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Senate raises alarm over imminent insolvency in SEC

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Following a revelation that the Securities and Alternate Fee (SEC) incurred a N9 billion deficit in three years because of market meltdown by the Director-Normal, Alhaji Lamido Yuguda, the Senate has raised the alarm over imminent insolvency, if nothing was achieved to salvage the state of affairs.

Yuguda defined that the worldwide financial meltdown occasioned by coronavirus has affected the fortunes of Securities and Alternate Fee.

The state of affairs was made open throughout an interactive joint session with the Senate Committees on Finance, Nationwide Planning, Petroleum Upstream, Downstream and Fuel, Chaired by Senator Solomon Olamilekan Adeola.

The Chairman posited that the Fee would go bankrupt any second if nothing was achieved instantly.

Income producing companies have been underneath scrutiny, however at Wednesday’s listening to, it was disclosed that the Capital Market regulatory physique projected income for 2021 was N11,502,340,000,000.00 billion with a personnel price of N10,239,933,504.65 billion.

The doc he submitted to the Committee, in 2019, the Fee recorded – N2.9 billion deficit, in 2020 N4.3 billion and as at June of 2021, N1.7 billion, totalling N8.5 billion.

Expressing dismay, the Chairman of the Committee identified an exaggerated personnel price, and questioned how might a regulatory physique was additionally not producing the venue.

“Your personnel price, your prime profile takes about 70% of complete emolument of N9 billion, solely 30% go to decrease cadre.

“You’ll want to cease the pattern, that is the second 12 months you’re coming with a deficit price range”, he mentioned .

Additionally kicking towards the dwindling fortunes of the fee, a member of the Committee, Senator Kashim Shettima challenged the Director-Normal to assume out of the field.

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