DELAY IN CONFIRMING MRS. UDUK MARY JOSEPH AS SUBSTANTIVE DIRECTOR GENERAL OF SECURITIES AND EXCHANGE COMMISSION INEXCUSABLE

PRESS RELEASE

DELAY IN CONFIRMING MRS. UDUK MARY JOSEPH AS SUBSTANTIVE DIRECTOR GENERAL OF SECURITIES AND EXCHANGE COMMISSION  INEXCUSABLE

The Coalition of Media and Civil Society Groups for Good governance, a group of think-tank pan-Nigerians is worried over the delay that has characterised the confirmation of Uduk Mary Joseph as the substantive Director General of Securities and Exchange Commission where she has been on acting capacity since April 2018. 

We are also concerned over desperate efforts by powers that be to scheme her out on no other ground than her minority ethnic background. This is condemnable as it is despicable and anachronistic, such attempt if not quickly arrested portend danger to the motivation of public servants accross the country. It qualifies as an attempt to further stick a knife in our fragile unity and also a sad reminder to the disdain with which the Niger Delta region has been treated like an orphan in a nation they have made enormous sacrifices to build. We strongly believe that Nigeria’s development has been stunted on the ground of ethnicity and religious considerations.  

Our demand for her immediate confirmation is a patriotic move to further lend our support towards consolidating on the reformatory initiatives she has brought into the system over the years. Our call for her immediate confirmation will also provide a veritable platform for the President, Muhammadu Buhari to purge himself of perceived ethnic and religious jingoism that has brought about lopsided appointments in his cabinet in the past 5 years. At a time when the campaign for women inclusiveness and affirmative action is at its peak globally, failure to confirm Uduk Mary Joseph the substantive Director General of the Securities and Exchange Commission will be a collective assault on our hard working, resourceful and productive women.

Most importantly, at a time when our economy is at crossroad birthed by the devastating effects of COVID-19, the consequence of sacrificing her decades of gainful experience on the altar of tribal consideration will further strain the strength of our economy. 

This is a woman who is not just young but vibrant to contribute meaningfully to the growth and development of her fatherland. This is a woman who in the past three decades has spent her entire career contributing and leading efforts on protecting investors and developing a capital market that facilitates the development of our economy. 

In Uduk Mary Joseph is a woman who oversaw the review of application for the first supranational bond floated in Nigeria by a multinational organization, International Finance Corporation (IFC) and closely followed by the African Development Bank (AfDB). 

Among other strategic initiatives under her leadership as the acting DG of the Commission is the continuous implementation of the initiatives of the Capital Market Master Plan which includes the electronic Dividend Mandate System (E-DMMS), Direct Cash Settlement, Regularisation of Multiple Subscription, Non-interest Capital Market and others.

Under her leadership, the Commission has witnessed a development of roadmap for a vibrant Commodities Trading Ecosystem and ongoing implementation of same. Between 2018 and now, the Commission has gone into collaboration with the Nigerian Educational Research and Development Council (NERDC) on the infusion of capital market studies into the curriculum of basic and senior secondary schools. 

Uduk Mary Joseph has an enviable track record of excellent performance. They are there and even the blind can visibly see her legacies in the Commission. As part of her vision to engender transparency in the system, the Commission is currently in collaboration with the Nigerian Financial Intelligence Unit (NFIU) to strengthen the integrity of the market by frontally combating Ponzi Schemes, insider dealing, cybercrime and other fraudulent activities in the capital market. 

It is also imperative to state that while we admit that it is the prerogative of the President to appoint whom he deems fit to work with, appointments into key positions must represent the multiplicity of Nigeria’s ethnic and religious linens. Akwa Ibom as the goose that lays the golden egg in oil production in Nigeria ironically only has two appointments – Sen. Ita Enang, SSA to the President on Niger Delta and Umana O. Umana – Managing Director, Oil and Gas Free Zone. 

The President must not give Nigerians the reason to believe that the prediction by the former military governor of Kaduna state, Abubakar Umar that his slanted appointments will destroy Nigeria could come to pass. 

We call on President Muhammadu Buhari to do the needful, forward the name of Mrs. Uduk to the National Assembly for confirmation.  

Signed 

Omoluabi Bode Adeyemi,

Chairman