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SEC Thrives Despite Budgetary Constraints

06 Mar 2013

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SEC  DG, Arunma Oteh

James Emejo
Notwithstanding the fact that it had been denied budgetary allocation for the year by the National Assembly, the Securities and Exchange Commission (SEC) has continued to run smoothly, THISDAY has learnt .
Findings revealed that the commission has been meeting  its financial obligations particularly in the area of prompt payment of salaries to staff.

A senior management staff, who did not want to be named, told THISDAY that the staff are not bothered at the moment by the non-approval of a budget for SEC because their salaries have so far been regular.

THISDAY further learnt that the presidency may have given the go-ahead for the commission to utilise the revenue it generates to fund its operations.

Other than statutory allocations, the commission's sources of income are chiefly from commissions/fees from market activities as well as fines imposed on companies or market players  as a result of infractions. 

SEC's Director General, Ms Arunma Oteh last year had a bitter confrontation with lawmakers who had launched an investigation on the commission in the aftermath of the crisis which led to the collapse of the nation's capital market.

The probe had taken a new twist when Oteh alleged that members of the committee had demanded money from the commission to aid the public hearing.

That allegation infuriated the lawmakers who had denied it.
At the end of the probe, the lawmakers, among other things, recommended that Oteh be removed from office for gross misconduct and mismanagement of resources especially during the SEC Project 50 anniversary.

However, the presidency also constituted an independent body to probe the allegations.

The report, however, absolved Oteh of any wrongdoing as alleged.
Notwithstanding, the lawmakers had since been at loggerheads with President Goodluck Jonathan over his delay in heeding their resolution on her removal.

Consequently, the legislators had refused to approve a budget for the commission in the 2013 appropriation as long as she remained in office.
"The commission is in a better position to explain the technicalities of revenue streams; all we know for now is that we are receiving our salary and that is our major concern for now," the source added.

Tags: Nigeria, Featured, Business, Arunma Oteh, SEC

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