Nigerian Senate Raises Alarm over Imminent Insolvency in SEC

Following a revelation that the Securities and Exchange Commission (SEC) incurred a N9 billion deficit in three years as a result of market meltdown by the Director-General, Alhaji Lamido Yuguda, the Senate has raised the alarm over imminent insolvency, if nothing was done to salvage the situation, the Nigerian Daily Post reported. Yuguda explained that the global economic meltdown occasioned by coronavirus has affected the fortunes of Securities and Exchange Commission. The situation was made open during an interactive joint session with the Senate Committees on Finance, National Planning, Petroleum Upstream, Downstream and Gas, Chaired by Senator Solomon Olamilekan Adeola. The Chairman posited that the Commission would go bankrupt any moment if nothing was done immediately. Revenue generating agencies have been under scrutiny, but at Wednesday’s hearing, it was disclosed that the Capital Market regulatory body projected revenue for 2021 was N11,502,340,000,000.00 billion with a personnel cost of N10,239,933,504.65 billion. Read more.