By Oluwakemi Kindness
The House of Representatives Committee on Finance has commended the Securities and Exchange Commission (SEC) for strengthening its financial position through improved revenue generation and prudent cost management.
The Deputy Chairman of the committee, Rep. Saeed Musa Abdullahi, gave the commendation on Tuesday during the 2026 Revenue Monitoring Exercise with the Commission in Abuja.
He praised the SEC’s progress in achieving greater fiscal sustainability and encouraged the Commission to sustain the momentum.
“DG, you have done significantly well. We have followed the progress of the SEC over the years and urge you to keep the flag flying. We will continue to celebrate you when you do well,” Abdullahi said.
He stressed that the oversight exercise was aimed at improving the performance of government agencies rather than targeting them.
“This exercise is not to witch-hunt any agency. It is aimed at ensuring better performance, especially at a time when the country is facing serious fiscal challenges,” he added.
The lawmaker also challenged the Commission to exceed its 2026 revenue target.
“You have told us your revenue projection for 2026, but we believe you can do more. We urge you to surpass your projection by at least 20 per cent, or even more,” he said.
Earlier, SEC Director-General Dr. Emomotimi Agama told the committee that the Commission operates without budgetary allocations from the Federal Government, relying entirely on income generated from the capital market.
He said the arrangement aligns with the principles of the International Organization of Securities Commissions (IOSCO), which encourage financial independence for securities regulators.
“The SEC does not receive any funding from the government; rather, it pays money to the government,” Agama said.
According to him, once the Commission’s revenue is paid into its account with the Central Bank of Nigeria (CBN), statutory deductions are automatically made before the funds become available for its operations.
He explained that the SEC avoids imposing excessive charges on market operators to fund its activities and instead secured approval from the Minister of Finance to retain 20 per cent of its internally generated revenue.
“We are regulators and are not expected to ask the market for money. With the kind permission of the Honourable Minister of Finance, we obtained a 20 per cent waiver on deductions to ensure our operations are not hindered,” he said.
Agama also disclosed that the Commission had secured a grant from the African Development Bank to acquire a modern market surveillance system.
He said the technology, expected to be deployed this year, will strengthen oversight of Nigeria’s capital market and bring its regulatory framework closer to international standards.
