The House of Representatives has applauded the Securities and Exchange Commission (SEC) for strengthening its financial position through disciplined spending and improved revenue generation, describing the commission as a model of fiscal responsibility despite operating without government funding. The commendation came during the 2026 Revenue Monitoring Exercise held in Abuja, where lawmakers praised the agency’s commitment to financial sustainability amid Nigeria’s economic challenges.
Speaking during the exercise, Deputy Chairman of the House Committee on Finance, Saeed Abdullahi, acknowledged the SEC’s impressive financial progress over the years and encouraged its leadership to maintain the positive trajectory. He challenged the commission to surpass its projected 2026 revenue by at least 20 percent, expressing confidence in the agency’s ability to achieve even greater milestones. Abdullahi emphasized that the monitoring exercise was designed to promote accountability and stronger performance across government agencies rather than serve as a platform for criticism.
Responding to the lawmakers, SEC Director-General Dr. Emomotimi Agama highlighted the commission’s unique financial structure, revealing that the regulator receives no budgetary allocation from the Federal Government. Instead, the SEC relies entirely on income generated from activities within Nigeria’s capital market while still remitting statutory revenues to the government. According to Agama, this approach aligns with international best practices established by the International Organisation of Securities Commissions (IOSCO), which advocates for financially independent market regulators.
Agama also explained that statutory deductions are automatically made from the commission’s revenues once they are paid into its Central Bank account, limiting the agency’s direct access to its earnings. To ease operational pressures without imposing additional financial burdens on market participants, he disclosed that the Minister of Finance approved a waiver allowing the SEC to retain 20 percent of its internally generated revenue. The measure is expected to improve the commission’s capacity to carry out its regulatory responsibilities more effectively.
Looking ahead, the SEC announced another significant milestone with the acquisition of a grant from the African Development Bank to procure a state-of-the-art market surveillance system. Scheduled for deployment later this year, the technology will enhance oversight of Nigeria’s capital market, improve transparency, and align the country’s regulatory framework with global standards. The development underscores the commission’s commitment to building a stronger, more resilient investment environment while sustaining the revenue growth that has earned it recognition from lawmakers.
source: punch
