SEC Staff Union Calls for Exemption from 50% Deductions on Operating Surplus
By Patience Ikpeme
The Association of Senior Civil Servants of Nigeria, Securities and Exchange Commission (SEC) Unit, has called for the commission to be exempted from the 50 percent deductions on operating surplus as outlined in the Finance Act 2024.
The union argues that the SEC should be considered a development institution, thereby warranting this exemption. Chairman of the Union, Abba Mamman Ali, conveyed this message during a press conference held in Abuja on Monday.
Ali emphasized the urgent need for the SEC’s management to engage in discussions with the government regarding the 50 percent deductions on operating surplus. He revealed that these deductions have severely impacted the commission’s ability to effectively carry out its dual functions of regulating and developing the capital market.
Ali noted, “These deductions have almost incapacitated the Commission as the SEC has been having great difficulties carrying out its dual functions of regulating and developing the capital market.”
In addition to their demand for exemption, the Association of Senior Civil Servants of Nigeria is also urging the new management to address issues of staff promotion, vacancies, and gratuity.
Ali emphasized the importance of settling these matters, as they directly impact the staff. Regarding the capital market, the Union is calling for the formation of a market-wide committee tasked with finding solutions to the various challenges currently faced by the market.
Abba Mamman Ali commended President Bola Tinubu’s decision to reconstitute the Board of the Securities and Exchange Commission. Last Friday, President Tinubu terminated the tenure of Lamido Yuguda as the Director-General (DG) of SEC and appointed Dr. Emomotimi Agama, a technocrat and an insider of the commission, as his successor.
Ali criticized Yuguda’s administration, stating that it had failed in its mandate to effectively regulate and develop the capital market, which is a vital component of the Nigerian economy.
He further asserted that the former management was unresponsive and insensitive to staff welfare issues, including matters concerning promotion, gratuity, and salary increments. Ali expressed disappointment in the state of staff morale under Yuguda’s leadership.
According to Ali, the Association of Senior Civil Servants of Nigeria and the SEC Staff Union recognized that a vibrant capital market and a motivated SEC workforce could only be achieved through a change in the SEC’s management.
Consequently, they reached out to President Bola Ahmed Tinubu, who acted promptly by replacing the ineffective SEC management with a new board led by Chairman Mr. Mairiga Aliyu Katuka and Director-General Dr. Emomotimi Agama.
The SEC Staff Union has pledged its unwavering cooperation with the new board and expressed its commitment to delivering a vibrant capital market in alignment with President Tinubu’s Renewed Hope Agenda.
