ADVERTISEMENT
  • The Membership Club
  • PT Hausa
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
Saturday, February 27, 2021
Premium Times Nigeria
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
Premium Times Nigeria
BUA Group Ad BUA Group Ad BUA Group Ad
ADVERTISEMENT
SEC boss, Arunma Oteh, spent N850,000 on food a day – Reps

SEC DG, Aruma Oteh,

Securities and Exchange Commission has no profit since 2009’

byPremium Times
September 8, 2014
1 min read
ADVERTISEMENT

The Securities and Exchange Commission, SEC, on Monday said it has not made any profit since 2009 because of the downturn of economic activities in the capital market.

The SEC Head of Finance and Accounts, Sunday Garba, made this known at a stakeholders’ meeting with the management of Fiscal Responsibility Commission, FRC, in Abuja.

Mr. Garba also said that SEC had not remitted the mandatory 80 per cent of its operating surplus into the Consolidated Revenue Funds Accounts since 2009.

“Since the downturn of the capital market, we have not been making profit. In fact, running the office has remained a challenge to us.

“You know SEC is not being financed by the Federal Government but rather through fees we collect from various activities in the capital market.

“We make money when the capital market is doing well and we all know of the meltdown the capital market experienced some years back,’’ he said.

Mr. Garba said that whatever was deliberated on at the meeting would be forwarded to Ms Arunma Oteh, SEC Director-General.

He said that this would enable her to meet with the FRC management team sometimes in October.

Also, Victor Muruako, FRC Acting Chairman, said that failure of the commission to submit its audited financial reports for five years was not the characteristics of an agency concerned with transparency and accountability.
“In the process of monitoring the compliance of SEC to the FRA 2007, we observed that there is no evidence that SEC has produced its audited financial reports from 2009 to 2013.

RelatedNews

SSS arrests Ganduje’s aide after asking Buhari to resign over insecurity

Finally, kidnapped Kagara students, staff freed

Police arrest Ogun deputy speaker

How woman who reported case to police ended up in prison

“In spite of the commission’s various requests, SEC has not availed the FRC of its three year estimates of revenue and expenditure for 2010-2012, 2012-2013 and 2014.

“For 2007, records show that you paid N808.7 million as operating surplus instead of N11.15 billion.

“SEC has, therefore, unduly withheld the balance of N10.3 billion due to the Federal Government,’’ Mr. Muruako said. (NAN)

Dangote adbanner 728x90_2 (1)

  • WhatsApp
  • Tweet
  • Email
  • Print
  • Telegram
  • More
  • Share on Tumblr
  • Pocket

Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate


TEXT AD: To advertise here . Call Willie +2347088095401...


JOIN THE CONVERSATION

  • Disqus (2)
premiumtimes



PT Mag Campaign AD

Previous Post

Nigeria oil theft at highest level in years

Next Post

PDP chairman seeks psychiatric test for future governors

Premium Times

Premium Times

More News

Economic and Financial Crimes Commission (EFCC) boss, Abdulrasheed Bawa. [PHOTO CREDIT: Bashir Ahmad Twitter handle]

Beware of fake Bawa accounts on Twitter, EFCC warns

February 27, 2021
Kano Governor, Abdullahi Ganduje

Ganduje sacks aide arrested by SSS for criticising Buhari, APC

February 27, 2021
Orosanye Report: Nigeria scraps NAPEP, FRC, merges aviation agencies

Nigerian stocks shed N1.36trn in February on worsening investor sentiment

February 27, 2021
sars police

Police free abducted Bayelsa civil servant

February 27, 2021
Salihu Tanko

SSS arrests Ganduje’s aide after asking Buhari to resign over insecurity

February 27, 2021
Nigerian soldiers and police have rescued 13 travellers abducted by Boko Haram insurgents and held in a deserted village along the Maiduguri-Damaturu highway.

Security forces rescue 13 abducted travellers

February 27, 2021
Next Post
PDP chairman seeks psychiatric test for future governors

PDP chairman seeks psychiatric test for future governors

Nigerian Health Minister says N1.9 bn ‘Ebola Fund’ will be used for cars, others

Ebola: Health Minister hails Rivers' facilities

Discussion about this post

Search

#EndSARS: Latest Updates




Polaris Bank


JAIZ Ad


NITDA Ad





Glo Ad

Subscribe to News via Email

Enter your email address and receive notifications of news by email.

Join 1,625,869 other subscribers.

Advertisement






netherland biz school Advert

Zenith Advert
ADVERTISEMENT

Our Digital Network

  • PT Hausa
  • Election Centre
  • Human Trafficking Investigation
  • Centre for Investigative Journalism
  • National Conference
  • Press Attack Tracker
  • PT Academy
  • Dubawa
  • LeaksNG
  • Campus Reporter

Resources

  • Oil & Gas Facts
  • List of Universities in Nigeria
  • LIST: Federal Unity Colleges in Nigeria
  • NYSC Orientation Camps in Nigeria
  • Nigeria’s Federal/States’ Budgets since 2005
  • Malabu Scandal Thread
  • World Cup 2018
  • Panama Papers Game
  • Our Digital Network
  • About Us
  • Resources
  • Projects
  • Data & Infographics
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

No Result
View All Result
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Panama Papers
    • Paradise Papers
    • Parliament Watch
    • AGAHRIN
  • Opinion
  • PT Hausa
  • The Membership Club
  • Dubawa
    • Dubawa NG
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
  • Digital Store
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

Our website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
loading Cancel
Post was not sent - check your email addresses!
Email check failed, please try again
Sorry, your blog cannot share posts by email.