SEC reorganizes for efficiency

Mr.-Oscar-Onyema The Securities and Exchange Commission (SEC) reorganized its operation for more efficiency and improved services. The reorganization exercise includes the relocation of Inspectorate Division of SEC to the Commission’s Lagos Zonal Office (LZO). The relocation is to ensure a successful implementation of Risk Based Supervision Model and regulation of Systematically Important Financial Institutions in the capital market. In addition, the relocation was informed by the fact that 90 percent of registered Capital Market Operators (CMOs) are based in Lagos. “In line with this, the Inspectorate Division of the Commission’s Monitoring Department has been moved to Lagos Zonal office but some staff will be retained at the Head Office to handle some operators from the Northern Part of the country, This is aimed at ensuring that the CMOs maintain healthy financial situation and comply with Rules and Regulations guiding the conduct of their respective operations,” the commission said.

Similarly, the Registration Division was also relocated to the Lagos Zonal Office (LZO). Its relocation will reduce huge financial burden being borne by the CMOs on filing of registration documents or attending registration meetings in Abuja. However, a unit to cater for operators domiciled in the northern part of the country will reside at the Head office, Abuja. This relocation would not only reduce the cost of conducting the registration exercise, but also efficiently position the Commission to remain innovative on its registration processes.

As part of the reorganization effort, the Fund Management Division (Investment Management Department) was merged with the Inspectorate Division (Monitoring Department) due to similarities in their functions and the need to fully optimize the benefits of the Risk Based Supervisory Model.

By Dike Onwuamaeze

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