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Reps Decry Absence Of Commissioners In SEC



By Kauthar Anumba-Khaleel, Abuja

The House of Representatives yesterday urged President Muhammadu Buhari to constitute a board for the Security Exchange Commission (SEC) as soon as possible.

This as it also called for the appointment of Executive Commissioners to fill the vacant position in the commission.

The resolution was contained in a motion calling for Reconstitution of the Board of Security and Exchange Commission and Appoint Executive Commissioners”, sponsored by Hon. Tajudeen Yusuf.

Leading the debate, Tajudeen said the absence of a board for two year has negatively impacted on the commission saying, the current situation has slowed down the general operations and hindered its duties as regulator of the Capital Market.

“The non-constitution of the board for two years now is posing both regulatory and reputational challenges to SEC, creating delays in approvals from the supervising ministry of Finance, causing non-formalisation of broad economic, financial, operational and administrative guidelines and targets of the commission.

“The absence of Executive Commissioners, who are saddled with responsibilities to assist the Director-General in the day to day management and administration of the commission has increased the workload of the Director-General and this has slowed down certain operations which require promptness”, Yusuf said.

It would be recall that the Federal Government dissolved the commission’s board on 16 July 2015.



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