SEC Top Officials Take 90% of Agency’s emolument – Senate 

Top officials of the Security and Exchange Commission (SEC) take home 90 percent of monthly emoluments the agency pays its staff, says a joint National Assembly Committee.

Lamido Yuguda, SEC director-general, had submitted the agency’s financial records, which showed deficits of N9billion recorded over a period of three years. 

He explained that the agency recorded N2.9bn loss in 2019; N4.3bn in 2020; N1.7bn as at June 2021.

Yuguda’s explanation however did not cut an ice with the Senate Joint Committees on Finance, National Planning, Petroleum Upstream, Downstream and Gas.

Senator Solomon Olamilekan, Chairman of the joint committee, accused the agency’s top officials of taking the lump sum out of total staff salaries. He said lower cadre staff merely earned 30 per cent of the emoluments.

“You need to stop the trend, this is the second year you are coming with a deficit budget,” he said.

A member of the committee, Senator Kashim Shettima (APC Borno), said the agency might go bankrupt in near future. 

He said: “In the next two years, you are going to go bankrupt. Right now, you are in deficit and unless you come up with solutions, you are going to go insolvent and won’t be able to meet your needs.


“We are challenging you to go back to the drawing board and find solutions to your financial situation.”

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