The Securities and Exchange Commission (SEC) unit of the Association of Senior Civil Servants of Nigeria has called on the federal government to exempt the commission from the 50 per cent deduction on operating surplus as contained in the Finance Act 2024.

The Chairman of the unit, Mamman Abba, who made the call yesterday during a briefing with journalists in Abuja, said the deductions had almost incapacitated the commission as it had been having great difficulties carrying out its dual function of regulating and developing the capital market.

The association hailed the decision of President Bola Tinubu in reconstituting the board of SEC.

Recall that Tinubu, last Friday, sacked Lamido Yuguda as the DG of SEC and appointed Dr Emomotimi Agama, a technocrat and insider of the commission, as his replacement.

Abba alleged that the administration of Yuguda "failed in its mandate to effectively regulate and develop the capital market; which is an intricate part of the Nigerian economy."

He further said the Yuguda-led management "was insensitive and unresponsive towards issues of staff welfare, especially issues bordering on staff promotion, gratuity, increase of emoluments, among many others."

He said the SEC staff union had pledged to collaborate seamlessly with the new board under the leadership of board Chairman, Mr Mairiga Aliyu Katuka, and the DG Dr Agama, to deliver a vibrant capital market in line with Tinubu's Renewed Hope Agenda.

He further said: "We want this management to look into issues of staff promotion, vacancies and gratuity. We urge them to look at it very well and settle those issues as they concern staff directly.

"Also, there is a need for management to meet with the government on the issue of 50 per cent deductions on operating surplus."

On the capital market, he said the union was "urging the new management to constitute a market-wide committee which will proffer solutions to the various issues currently bedevilling it."