The Securities and Exchange Commission (SEC) has replaced suspended Munir Gwarzo with Dr Abdul Zubair who will serve as the acting Director-General.

Gwarzo was suspended based on corruption allegations against him and two others.

SEC’s Corporate Communications Unit’s Efe Ebelo, in a statement said the appointment of Zubair takes immediate effect.

She assured the investing public and stakeholders, both local and international, of the commission’s commitment to ensuring uninterrupted and orderly operation of the market and regulation.

Until his appointment, Zubair was the Director in charge of External Relations in the commission.

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She said that at no point would the management allow the operational independence of the commission to be compromised.

“This is strictly in line with the objectives and principles of securities regulations as set out by the International Organisation of Securities Commissions (IOSCO), to which Nigeria is a signatory,’’ she said.

It would be recalled that Minister of Finance Kemi Adeosun, on November 29, 2017 suspended Gwarzo over allegations of financial impropriety.

Adeosun immediately set up an administrative panel of inquiry to investigate the allegations.

She said that the suspension of Gwarzo was to allow for an unhindered investigation of several allegations of financial impropriety leveled against him.

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