Arese Ugwu becomes Acting MD of NASD after five-year suspension

The National Association of Securities Dealers (NASD) has named Arese Ugwu as its new Acting Managing Director. This comes after she completed a five-year suspension from capital market activities.

The over-the-counter market and self-regulatory body shared the news in a post on X on Thursday. They mentioned that her appointment needs approval from the Securities & Exchange Commission (SEC).

"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 takes over from Eguarekhide Longe, the former Managing Director, who recently retired after years of service.

After her appointment, she promised to turn NASD into a place where Nigeria’s growing businesses can find the funding they need to expand.

"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 Suspension

Ms. Ugwu was one of the directors of Partnership Investment Company. In 2017, the Securities and Exchange Commission (SEC) suspended her for five years from capital market activities. She also got banned from holding directorship positions in any public company in Nigeria.

SEC stated that the suspension was for a specific period. She was also ordered to pay a fine of N100,000 for breaking Rule 1 (iii) of the Code of Conduct for Capital Market Operators and their Employees.

At the same time, the SEC also banned Victor Ogiemwonyi, the Managing Director of Partnership Investment Company Plc and Partnership Securities Limited, from holding any directorship roles in public companies in Nigeria.

These penalties were due to alleged unprofessional conduct in the capital market.

As of the time this report was filed, NASD had not responded to calls asking for more details about Ms. Ugwu’s appointment.

Ms. Ugwu is the founder of Smart Money Africa and wrote The Smart Money Woman in 2016. This book was later turned into a series by Netflix and Africa Magic.