SEC Moves to Turn Civil Servants into Wealthy Investors
By Patience Ikpeme
The Securities and Exchange Commission (SEC) has called on Nigerian civil servants to stop looking at the capital market as something for only the rich and start using it to build their own wealth.
The Director-General of the SEC, Dr. Emomotimi Agama, made this call during a meeting with the Head of Service of the Federation, Dame Didi Walson-Jack, and other top government officials.
Dr. Agama said that the capital market is a great place for long-term savings and investment that can help workers stay financially stable while they are still working and after they retire. He said it is time for government workers to move beyond just waiting for monthly salaries and start seeing themselves as stakeholders in the Nigerian economy.
“The capital market is a platform for wealth creation and financial security. Our collective goal should be to move civil servants from being just salary earners to becoming active investors and beneficiaries of economic growth,” Dr. Agama told the officials.
He reminded the workers that they are already part of the market through the Contributory Pension Scheme (CPS). He said pension funds are usually invested in government bonds and other market tools, and how well these investments perform determines how much money a worker gets at retirement. Dr. Agama said if civil servants understand how this works, they will have more confidence to try other options like mutual funds and bonds to grow their money.
To make this happen, the SEC boss suggested a special financial education plan for civil servants. This training would teach workers how to save, plan their investments, pay for their children’s education, and even own their own homes. He said that a worker who knows how to handle money is more stable and productive.
Dr. Agama also talked about the housing problems many government workers face. He said that through the capital market, there are ways to make owning a home easier for public servants if they use the right investment tools. He suggested that capital market education should be added to the training given at places like the Administrative Staff College of Nigeria (ASCON).
“When civil servants understand and participate actively in the capital market, they become partners in Nigeria’s growth story, not just administrators of policy,” Dr. Agama said.
However, he also gave a strong warning to workers to be careful about where they put their money. He said many civil servants have lost their hard-earned savings to “Ponzi schemes” and unregistered companies promising quick money. He said the SEC is ready to teach workers how to spot these scams so they do not lose their wealth.
The Head of Service, Dame Didi Walson-Jack, said she was very happy with the plan. She admitted that many civil servants work for many years but end up with very little when they leave. She said her office is ready to work with the SEC to change this story so that workers can retire with enough money and even their own houses.
“The civil servant commits his or her entire life to the service of the nation but goes home with very little. We are available to forge a strategic alliance to reverse some of these issues. We want a situation where civil servants can retire with a house of their own,” she said.
She also asked that the training should include those who are almost ready to retire, so they can plan their future properly. Both leaders agreed that by working together, they can make the civil service more secure and help the entire country grow.
