How we work
Our activities are currently governed by the Investments and Securities Act 29 of 2007. The Commission is led by a nine-member Board. A four-member Management Executive Committee consisting of the Director-General and three Executive Commissioners (in charge of Operations, Finance & Admin, and Legal & Enforcement) superintend the day-to-day activities of the Commission. The current workforce is in excess of 500 members of staff spread across four directorates, seven zonal offices and the following departments:
- Securities and Investment Services (SIS): Registers and supervises the issuance of securities of public companies, as well as merger and acquisition activities. Reports to the Executive Commissioner, Operations.
- Registration and Recognised Investment Exchanges (RRIE): Responsible for the registration of all market operators and recognised securities exchanges. In addition, the department supervises the activities of the securities exchanges and other trading platforms. Reports to the Executive Commissioner, Operations.
- Collective Investment Schemes (CIS): Supervises unit trusts and venture capital activities, and reports to the Executive Commissioner, Operations.
- Financial Standard and Corporate Governance (FS&CG): The department reviews the financial health of publicly quoted companies to protect shareholders, and ensure compliance with the code of corporate governance and other relevant guidelines. Reports to the Executive Commissioner, Operations.
- Research and Planning (R&P): Undertakes the market development functions of the Commission through research and other development activities. The department also serves as the Secretariat of both the monthly Management Committee meeting and the Capital Market Committee (CMC), a quarterly interface with the market. Reports to the Executive Commissioner, Operations.
- Zonal Offices Coordination (ZOC): Coordinates the activities of the Commission’s seven zonal offices located in Lagos (LZO), Ibadan (IBZO), Port- Harcourt (PHZO), Onitsha (ONZO), Kaduna (KDZO), Kano (KZO) and Maiduguri (MZO). Reports to the Executive Commissioner, Operations.
- Information Technology (IT): Develops and manages the IT resources of the Commission and provides requisite technical services functions. Reports to the Executive Commissioner, Operations.
- Enforcement & Compliance (E&C): Undertakes the enforcement and compliance functions of the Commission and serves as the secretariat of the quasi judicial arm of the Commission, the Administrative Proceedings Committee. Reports to the Executive Commissioner, Legal and Enforcement.
- Monitoring and Investigation (M&I): Monitors the financial health of market operators to ensure that only fit and proper participants are in the market. It also investigates and resolves disputes among market stakeholders. Reports to the Executive Commissioner, Legal and Enforcement.
- Legal: Provides legal advisory and rule making functions. Reports to the Executive Commissioner, Legal and Enforcement.
- Administration (Admin): A service department responsible for the management of the Commission’s material assets. Reports to the Executive Commissioner, Finance and Administration.
- Finance & Accounts (F&A): Another service department. Manages the financial assets, activities and records of the Commission. Reports to the Executive Commissioner, Finance and Administration.
- Human Resource (HR): Also a service department. Responsible for the recruitment, development and retention of highly skilled staff. Reports to the Executive Commissioner, Finance and Administration.
- Corporate Affairs (CA): The department is responsible for the management of the Commission’s image as well as its relationship with the various stakeholders in the market. It collaborates with the Media Unit of the DG’s office to manage the nature and flow of information about the Commission. Reports to the Director General.
- Office of the Secretary to the Commission: Serves as the Secretariat of the Board of the Commission, its Committees and the Management Executive Committee. It offers advisory services to the Board on issues of compliance with applicable laws and regulations. Reports to the Director General.
- Office of the Director (Special Duties): Set up in August 2009. Currently chairs the Strategy Committee on the implementation of the report of diagnostic review of the Commission undertaken by the firm of consultants, Messrs Accenture. Reports to the Director General.
- Internal Control (IC): A department responsible for ensuring that the assets of the Commission are effectively applied. It also ensures compliance with approved policies, procedures and regulations and the completeness, accuracy and reliability of the Commission’s financial records. Reports to the Director General.
The Board determines the policy of the Commission whilst the Director General in turn oversees the day-to-day administration of the Commission. The Commission has its headquarters at the Federal Capital Territory, Abuja and operates through its seven (7) Zonal offices located in Lagos, Kano, Port-Harcourt, Kaduna, Maiduguri, Ibadan and Onitsha.
The Commission continuously initiates measures which reflect the dynamic nature of the financial services sector. As a result, research aimed at identifying new products or new approaches, with an increasing focus on cohesive monitoring of major activities is undertaken. Enlightenment programmes spread across Nigeria, aimed at sensitizing the general public to the operations of the capital market are also regularly held in all parts of Nigeria. The presence of the SEC offices in the six geopolitical zones of the country has added fillip to such effort. Literature such as pamphlets and books on various aspects of the capital market are published and circulated by the Commission.