The Acting Director-General of Nigeria’s Securities and Exchange Commission (SEC), Mounir Gwarzo, Wednesday commenced a restructuring of the capital markets regulatory body, redeploying about 40 top management staff.
Gwarzo was Executive Commissioner, Operations of the commission before taking over leadership of SEC, in acting capacity, following the expiration of the tenure of Arunma Oteh, who led the organisation for five years.
Earlier on Tuesday, at a staff get-together, the acting DG said the commission needs to be rebranded, in order to redeem the battered image of the commission, which has been due to abuse of rights of its officials.
The redeployment is believed to be the first step in the rebranding promised by the acting Director-General. Gwarzo, who has been a member of the SEC board since 2012, is believed to be the perfect choice to address the issue of abuse rights of the commission’s officials.
While in office, Oteh was named West Africa’s Business Woman of the year 2014 at the All Africa Business Leaders Awards (AABLA). She also won the Ai 2014 Capital Market Personality of the Year at the Africa investor (Ai) Index Series Awards. However, many staffs of SEC rejoiced at the end of her tenure. They accused her being too overbearing, disrespectful and strict.
In order to end whatever bad blood had been built over the last few years in the commission, Gwarzo’s move to redeploy Oteh’s loyalists has been lauded as the right move by several staffs of SEC, who spoke to Information Nigeria anonymously.