By Chinwendu Obienyi and Chukwuma Umeorah
The House of Representative Committee on Public Accounts on Wednesday, directed the Securities and Exchange Commission (SEC) and Fiscal Responsibility Commission (FRC) to amicably settle the differences on the alleged non-remittance of N45 billion to the Consolidated Revenue Fund.
The FRC had accused the SEC of not remitting N45 billion in operating surplus to the Consolidated Revenue Fund between 2007 and 2021. However, the Director-General, SEC, Lamido Yuguda reacting to the allegation, described it as false, stating that the Commission had reconciled its operating surplus with the office of the Accountant General of the Federation (OAGF).
He indicated that the SEC had made efforts to reconcile surplus figures since 2007 when the FRC was established.
According to the commission’s report given to the committee, the SEC team had evidence of the remittances it had made in the past as proof to back its argument of not being culpable of the allegation and that it is ready to provide every document required of it by the committee.
The report revealed that a review of the documents submitted by the SEC to the committee showed that they have actually made all submissions and payments.
The OAGF supported the SEC’s claims, confirming the regular reconciliation exercises between the two entities.
“Facts reveal that the Lamido-led management has transformed the account of the Commission from deficit balance recorded over the years to operating a surplus as a result of the transformations and policies introduced into the capital market,’’ the report stated.
But the Chairman of the committee, Bamidele Salam during the public hearing on leakages of government revenue in Abuja, directed the SEC and FRC to reconcile their differences within 21 days and then report back for a final resolution on the matter.
“After considering the arguments from both sides, the House of Representatives Public Accounts Committee directed the SEC and FRC to reconcile their differences within 21 days and then report back to the committee for a final resolution on the matter,” Salam said.