The Securities and Exchange Commission has unfolded plans to reduce its operating costs in order to boost profitability within the next two years.
The capital market regulator’s plan of costs reduction was sequel to fallouts of an interface it had with the Senate’s joint committees on Finance, National Planning, Gas Resources, Petroleum Upstream and Downstream last week on revenue generation from 2022 to 2024.
During the interface, members of the joint committees admonished the Director General of the commission, Mr Lamido Yuguda, to step up the revenue generation of the agency and reduce its operational costs, particularly on personnel costs.
Apparently swinging into action in line with the upper legislative chamber’s directive, the DG, SEC, in a statement signed by Efe Ebelo, Head Corporate Communications, assured that steps were being taken to reverse the fortunes of the apex regulator of the capital market.
He said the commission had been paying 25 per cent of its gross revenues into the coffers of government.
Specifically, he said that the total revenue so far paid by SEC into the treasury as of the end of June 2021 was about N1.5bn.
He said, “If we go through the Medium-Term Expenditure Framework which we started last year, if we look at 2022 and 2023, you will see that we have worked on our expenditure so that by 2023, the deficit will actually turn into a surplus of N1.24bn and by 2024 we should have N2.5bn surplus.”
He pleaded the support of all stakeholders to enable the organisation to implement a new strategy in the regulatory agency.