The Securities and Exchange Commission (SEC) is recruiting specialists in key areas to enhance its ability to tackle the challenges facing the market.
This was revealed by the Director-General of SEC, Munir Gwarzo yesterday during an interactive session with the House committee on the Capital Market and other institutions.
Gwarzo said that efforts had been made to enhance service delivery through the recruitment of specialists to fill key offices including Risk Management Division; Strategy Division, Research and Economic division, among others.
He also assured investors that the commission had resolved to deepen the market through the implementation of the 10-year Masterplan.
The SEC Director-General disclosed that its capital market mandate was for the protection of investors and capital market development.
According to him, “we have also been vigorously pursuing our capital market mandate which is investor protection and capital market development and you need resources. So even within those limited resources we have been able to do that.
“We also set up the national investment protection fund and we have paid 3,000 beneficiaries. We launched the corporate governance scorecard, we have set up committees to review all the laws in Nigeria and all these cost money.”
While clarifying issues on the N4.5 billion staff salary and emoluments, he explained that the Commission had judiciously utilised its meagre resources, despite the economic downturn.
“We see SEC as a stronger institution, yes we are going through a serious situation because the market is not where we want it to be. It is a reflection of the economy.
“Unfortunately SEC relies on what the market is able to make. In other jurisdictions, it is not so. In US SEC prepares its budget, takes it to the US Congress for approval. In south Africa, it is the same thing. Once FSB prepares its budget and it is approved, the market would have to fund it.”
