The Director General of Security and Exchange Commission (SEC), Munir Gwarzo was asked by the Senate to defend the alarming rate at which the emoluments apportioned to the Commission for the year 2016.
According to the documents presented to the committee, SEC has so far spent N150, 768,220.88 out of N161, 897, 372 approved for children education allowance; N142, 057,068.30 out of N145, 824,146 for dressing allowance; N911, 911 out of N10 million approved for additional qualifications, among others.
The rate at which the emoluments were disbursed is further complicated by the fact that the Commission did not meet their target for the year.
Defending the observations of the House Committee on Capital Market and other institutions headed by Tajudeen Yusuf, Gwarzo said that the turbulence in the capital market was responsible for the decline of revenue from $5.1 billion to $2.9 billion.
“We are going through very turbulent period and the state of capital market affects our revenue projection of N5.2 billion as revenue for 2016 but we got N2.9 billion, which shows that we are short of what we budgeted.” Guardian quotes Gwarzo as saying.
Gwarzo also blamed the high level of compliance by operators due to the advent of TSA as penalties realized from infractions were severely diminished.
