The Securities and Exchange Commission (SEC) has secured a grant from the African Development Bank (AfDB) to acquire a modern market surveillance system aimed at strengthening oversight of Nigeria’s Capital market and aligning it with international best practices.
Director-General of the SEC, Dr. Emomotimi Agama, disclosed this on Tuesday in Abuja during the 2026 revenue monitoring exercise conducted by the House of Representatives Committee on Finance.
According to A gama, the surveillance system is expected to be deployed before the end of the year to enhance market transparency, improve regulatory oversight, and reinforce investor confidence.
The House Committee on Finance commended the SEC for improving its fiscal sustainability through prudent cost management and increased internally generated revenue.
Deputy Chairman of the committee, Hon. Saeed Musa Abdullahi, praised the Commission’s performance and encouraged it 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 with 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.
He challenged the Commission to exceed its 2026 revenue target, urging it to outperform its projection by at least 20 percent.
“You have told us your revenue projection for 2026, but we believe you can do more. We urge you to surpass your projection by at least 20 per cent, or even more,” he added.
Earlier, Agama told lawmakers 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.
He noted that the SEC receives no budgetary allocation from the Federal Government, relying entirely on income generated from activities in the capital market while continuing to remit statutory revenues to the government.
“Going by IOSCO principles, the SEC is expected to be financially independent.
The government is supposed to provide support for the running of the Commission. However, due to the paucity of funds, all the money used to fund the Commission comes from the market. The SEC does not receive any funding from the government; rather, it pays money to the government,” Agama said.
He explained that statutory deductions are made automatically from the Commission’s account at the Central Bank of Nigeria (CBN) before the SEC can access its funds.
“When these funds hit our account with the CBN, deductions are made directly by the government. We do not have access to the funds before the deductions are effected,” he said.
Agama further explained that the Commission had avoided imposing additional financial burdens on market operators to fund its operations. Instead, he said the SEC obtained approval from the Minister of Finance to retain 20 percent of its internally generated revenue through a waiver.
“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 said.
The SEC Director-General added that the AfDB-funded market surveillance system would significantly improve the Commission’s capacity to monitor trading activities, detect market abuse, and strengthen regulatory compliance in line with global standards.
