MoThe Association of Senior Civil Servants of Nigeria (SEC Unit) has applauded President Bola Tinubu for responding swiftly to their demand for the sack of the esrtwile management of the Securities and Exchange Commission (SEC) led by its former Director General/Chief Executive Officer, Lamido Juguda.
The Uniion in a statement in Abuja on Monday expressed profound gratitude (SEC Staff Union) wishes to use this auspicious opportunity to express its profound gratitude to the President Tinubu for reconstituting the management of the Commission (SEC), saying the previous administration led by the erstwhile DG, Lamido Yuguda failed in its mandate to effectively regulate and develop the capital market, which is an intricate part of the Nigerian economy.
The Union accused the Lamido Yuguda-led management at SEC of being insensitive and unresponsive towards issues of staff welfare especially those that borderied >>on staff promotion, gratuity and increase of staff emolument, amongst many others.
“Unfortunately, staff morale was at the lowest ebb under the regime of the immediate past Management. 7It became clear to the SEC Staff Union and our parent body, the Association of Senior Civil Servants of Nigeria (ASCSN) that a vibrant capital market and a highly motivated SEC workforce could only be achieved through a change of SEC Management by Mr. President.
“This prompted the Union to cry out to His Excellency, President Bola Ahmed Tinubu. By clearing out the ineffective SEC Management led by Lamido Yuguda, His Excellency, President Bola Ahmed Tinubu has lived up to his sterling reputation as a listening President,“ the union said.
The union however pledged to collaborate seamlessly with the new board under the leadership of its new chairman, Mairiga Aliyu Katuka and management by the Federal Government, Director General,. Emomotimi Agama, to deliver a vibrant capital market in line with the President’s aspirations.
In welcoming the new management team, the set an agenda for it to urgently ulook into the issues of staff promotion, vacancies and gratuity.
“We urge management to look at it very well and settle those issues as they concern staff directly,“ they said.
n salary increment, the union said they now have a clear direction, as bhefore now there was a contention on whether their salaries would go to the Salaries and Wages Commission…
However, they pointed out that right now, the Auditor General of the Federation and the Minister of Finance have clarified that the board of the Commission can handle that issue.
Urging the new board and management at SEC to look into that matter and settle it once they assume office, the union lame red that for 13 years the workers has endured without salaries increment in their salaries despite the escalaringj inflation, which eroded the value of all the earned.
Also, they said there was a need for management to meet with the government on the issue of 50 percent deductions on operating surplus, pointing out that tyhese deductions have almost incapacitated the Commission, as it has been having great difficulties carrying out its dual functions of regulating and developing the capital market.
“SECSECOn the market, we urge the new management to constitute a market wide committee who will proffer solutions to the various issues currently bedevilling the market,” the union said.