The Securities and Exchange Commission (SEC) says it is considering downsizing its workforce to cut costs in view of the dwindling revenue.
The Director-General of SEC, Mallam Lamido Yuguda, disclosed this when he appeared before the House of Representatives Committee on Finance on Tuesday.
The committee was probing poor revenue and remittances into the Federation Account by different Ministries, Departments and Agencies (MDAs).
Yuguda, who was represented by SEC’s Executive Commissioner for Corporate Services, Mr Ibrahim Boyi, said this move will allow the Commission to boost its revenue and reduce the cost of operation.
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He said, “Unfortunately, almost 80 percent of our cost is staff costs. 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 percent of our staff are from senior managers.
“So that’s the mandate I think we have taken as management and the board and I’m sure in the matter of a few months, we’ll 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.”
Speaking on the issue of remittances to the Federation Account, Boyi said, “We have reconciled fully up to 2018 and, you know, in 2020 there was a new directive by the Federal Government that whether you are self-funding agency or not, 25% of Revenue that hits your TSA will be deducted and that has been going on.”
