The Securities and Exchange Commission, SEC, has resolved to deepen the market through the implementation of the 10 year Masterplan.
SEC Director-General, Munir Gwarzo also assured investors that the commission has intensified efforts to increase its efficiency.
Gwarzo disclosed this while meeting with the House Committee on Capital Market and other Institutions led by Tajudeen Yusuf.
He said the commission’s capital market mandate was for the protection of investors and capital market development.
“We have also been vigorously been pursuing our capital market mandate which is investors protection and capital market development and you need resources. So even within those limited resources we have been able to do that.”
SEC To Recruit Specialists
Meanwhile, the Commission is set to that enhance service delivery through the recruitment of specialists. These specialists will to fill key offices including Risk Management Division; Strategy Division, Research and Economic division, among others.
Gwarzo further clarified issues on the commission’s N4.5bn staff salary and emoluments. He said it had judiciously utilised its meagre resources, despite the economic downturn.
“SEC is 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. Same thing in South Africa. Once FSB prepares its budget and it is approved, the market would have to fund it.”