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Workers’ redeployment to improve market regulation – SEC

By on January 17, 2015

The management of the Securities and Exchange Commission on Thursday said the redeployment of workers, which was done on Wednesday, was meant to improve the regulation of the capital market.

SEC stated in a statement issued in Abuja that the exercise was strategically done to strengthen the regulatory mechanism of the commission through efficient handling of complaints from the investing public.

It said since the timely use of enforcement machinery was necessary on errant capital market operators and improvement in investor education, the redeployment had to affect key departments such as investigation, enforcement, investor education and financial literacy.

The statement read in part, “The redeployment exercise was strategically done to strengthen the regulatory mechanism of the commission through efficient handling of complaints from the investing public, timely use of enforcement machinery where necessary on erring capital market operators and improvement of investor education.

“This is why the redeployment affected key divisions such as investigation, enforcement, investor education and financial literacy. Also, it is a well-known fact that capacity building is a necessary building block for any capital market regulation.

“Thus, many staff had to be posted to the commission’s Learning and Career Development Division for continuous training.”

The statement added, “It is imperative to equally note that majority of the capital market operators are based in Lagos. Therefore, the need to improve the regulatory oversight through the use of our Lagos zonal office was highly desirable. This is why one of the directors was posted to head the Lagos zonal office.

“However, the redeployment and transfer of staff of the SEC, especially at the beginning of a new year, is a usual occurrence and part of its strategies at strengthening the apex regulatory body of the Nigerian capital market.”

The exercise, according to SEC, is not aimed at punishing or victimising any worker due to their loyalty to some individuals as being insinuated in some quarters but is for the overall interest of the market.

The commission said its role in the nation’s economy was very critical and such changes should be expected from time to time to strengthen capacity and further improve its ability to carry out its functions effectively.

 

[Punch]