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SEC set to sack workers over revenue shortfall

The Securities and Exchange Commission has said it is considering reducing its workforce to cut costs as revenue dwindled.

The apex regulator of the capital market said the cut would mostly affected senior members of staff.

The Director-General, SEC, Lamido Yuguda, disclosed this in Abuja on Tuesday while appearing before the House of Representatives’ Committee on Finance.

The committee has been inviting ministries, departments and agencies of the Federal Government to account for their revenue generation and remittances into the Federation Account.

Yuguda, who was represented by SEC’s Executive Commissioner for Corporate Services, Ibrahim Boyi, said the commission was determined to boost its revenue and reduce the cost of operation.

He said, “Unfortunately, almost 80 per cent of our cost is staff cost. So, we need to find a way of chopping off that cost and I think work is already going on. We are top heavy, almost 50 per cent of our staff are from senior managers.

“So, that is the mandate I think we have taken as management and the board. And I am sure that in a matter of a few months, we will be able to come with a solution. But the idea really is to make the commission more sustainable and make sure that our revenue is going forward.”

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