NASD appoints Arese Ugwu as acting MD, nine years after SEC suspension

The National Association of Securities Dealers (NASD) appointed Arese Ugwu as its new Acting Managing Director, after serving a five-year regulatory suspension from capital market activities.

The over-the-counter market and self-regulatory organisation disclosed the appointment in an X post on Thursday, noting that it is subject to the approval of the Securities & Exchange Commission.

“The Board of Directors of NASD PLC has appointed Ms. Arese Ugwu as Acting Managing Director. Her appointment to act in this capacity is subject to the approval of the Securities & Exchange Commission,” NASD said.

Ms Ugwu succeeds the immediate past Managing Director, Eguarekhide Longe, who recently retired after years of service in the organisation.

Responding to her appointment, she vowed to make NASD the market where Nigeria’s great growth businesses find the capital they need to scale.

“My vision is to make NASD the market where Nigeria’s great growth businesses find the capital they need to scale and where investors can participate in the value they create,” she said.

SEC Ban

Ms Ugwu was among the directors of Partnership Investment Company suspended for a period of five years from engaging in capital market activities and banned from holding directorship positions in any public company in Nigeria by the Securities and Exchange Commission (SEC) in 2017.

SEC said the suspension was for the said period and ordered her to pay a penalty of N100,000 for breaching Rule 1 (iii) of the Code of Conduct for Capital Market Operators and their Employees.

In the same statement, the apex regulator also barred the Managing Director of Partnership Investment Company Plc and Partnership Securities Limited, Victor Ogiemwonyi, from holding directorship positions in any public company in the country.

The sanctions followed alleged unprofessional conduct in the capital market.

NASD did not respond to calls seeking clarification on Ms Ugwu’s appointment as of the time of filing this report.

Ms Ugwu founded Smart Money Africa and is the author of The Smart Money Woman (2016), which was produced as a Netflix/Africa Magic series.