Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result

SEC declares 5 years deficit due to economic depression

Editor by Editor
September 9, 2014
in Uncategorized
Share on FacebookShare on TwitterShare on Linkedin

RelatedPosts

Nigeria’s PZ Cussons fights off inflation to post 277% rise in profits

NCC reveals 83.3 million Nigerians connected to broadband as of May 2022

The Security Exchange Commission (SEC) on Monday said it had not made any profit since 2009 because of the downturn of economic activities in the capital market. The SEC Head of Finance and Accounts, Mr Sunday Garba, made this known at a stakeholders’ meeting with the management of Fiscal Responsibility Commission (FRC) in Abuja. Garba also said that SEC had not remitted the mandatory 80 per cent of its operating surplus into the Consolidated Revenue Funds Accounts since 2009. “Since the downturn of the capital market, we have not been making profit. In fact, running the office has remained a challenge to us.

“You know SEC is not being financed by the Federal Government but rather through fees we collect from various activities in the capital market. “We make money when the capital market is doing well and we all know of the meltdown the capital market experienced some years back,’’ he said. Garba said that whatever was deliberated on at the meeting would be forwarded to Ms Arunma Oteh, SEC Director-General. He said that this would enable her to meet with the FRC management team sometimes in October. Also, Mr Victor Muruako, FRC Acting Chairman, said that failure of the commission to submit its audited financial reports for five years was not the characteristics of an agency concerned with transparency and accountability. “In the process of monitoring the compliance of SEC to the FRA 2007, we observed that there is no evidence that SEC has produced its audited financial reports from 2009 to 2013. “In spite of the commission’s various requests, SEC has not availed the FRC of its three year estimates of revenue and expenditure for 2010-2012, 2012-2013 and 2014. “For 2007, records show that you paid N808.7 million as operating surplus instead of N11.15 billion. “SEC has, therefore, unduly withheld the balance of N10.3 billion due to the Federal Government,’’ Muruako said. (NAN)

Related

Tags: News Review

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Hot forex
Cornerstone
Mega Millions
Polaris Bank
Access Bank
Bankers Committee
First bank


FCMB
Ikeja Electrics




    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • Nigeria’s PZ Cussons fights off inflation to post 277% rise in profits
    • NCC reveals 83.3 million Nigerians connected to broadband as of May 2022
    • Fuel scarcity: FG to sanction Fuel stations selling fuel above N165 

    Follow us on social media:

    Recent News

    Alexander Goma resigns from PZ Cussons as Executive Director , PZ Cussons announces the retirement of CEO, appoints new one, PZ defies COVID-19 as revenue increased by 18.3% between June and August 2020

    Nigeria’s PZ Cussons fights off inflation to post 277% rise in profits

    June 28, 2022
    DIGITAL REPORTS FOR 2021

    NCC reveals 83.3 million Nigerians connected to broadband as of May 2022

    June 28, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com