Reps charge Buhari to constitute SEC board

The House of Representatives on Wednesday, charged President Muhammadu Buhari to constitute the board of the Security and Exchange Commission (SEC).

According to the House which passed a resolution after the adoption of the motion sponsored by Rep. Tajudeen Yusuf decrying the non-constitution of the board, the lawmakers declared that the delay in constituting the board is hampering the effectiveness of the exchange commission.

Also, the House called for the appointment of executive commissioners to fill the vacant positions at the commission.

Leading the debate, Rep. Tajudeen said the absence of a board for two years now has negatively impacted on the commission, saying that the current situation has slowed down the general operations and hindered its duties as regulator of the Capital Market.

“The non-constitution of the board for two years now is posing both regulatory and reputational challenges to SEC, creating delays in approvals from the supervising ministry of Finance, causing non-formalisation of broad economic, financial, operational and administrative guidelines and targets of the commission.

“The absence of Executive Commissioners, who are saddled with responsibilities to assist the Director-General in the day to day management and administration of the commission has increased the workload of the Director-General and this has slowed down certain operations which require promptness”, Yusuf said.

It would be recall that the FG dissolved the commission’s board on July 16, 2015.

Henry Omunu, Abuja