The National Assembly has applauded the Securities and Exchange Commission (SEC) for strengthening its financial position through aggressive cost-cutting measures and improved revenue generation, urging the capital market regulator to raise the bar by surpassing its 2026 revenue target.
Deputy Chairman of the House of Representatives Committee on Finance, Hon. Saeed Musa Abdullahi, gave the commendation on Tuesday during the 2026 Revenue Monitoring Exercise with the Commission in Abuja.
He described the SEC’s performance as impressive, noting that the National Assembly had closely monitored the Commission’s progress over the years.
“DG, you have done significantly well. We have followed the progress of the SEC over the years and urge you to keep the flag flying. We will continue to celebrate you when you do well. This exercise is not to witch-hunt any agency; it is aimed at ensuring better performance, especially at a time when the country is facing serious fiscal challenges,” Abdullahi said.
The lawmaker challenged the Commission to exceed its projected revenue for 2026 by at least 20 per cent, insisting that the agency had the capacity to deliver more.
Earlier, SEC Director-General, Dr. Emomotimi Agama, disclosed that the Commission operates without any budgetary allocation from the Federal Government, relying solely on income generated from the capital market while still remitting revenue to government coffers.
According to him, the arrangement is consistent with the principles of the International Organization of Securities Commissions (IOSCO), which advocate financial independence for securities regulators.
“The SEC does not receive any funding from the government; rather, it pays money to the government,” Agama stated.
He explained that once the Commission’s earnings are lodged in its Central Bank of Nigeria (CBN) account, statutory deductions are automatically made before the agency can access the balance.
Agama also revealed that the SEC secured approval from the Minister of Finance to retain 20 per cent of its internally generated revenue to ensure smooth operations without placing additional financial burden on market operators.
“We are regulators and are not expected to ask the market for money. With the kind permission of the Honourable Minister of Finance, we obtained a 20 per cent waiver on deductions to ensure our operations are not hindered,” he said.
The SEC boss further disclosed that the Commission had secured an African Development Bank grant to procure a modern market surveillance system expected to be deployed later this year to strengthen oversight of Nigeria’s capital market and bring it in line with global best practices.
