SEC moves to slash operating costs, promises profitability

By Eyo Nsima

THE Securities and Exchange Commission, SEC, has embarked on plans targeted at reducing operating and achieving profit within two years.

In a statement obtained by The Daily, www.thedaily-ng.com, Efe Ebelo, Head Corporate Communications, promised that steps were being taken to improve the fortunes of the Commission.

The Commission stated: “If we go through the Medium-Term Expenditure Framework which we started last year if we look at 2022 and 2023, you will see that we have worked on our expenditure so that by 2023, the deficit will actually turn into a surplus of N1.235bn and by 2024 we should have N2.5bn surplus.

“We, therefore, need the support of all to engineer the kind of transition we are thinking of at the SEC and that 30 percent which is taking most of the staff cost is part of the set we are targeting for the early retirement program.

“There is a lot of interest within the Commission to do it but we are really short of the funds to do it now. We have done a lot of revenue rising drives just to ensure that the Commission stays on track.

“This is something we are mindful of and we have the intent and capacity to deliver on this.”

It added: “Since we came,  we have been making critical look at the overhead and staff costs by reducing certain components of our staff pay that has generated over N2 billion of savings as of now.

“If you take the MTEF numbers, as you go forward, you find that by 2024 staff cost reduces to only N5.88bn. So that is the trajectory that we are working on.

“We are working hard to ensure we deliver, from 2023 the tide will begin to change and that is because of the massive efforts that we have made both on the revenue and cost  fronts.”