The Securities and Exchange Commission’s (SEC) financial crisis has sent shivers down the spine of the capital market community, with many fearing that the Commission would be compelled to cut its personnel costs and perhaps retrench workers if the situation does not improve.
While testifying before the Senate Joint Committees on the 2022-2024 Medium-Term Expenditure Framework and Fiscal Strategy, Lamido Yuguda, the Director-General of the nation’s capital market regulator, explained that the Commission recorded an N2.9 billion deficit in 2019, N4.3 billion in 2020, and N1.7 billion at the end of June 2021, bringing the total deficit to N9 billion.
Concerned about the trend, Senator Adeola Olamilekan, who chairs the Joint Committees on Finance, National Planning, Petroleum Upstream, Downstream, and Gas in the upper legislative chamber, called attention to the Commission’s excessive personnel costs in the last two years
