By Akin Akinremi
President Jonathan kept to his promise of appointing a new Director-General for the Securities and Exchange Commission (SEC) last week when he confirmed the Ag. DG Mounir Haliru Gwarzo as the new SEC DG. Mr. Gwarzo, who has been acting as Director- General of the Commission, was appointed to the board of SEC as Executive Commissioner in January 2013. The President also appointed Mr. Peter Obi as the Chairman of the Board of SEC. He said Obi’s appointment took immediate effect. Market stakeholders say Gwarzo has all it takes to steer the affairs of SEC successfully and move the market forward. Some of the market operators who spoke with WESTERN POST on the appointment said it was a good omen to the stock market. According to them, having a stock broker with years of experience as the new DG of SEC makes the SEC to be truly professional.
They said though the three names sent to the Presidency for appointment as SEC DG were all capital market gurus, but that Gwarzo has an upper hand having been part of the system before. “Not only that, he has performed wonderfully well as Ag. DG, for three months after Aruma Oteh’s tennure ended last year,” they said.
They added that with Gwarzo’s experience in SEC and other financial institutions, the President has made a good choice.”This will move the market to the next level,” they added. According to them, the new SEC DG has a listening ear. All complaints taken to him by the operators are treated with despatch or a firm promise to attend to them in due course.
Meanwhile, some of the operators also commended the appointment of former Anambra State Governor, Mr. Peter Obi, as the new SEC Chairman. But some said Obi’s appointment was job for the boys as Obi was the President’s Man Friday in the South-east during the just-concluded elections. They advised the duo of Gwarzo and Obi to deal with the demutualization of the Exchange and also make sure that all quoted companies adhere strictly to the code of corporate governance and reduce the infractions at the Exchange.
GWARZO’S BIO DATA
Born 51 years ago, Mounir Gwarzo graduated 27 years ago with Bachelors’ Degree in Economics from Bayero University, Kano. He later went to the University of Birmingham in the United Kingdom, where he did his Post-Graduate studies in Development Finance. He trained as a stockbroker and qualified as an Associate member CIS and became a fellow of the Institute. He is a Faculty Member of the Nigerian Capital Market Institute. He was appointed on January 2, 2013 into the Board of SEC as Executive Commissioner, Operations by President Jonathan. He became Acting DG, SEC last year January. He was also elected same year as the Chairman African and Middle East Regional Committee (AMERC) of the International Organization of Securities Commission (IOSCO) in February 2015.