The Association of Senior Civil Servants of Nigeria has urged President Muhammadu Buhari to reconstitute the board of directors of the Securities and Exchange Commission to enable it to run its affairs in line with global best practices.
The association said this in a statement signed by its Secretary General, Mr Alade Lawal, on Sunday.
According to the ASCSN, SEC has been operating without a board since 2015 and this creates a credibility gap and has impacted negatively on the image and performance profile of the commission.
The statement read in part, “Players in the capital market, both within and outside the shores of the country, believe that a SEC board will positively rub off on the growth and development of the nation’s capital market.
“It is the absence of a board to oversee the management of the commission on a regular basis that led to the series of infractions that were witnessed during the tenure of the suspended Director General of SEC, Mounir Gwarzo.
“It is necessary to state that all those infractions will not have occurred if a board had been in place to supervise the operations of the commission and also act as a check to the activities of the DG.”
The association urged the Federal Government to direct that the report of the panel of inquiry set up by the former Minister of Finance, Mrs Kemi Adeosun, to probe the allegations against Gwarzo be released for necessary action.
It said, “As it is, frantic efforts are now being made to sweep under the carpet the case established against Gwarzo, which is currently lying before the Independent Corrupt Practices and other Related matters Commission.
“Our appeal for intervention in the matter has become very necessary and extremely urgent, given reports that subterranean moves are being made to throw spanners in the works as regards the case against Gwarzo, which will negatively affect the image of the present administration if allowed to happen.”