By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE) – Nigeria’s Securities and Exchange Commission (SEC) on Thursday said the recent redeployment carried out at the commission was strategic in order to strengthen its regulatory mechanism and not punitive, according to a statement from SEC.
This is coming on the heels of reports from a section of the media that Mournir Gwarzo, acting director general of the commission has effected a major re-deployment of top management staff of its various departments as a way of punishing or victimizing staff loyal to some individuals as being insinuated in some quarters; saying its for the overall interest of the market.
‘’The redeployment exercise was strategically done to strengthen the regulatory mechanism of the commission through efficient handling of complaints from the investing public, timely use of enforcement machinery where necessary on erring capital market operators and improvement on investor education,’’ SEC affirmed.
The commission added for strategic reasons, the redeployment affected key divisions such as, Investigation, Enforcement, Investor Education and Financial Literacy.
SEC noted that due to the fact that majority of the capital market operators are based in Lagos, the redeployment was necessary to help improve the regulatory oversight through the use of its Lagos Zonal Office.
‘’This is why one of the directors was posted to head the Lagos Zonal Office. However, redeployment and transfer of staff of the Securities and Exchange Commission (SEC) Nigeria, especially at the beginning of a new year is a usual occurrence and part of its strategies at strengthening the apex regulatory body of the Nigerian Capital Market,’’ SEC added.
The commission further affirmed that Gwarzo at a meeting held earlier with staff in the week assured them that all is well and nothing to be afraid of. “The present management is committed to returning the organisation to its traditional core values experienced a decade ago and would undergo corporate rebranding to alter battered image suffered in the past,’’ the acting DG said.
He also assured that the present management was aware about the rights of staff that had been violated in the past few years resulting in an in-house strife but reassured that the issue of human rights would be paramount under the new regime.
