Gwarzo disclosed this during an interactive session with the Tajudeen Yusuf-led House Committee on Capital Market and other Institutions, where he also said that the commission had resolved to deepen the market through the implementation of the 10 year Masterplan for investors.
The SEC Director-General also disclosed that its capital market mandate was for the protection of investors and capital market development.
He said, “We have also been vigorously been pursuing our capital market mandate which is investors protection and capital market development and you need resources. So even within those limited resources we have been able to do that.
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“We also set up the national investment protection fund and we have paid 3,000 beneficiaries. We launched the corporate governance scorecard, we have set up committees to review all the laws in Nigeria and all these cost money,” Gwarzo said.
On the issue of N4.5 billion staff salary and emoluments, Gwarzo explained that despite the economic downturn, the Commission had judiciously utilised its meagre resources
He said, “We see SEC as a stronger institution, yes we are going through a serious situation because the market is not where we want it to be. It is a reflection of the economy.
“Unfortunately SEC relies on what the market is able to make. In other jurisdictions, it is not so. In US SEC prepares its budget, takes it to the US Congress for approval. In south Africa, it is the same thing. Once FSB prepares its budget and it is approved, the market would have to fund it.”