SEC, FRC Get 21-Day Ultimatum On N45bn Unremitted Funds

The House of Representative Public Accounts Committee has given an opportunity to the Securities and Exchange Commission (SEC) and Fiscal Responsibility Commission to amicably settle the differences on the alleged non-remittance of over N45 billion to the Consolidated Revenue Fund.

Chairman of the Committee, Bamidele Salam gave a speech in Abuja during the Committee’s public hearing on leakages of government revenue.
The FRC had alleged the SEC did not respond to its report issued in 2022 where N45 billion unremitted operating surplus was recorded against the Commission from 2007 to 2021.

The director-general of SEC, Lamido Yuguda, while reacting to the allegation said the Commission had reconciled its operating surplus with the office of the Accountant General of the Federation.
“I think if the FRC had actually done a little more work, they would have seen from the OAGF all the efforts that we have made to reconcile the surplus figures from 2007 when FRSC came into being, “ the DG told the Committee.

SEC stated that “Its team had evidence of the remittances it had made in the past as proof to back its argument of not being culpable of the allegation and it is ready to provide every document that was required of it by the Committee.”

According to the report, a review of the documents submitted by the SEC to the Committee reveals that they have actually made all submissions and payments and this was corroborated by the representative of the Office of the Account General of the Federation who also informed the Committee of the regular reconciliation exercise between it and SEC.

“Fact reveals that the Lamido led Management has transformed the account of the Commission from deficit balance recorded over the years to operating a surplus as a result of the transformations and policies introduced into the capital market,” the report stated.

After much defence from both parties, the Committee unanimously told the SEC and FRC to go and reconcile the differences then revert back to the Committee after 21 days for a final resolution on the issue.