Reconstitute SEC Board, Reps tells Buhari

OrderPaperToday – The House of Representatives has called on President Muhammadu Buhari to expedite action on the reconstitution of the Security and Exchange Commission (SEC) Board.

The call was made following a motion moved by Tajudeen Yusuf, (PDP, Kogi) at plenary on Wednesday.

Leading the debate, Yusuf stated that since the dissolution of the Board of SEC by the Federal Government on 16 July 2015, the regulatory agency has not been able to effectively and efficiently carry out its responsibilities.

He added that failure to appoint Executive Commissioners to fill the three vacant positions has slowed down the general administration, monitoring and regulator duties of the capital market.

Yusuf maintained that the non-constitution of the Board for over two years now is posing both regulation and reputational challenges to SEC, creating delay in approvals from the supervising Ministry of Finance, causing non-formalisation of broad economic, financial, operational and administrative guidelines and targets for the Commission, as well as lacking in streamlined monitoring of performance and evaluation of institutional projects and programmes

He stressed that the absence of Executive Commissioners, who are saddled with responsibilities to assist the Director General in carrying out day to day management and operations of the Commission, has increased the workload of the Director-General, and has, as a result, slowed down certain operations which require promptness and timeliness.

Also speaking on the motion, Sani Zorro (APC, Jigawa) said that apart from Security and Exchange Commission where there is vacuum, he noted that there are over 4000 vacant Board positions that the current administration has not been able to fill, noting that it is important to have Board members in place to ensure transparency.

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