Damning!!: Only 30% of SEC Staff Perform Core Functions – IMF

The International Monetary Fund (IMF) has said only 30 per cent of the 630 staff of the Securities  and Exchange Commission are performing the core regulatory and supervisory functions of the institution.

The fund pointed this out in its assessment of the level of implementation of the International Organisation of Securities Commissions (IOSCO) Principles in Nigeria. The assessment was conducted from September 4 to 19, 2012 as part of the IMF-World Bank Financial Sector Assessment Programme (FSAP). The last IOSCO assessment in Nigeria was conducted in 2002.

IMF: Only 30% of SEC Staff Perform Core Functions