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The Association of Senior Civil Servants of Nigeria, Securities and Exchange Commission (SEC) unit has hailed the decision of President Bola Tinubu in reconstituting the board of the Securities and Exchange Commission.
The chairman of the union, Abba Ali, said this on Monday during a briefing with journalists in Abuja.
President Tinubu had last Friday, sacked Lamido Yuguda as the DG of SEC and appointed Dr. Emomotimi Agama, a technocrat as his replacement.
Abba said the administration of the erstwhile Director General of SEC, Lamido Yuguda “failed in its mandate to effectively regulate and develop the capital market, which is an intricate part of the Nigerian economy.”
He said the Yuguda-led management “was unresponsive towards issues of staff welfare especially issues bordering on staff promotion, gratuity and increase of staff emolument, amongst many others.”
He said, “Unfortunately, staff morale was at the lowest ebb during the administration of the immediate past management. It became clear to the SEC staff union and our parent body, the Association of Senior Civil Servants of Nigeria (ASCSN), that a vibrant capital market and a highly motivated SEC workforce could only be achieved through a change of SEC management.
“This prompted the union to cry out to the President. By clearing out the ineffective SEC management led by Yuguda, President Tinubu has lived up to his reputation as a listening leader.”
He said the union has pledged to collaborate with the new board under the leadership of the chairman, Mr. Mairiga Katuka and Agama, to deliver a vibrant capital market in line with President Tinubu’s Renewed Hope Agenda.
However, to achieve this, he called for the commission to be exempted from the 50 per cent deductions on operating surplus as contained in the Finance Act 2024, because the Commission is a development institution.
He said, “There is need for management to meet with the government on the issue of 50 per cent deductions on operating surplus. These deductions have almost incapacitated the Commission as the SEC has been having great difficulties carrying out its dual functions of regulating and developing the capital market.”
On the capital market, he urged the new management to constitute a committee that will proffer solutions to the issues bedevilling the market.
