SEC confirms major restructuring

The Securities and Exchange Commission (SEC), yesterday, confirmed BusinessDay’s exclusive report that it had cut the number of zonal offices from seven to four in a major restructuring of its operations to cut cost, boost staff morale and improve service delivery to all stakeholders.

The restructuring, according to a statement from the commission, entails both a review of the organisational structure as well as a voluntary retirement scheme to trim down the previously top-heavy ranking structure. The restructuring also saw 43 very senior staff exit the Commission at the end of July 2015.

Under the previous organisational structure, the SEC operated a head office in Abuja and seven zonal offices in Kaduna, Kano, Ibadan, Lagos, Maiduguri, Onitsha and Port Harcourt.

But in the new arrangement, the capital market regulator has shut down four of its zonal offices in Kaduna, Ibadan, Maiduguri and Onitsha in order to allocate both human and material resources to strengthen the remaining three in Kano, Lagos and Port Harcourt.

Source : BusinessDay

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