Arunma Oteh, former Director General of Nigeria’s Securities and Exchange Commission (SEC)
Nigeria’s Securities and Exchange Commission (SEC), on Monday, named Mounir Gwarzo as its new Acting Director General.
Prior to being appointed as SEC’s Acting DG, Mounir Gwarzo was the SEC’s Executive Commissioner of Operations. Gwarzo is expected to perform in an acting capacity until a permanent DG is appointed.
Mounir Gwarzo’s appointment follows the exit of Arunma Oteh, the SEC’s former DG, whose five years tenure at the SEC ended on Sunday.
Nigeria’s SEC announces exit of Director General Arunma Oteh
Arunma Oteh announced Mounir Gwarzo’s appointment at the formal handover ceremony at the SEC’s headquarters in Abuja. Oteh described her time at the helm of the SEC as “absolutely outstanding”.
Oteh spoke about the co-operation she received from the SEC’s staff. Oteh also stated that when she joined the SEC in January 2010, her vision was “building a world class market” that capital market operators, shareholders, and other stakeholders would connect and align with. She said that her time at the SEC was very rewarding.
According to Arunma Oteh, the SEC has been able to build a foundation Nigeria’s capital market that would help tackle the country’s infrastructure challenges, as well as help new and existing businesses raise capital.
Arunma Oteh joined the SEC at a time when the Nigerian capital market was grappling with the global financial market crisis.
Oteh is widely-acknowledged to have contributed significantly to the effort to rescue Nigeria’s capital market from the losses resulting from the global financial crisis.
The market capitalization of the Nigerian Stock Exchange has risen from NGN 5 trillion in January 2010, when she took over, to over NGN 14 trillion in 2014.
Mounir Gwarzo, 50, was born in Kano and attended the Bayero University, Kano, graduating with a Bachelor’s degree in Economics in 1987.
In 1991, Gwarzo attended the University of Birmingham, United Kingdom, where he obtained a post-graduate degree in Development Finance. Gwarzo is an Associate Member of Nigeria’s Chartered Institute of Stockbrokers (CIS). Gwarzo became a Fellow of the CIS in 2005.
Mounir Gwarzo has worked in the Nigerian capital market both as an operator and as a regulator during a career spanning over 25 years. The institutions Gwarzo has worked with include the Ministry of Trade, Kano State; the Nigerian Stock Exchange; Century Merchant Bank Limited; Empire Securities Limited; the Securities and Exchange Commission; Federal Mortgage Bank of Nigeria; and MTL Global Investment Limited.
Source: Nigeria names new head of Securities Commission – Premium Times Nigeria.
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