained with Gram stain. - Examples:    - Staphylococcus aureus   (can cause s...
Read more

15 facts about the late Ogun NACHPN Scribe, Late Adekunle Adeniji

-
Image
The late scribe of the National Association of Community Health Practitioners of Nigeria (NACHPN), Ogun state chapter, Com Adeniyi Adekunle died in an auto accident on Saturday 13th January, 2024. Below are 15 facts about the late General secretary: 1. He was born to the family of Late pa J. K. Adeniji in Oke-odan, yewa South local government area of Ogun state. 2. He was born on the 17th of March, 1984. 3. He was the fourth (4th) child out of six (6) children. 4. He had his primary education at African Church Primary School, and his secondary school education at Muslim Progressive High School, both at Oke-odan, Yewa South Local Government Area of Ogun state. 5. He began his tertiary education journey at Ogun state College of Health Technology, Ilese-ijebu (now Ogun state Polytechnic of Health and Allied Science), where he studied Community Health Technician and became Community Health Extension Worker (CHEW) in 2004. 6. He served as a Student Union...
Read more