Reps panel charges SEC on economic recovery efforts
The House of Representatives Committee on Capital Market yesterday charged the Security and Exchange Commission (SEC) to contribute meaningfully to the economic recovery efforts of the Federal Government.
The Chairman of the committee, Tajudeen Yusuf made the appeal during an interactive session with members of the SEC management team led by its Director General, Mr. Munir Gwarzo at the National Assembly, Abuja.
The committee, which sought explanations on the recent recruitment by SEC, said SEC should emulate its counterpart in the United Arab Emirates (UAE), which played a significant role in turning Dubai into one of the most preferred tourism destinations in the world.
Charging SEC to strive towards contributing meaningfully to the growth of the economy, he noted that it was unfortunate that the entire 36 component states of the country and the Federal Capital Territory (FCT) Abuja had been solely dependent on oil revenue.
Gwarzo said SEC had adopted a strategy akin to that of its Malaysian counterpart by attracting a crack team of qualified professionals to achieve its set goal.
Acknowledging that the economic meltdown was rubbing off negatively on the performance of SEC, he reiterated his resolve to administer the commission in line with laid down rules and regulations.
Gwarzo said consideration for merit and federal character informed the choice of both the lower and higher cadres of staffers engaged by SEC.
He explained: “We see SEC as a stronger institution now. Yes, we are going through a strong situation because the market is not where we want it to be. It is a reflection of the economy.”
“The head of our economic analysis holds a PhD in micro econometrics and we went round the universities to look for someone who specialised in it. You could have a PhD in economics specialising in agriculture economics or development economics, but because we wanted someone who can be churning data from the market, someone who can do quantitative analysis,” he said.
According to the SEC D-G, “We emphasised econometrics and we had to visit universities of Lagos, Ibadan, Ife and when we went there we said we were looking for that and we had 11 people who went through the process. The assertion that we just got someone is certainly not so. We went through a thorough process and one person became successful.”