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EXCLUSIVE: SEC Staff Laments Irregularities In Promotion Exercise

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Staff at the Securities and Exchange Commission are lamenting irregularities or nepotism in 2016 and 2017 promotion examination concluded at commission.

According to reliable sources, there was improper conduct and assessment of 2016 and 2017 examinations which has left much to be desired, and will create adverse consequences on the implementation of 10 years capital market master plan.

Those who sat for the promotion exams to the Deputy Director level in the year 2016 scored 65% and the above were not promoted due to the official cut of mark of 70% set by the then management.

However, in 2017, those who did the same exam conducted by the same body, FITC, at their sitting scored 60-62% approximately were favoured to the detriment of 2016 set, while the selective evaluation of senior managers to principal managers level was not left out in the system.

This was done without due regard to the subsitting cut off marks that has been put in place before the emergences of the current board of the commission. During the period of the aforementioned examination, it was observed that the FITC did not comply with the procedures, processes and guidelines for the conduct of the examinations particularly in the composition of the oral interview panel, errors in CBT questions inducement etc which was brought to the attention of the then management.

“Indeed, the whole exams was compromised. This was later attested by one of the Directors who expressed is view to the management. Due to the lukewarm attitude of the management at the time to address the matter, the concerned staff took their complaint to the supervising Ministry (Finance Ministry) for intervention and settlement)”, a source said.

“The involvement of the Finance Ministry without due diligence or proper evaluation of events directed the current board to promote four (4) AD to DD to fill the existing vacancies at the expense of or to the exclusion of others, who were not considered. The decision of the Finance Ministry and its implementation by the current board was disappointing and alarming in the sense that the principles of fairness, equity and justice was virtually there by creating a lot of implications to the day to day running of the commission.”

Meanwhile, the current board in its wisdom set up a committee of complaint and the reconciliation to air the views of aggrieved staff on matter within the commission, which may be used to buy time or delay or a talk shop in order not to do the right thing at the right time.

The deliberate action of the two institutions according to sources have done more harm than good in a system.

“It has further brought disharmony among the staff even led to psychological and physical trauma or pain for those who are unjustly treated. Secondly, it will greatly affect the moral of staff, productivity, performance towards achieving the mission and vision of the commission.

Thirdly, the image of the commission will be impaired as its examination procedures is not honoured and respected”, another source said.

In view of the foregoing, there is an urgent need for Presidency and National Assembly especially Chairman of Senate Committee and House of Representatives on capital market to wade into arrest the situation in order to entrench the principles of fairness, justice and equity which has been lacking in the commission.

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