…Challenge commission to exceed 2026 target by 20%
By Seun Ibiyemi
The House of Representatives has commended the Securities and Exchange Commission (SEC) for strengthening its financial sustainability through prudent cost-cutting measures and improved internally generated revenue, while challenging the capital market regulator to surpass its 2026 revenue target by at least 20 per cent.
The Deputy Chairman of the House Committee on Finance, Hon. Saeed Abdullahi, gave the commendation on Tuesday during the committee’s 2026 Revenue Monitoring Exercise with the commission in Abuja.
Abdullahi praised the commission’s financial performance over the years, urging its management to sustain the positive trajectory despite the country’s fiscal constraints.
“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,” he said.
He explained that the revenue monitoring exercise was not designed to intimidate government agencies but to encourage improved revenue generation and accountability at a time when Nigeria faces significant fiscal challenges.
“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 added.
Earlier, the Director-General of the SEC, Dr. Emomotimi Agama, disclosed that the commission operates without any budgetary allocation from the Federal Government, relying entirely on revenue generated from activities in the Nigerian capital market while continuing to remit funds to the government.
According to Agama, the commission’s financial model aligns with the principles of the International Organisation of Securities Commissions (IOSCO), which advocates operational and financial independence for securities regulators.
“Going by IOSCO principles, the SEC is expected to be financially independent.
The government is supposed to provide support for the running of the commission. However, due to the paucity of funds, all the money used to fund the commission comes from the market. The SEC does not receive any funding from the government; rather, it pays money to the government,” he said.
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Agama explained that statutory deductions are automatically made once the commission’s revenue is paid into its account with the Central Bank of Nigeria, leaving the SEC without prior access to the funds.
To reduce operational pressure without imposing additional charges on market participants, he disclosed that the commission obtained approval from the Minister of Finance to retain 20 per cent of its internally generated revenue.
The SEC boss also announced that the commission had secured a grant from the African Development Bank to procure a state-of-the-art market surveillance system scheduled for deployment later this year.
He said the new system would enhance market monitoring, strengthen regulatory oversight, improve investor protection, and align Nigeria’s capital market with global best practices.
The exchange underscored the National Assembly’s focus on boosting revenue generation by government agencies while ensuring financial discipline and operational efficiency across public institutions.
