The management of Securities and Exchange Commission (SEC) yesterday refuted the rumour going round that it plans to embark on a mass sack of its ‘unproductive staff’.
The alleged plan by the management of SEC to embark on mass sack, which got leaked to staff is already causing panic and apprehension for Commission staff.
Multiple sources within the Commission had hinted that the Director-General of the commission, Ms. Arunma Oteh, who is expected to serve out her tenure this December, has proposed to the SEC board, chaired by Suleiyman Ndanusua of the urgent need to shed staff load of the Commission.
Oteh was said to have informed the board that there are many unproductive staff with doubtful credentials. The DG’s sack proposal to the board was leaked by a board member to one of the staff whom he allegedly facilitated his employment in the Exchange.
However, SEC management, in a swift response, described the allegations as fictitious and self-serving. Speaking to journalists yesterday, Media Adviser to SEC DG, Mr. Obi Adindu said, “All these claims you mentioned are fiction to me. When people personalise issues and shy away from addressing the real issue, but cry wolf and invent stories, such do not add up.
He further explained that, someone was caught cheating right inside promotional exam hall, which was conducted by a renowned training body, the Financial Institutions Training Centre (FITC). The remedy for such fraud was applied to the person. The person has not denied she did not commit this fraud; In any case, when has exam fraud been elevated to the standard norm for promotion?” Adindu questioned.
While neither denying nor confirming the impending mass sack, Adindu averred that there are apparent cases of incompetent hands within the Commission, adding that there are established cases of staff who came through influential personalities by way of introductory note and complimentary card, but couldn’t even deliver on their schedule.
He also cited an instance of a senior staff discovered to have forged a certificate to secure employment, stating that the fellow hurriedly turned in his resignation when he realised the game was up.
Earlier revealing information of impending mass sack to our correspondent, a senior staff within the Commission, who spoke on condition of anonymity, said every staff is already aware that DG has proposed to the board.
“We heard of it that she proposed to lay-off what she classified un-productive staff. In fact, right now, there is a case of a woman, who was summarily sacked on trumped-up charges. They accused her of cheating during the promotional examination conducted by Financial Training Centre, (FITC), Lagos.
They claimed they caught her using her phone to cheat; however, the same person they accused was among the staff that were promoted when the promotion list was released. They sacked this woman without giving her any query; no committee or panel was set up to investigate or probe the allegation”, claimed the staff.
She further added that the DG is supposed to proceed on a three month terminal leave anytime soon, preparatory to ending her tenure and wondered why she is keen to sack staff. She said many SEC staff have experienced low morale under the current administration and accused the management of financial recklessness and abuse of extant financial rules and regulation.
However, Adindu, on his part, said the present management of SEC has revamped the organisation, in tandem with its core mandate, adding that its workforce must possess the quality needed to deliver on its mission and vision. Arumah Oteh succeeded Musa Alfaki as SEC DG December, 2010.