The Director-General, Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, has disclosed that a 20 per cent waiver approved by the Minister of Finance and a facility from the African Development Bank (AfDB) have significantly strengthened the Commission’s operational capacity despite receiving no budgetary allocation from the Federal Government.
Agama made the disclosure on Tuesday in Abuja during the 2026 Revenue Monitoring Exercise conducted by the House of Representatives Committee on Finance.
According to him, the SEC relies entirely on internally generated revenue from the capital market to fund its operations while continuing to remit revenue to the Federal Government.
He explained that, in line with the principles of the International Organization of Securities Commissions (IOSCO), securities regulators are expected to operate independently, with governments providing financial support where necessary.
“The SEC does not receive any funding from the government; rather, it pays money to the government,” Agama said.
He noted that once the Commission’s revenue is paid into its account with the Central Bank of Nigeria (CBN), statutory deductions are made automatically before the Commission can access the funds.
To ease the financial burden on the Commission, Agama said the Minister of Finance approved a waiver allowing the SEC to retain 20 per cent of its income.
“We are regulators and are not expected to ask the market for money. With the kind permission of the Honourable Minister of Finance, we obtained a 20 per cent waiver on deductions to ensure our operations are not hindered,” he stated.
The SEC Director-General also announced that the Commission had secured a grant from the African Development Bank (AfDB) to procure a state-of-the-art market surveillance system.
He said the technology would be deployed later this year to strengthen oversight of Nigeria’s capital market, enhance transparency and align regulatory operations with global best practices.
Agama assured lawmakers that the Commission remains committed to maintaining a fair, transparent and efficient capital market without imposing additional financial burdens on market operators.
Earlier, Deputy Chairman of the House of Representatives Committee on Finance, Hon. Saeed Musa Abdullahi, commended the SEC for improving its fiscal sustainability through prudent cost-cutting measures and enhanced revenue generation.
He described the Commission’s performance as impressive and urged its management to sustain the momentum.
“DG, you have done significantly well. We have followed the progress of the SEC over the years and urge you to keep the flag flying. We will continue to celebrate you when you do well. This exercise is not to witch-hunt any agency; it is aimed at ensuring better performance, especially at a time when the country is facing serious fiscal challenges,” Abdullahi said.
The lawmaker also challenged the Commission to surpass its 2026 revenue target by at least 20 per cent, expressing confidence in its capacity to generate more revenue while maintaining effective regulation of the Nigerian capital market.
