Ex-SEC Leadership Failed to Regulate, Develop Capital Market, Workers Allege

•Seek review of Finance Act on 50% remittance

Ndubuisi Francis in Abuja

The Securities and Exchange Commission (SEC) senior staff union under the aegis of Association of Senior Civil Servants of Nigeria (ASCSN) has accused the immediate-past administration of the Commission led by Dr. Lamido Yuguda of failing in its mandate of effectively regulate and develope the capital market, an intricate part of the nation’s economy.

President Bola Tinubu had on Friday, sacked the former Director General, Lamido Yuguda and announced a new management and board for the Commission.

While Mr. Mairiga Aliyu Katuka is the Chairman of the new board, Dr. Emomotimi Agama is the new Director-General.

Briefing journalists in Abuja, yesterday, on behalf of the Executive Committee (Exco) of the Association of Senior Civil Servants of Nigeria, SEC Unit, its President, Mamman Al Abba thanked Tinubu for being a listening president.

He said Tinubu promptly effected a change of leadership soon after the union cried out to him on the leadership failure in the SEC.

While applauding the president for

reconstituting the management and board of the Commission, he noted that the SEC has two core mandates–regulating and developing the capital market.

However, he 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.

“Furthermore, the Lamido Yuguda-led management was insensitive and unresponsive towards issues of staff welfare especially issues bordering on staff promotion, gratuity and increase of staff emolument, amongst many others.

“Unfortunately, staff morale was at the lowest ebb under the regime of the immediate past management.

“It became clear to the SEC Staff Union and our parent body, the ASCSN) that a vibrant capital market and a highly motivated SEC workforce could only be achieved through a change of SEC management by Mr. President.

“This prompted the union to cry out to His Excellency, President Bola Ahmed Tinubu

By clearing out the ineffective SEC management led by Lamido Yuguda, His Excellency, President Bola Ahmed Tinubu has lived up to his sterling reputation as a listening president.

“At this point, the SEC Staff Union pledges to collaborate seamlessly with the new board under the leadership of board chairman, Mr. Mairiga Aliyu Katuka and Director General, Dr. Emomotimi Agama, to deliver a vibrant capital market in line with President Bola Ahmed Tinubu’s Renewed Hope Agenda.”

On what the union expects from the new management, he lamented that staff promotion had stagnated for about 13 years while the issue of gratuity was nothing to write home about.

“We want this management to look into issues of staff promotion, vacancies and gratuity. We urge them to look at it very well and settle those issues as they concern staff directly.

“On salary increment, we have a clear direction. Before now there was a contention on whether our salaries go to Salaries and Wages Commission. But right now, the Auditor General and the Minister of Finance have said that the board of the Commission can handle that one.

“We urge them to look into that matter and settle it once they assume office. 13 years without salaries increment is very bad. Inflation has eroded all we currently earn.

“Also, 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 market, we urge the new management to constitute a market-wide committee who will proffer solutions to the various issues currently bedevilling the market.”