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ASCSN urges FG to reconstitute SEC board


Securities and Exchange Commission

Association of Senior Civil Servants of Nigeria (ASCSN) has urged President Muhammadu Buhari to reconstitute the board of Securities and Exchange Commission (SEC) to enable it operate in line with global best practices.

The association also stressed the need for the President to order that the report of the panel of inquiry set up by former Minister of Finance, Kemi Adeosun to probe allegations of fraud against former SEC Director General, Mounir Gwarzo be released for necessary action.

In a statement signed by Secretary General of the Association, Alade Bashir Lawal, the group noted that the capital market regulator has been operating without a board since 2015.

According to ASCSN, this has created credibility gap and impacted negatively on the image and performance of the organisation.

“Players in the capital market within and outside the country believe that with a board in place at SEC, it will positively run-off on the growth and development of that sector of the nation’s economy,” the statement reads.

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