REPLACEMENT OF MARY UDUK AS AG. DG SEC UNJUST, UNFAIR – Onofiok Luke

The Member representing Etinan/Nsit Ibom/Nsit Ubium Federal Constituency, Hon. Onofiok Luke has expressed complete dissatisfaction with President Muhammadu Buhari’s proposal for the replacement of the Acting Director General of the Security and Exchange Commission (SEC), Ms Mary Uduk.

A statement by Aniekan Udofia, Media Aide to Hon. Onofiok Luke, issued on 27/05/ 2020, disclosed that the former Akwa Ibom State House of Assembly Speaker, reasons that in the spirit of federal character and merit, Ms Uduk should have since been confirmed as the substantive head of SEC two years after her appointment in acting capacity rather than be replaced.

While acknowledging that it is within the prerogative of the President to appoint, reappoint or unappoint federal officials, Hon. Luke said such appointment(s) must be seen to be fair and just, and in compliance with the federal character requirements of the Constitution of the Federal Republic of Nigeria.

He reasons that the replacement of Ms. Uduk as the substantive Director-General of the Commission is unfair, unjust and contrary to the tenets of federal character.

The lawmaker considers Ms Uduk’s track record in restoring investor’s confidence in Nigeria’s capital market as one among several reasons she should be considered to retain the office in substantive capacity. He also noted that Ms Uduk is going to be replaced at a time of global economic instability when her experience and familiarity with terrain of the Nigerian market would have served the nation’s best interest.

Hon. Luke said it should worry every patriotic and detribalised Nigerian that the unexplained and untimely replacement of Ms. Uduk signals yet another form of the continued marginalisation of some sections of the country.

Ms. Uduk, an Akwa Ibom indigene from Uyo Local Government joined the SEC in 1986 and had served in various capacities providing structural, policy and due diligence for capital market transactions. Her competence and experience has given stability to the SEC since her appointment in 2018.

In April of 2020, Ms Uduk was elected into the Board of the International Organisation of Securities Commissions (IOSCO) to represent the Africa/Middle-East Regional Committee on the IOSCO board for a period of two years.

While praying Mr President to reconsider his replacement of the Acting DG, Luke is urging his colleagues at the National Assembly to not assent to the president’s replacement of Uduk on grounds of equity and fairness.

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