Nigeria’s Securities and Exchange Commission (SEC) has said the recent redeployment carried out at the commission was strategic in order to foster efficiency and strengthen its regulatory mechanism.
This was disclosed in a statement issued by the commission.
The statement indicated that the Mournir Gwarzo, Acting Director-General of the commission effected a major re-deployment of top management staff of its various departments 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 that 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.
Source : Tribune