There are four (4) Departments and two (3) Offices under this Directorate viz:

DEPARTMENTS

Internal Control ensures compliance with relevant policies and regulations.

FUNCTIONS AND ACTIVITIES OF INTERNAL CONTROL DEPARTMENT

Internal Control is a Management tool and its purpose is to act as an independent appraisal of activities of the Commission. It may be necessary to state at this point that ‘Internal Control’ and ‘Internal Audit’ can be used interchangeably.

Whichever one that is used includes all the policies and procedures adopted by the Board and/or Management to assist in achieving their objective of ensuring, as far as practicable, the orderly and efficient conduct of its business, including adherence to internal policies, the safeguarding of assets, the prevention and detection of fraud and error, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information.

The above controls can easily be grouped into two major groups Accounting Controls and Administrative Controls. Accounting Controls are put in place to safeguard the organization’s assets and ensure the accuracy of financial records, while administrative controls are designed to promote operational efficiency and adherence to organization’s policies and procedures.

OBJECTIVES 

  • The objectives of the Department are: To ensure proper adherence to internal control procedures and established policies,
  • To enhance efficiency and effectiveness of the Commission,
  • To ensure that the assets of the Commission are safeguarded.

COMPOSITION AND ACTIVITIES

The Department carries out its functions through its three (3) divisions, namely:

Budget Control Division
Financial Audit Division
Systems Audit and Organization and Methods Division

The Divisional Heads report to the Director (Head of Department) who in turn reports directly to the Director General.

BUDGET CONTROL

  • The division is charged with the following responsibilities: Monitoring the expenditure of the Commission to ensure that all expenditures accrued have been provided for in the budget and reporting to Management expenditures not contained in the budget;
  • Ensuring that all expenditures incurred were approved by authorized persons and fall within their approval limit;
  • Provide Management with information on revenue received and expenditure made, while advising Management whether to suspend expenditure or not, depending on the vote position;
  • Vouching of payment vouchers in order to ascertain the completeness and accuracy before clearance; # Ensuring that contract price and prices of items purchased are reasonable, by carrying out price market surveys thus making savings for the Commission.

FINANCIAL AUDIT

  • The division carries out the following functions: Verification of the Commission’s assets and periodic stocktaking exercise;
  • Review of the accounting records to ensure that proper records are maintained;
  • Review of Pension Funds Administration, account and investment;
  • Review of income and expenditure account on seminars/courses organized by the Commission;
  • Review of the Financial Statement before commencement of external auditing to ascertain the completeness and reliability of financial records and reporting lapses observed to Management.

SYSTEM AUDIT AND ORGANIZATION & METHODS

  • Review and appraises the operational system of the departments of the Commission, with a view to determining the adequacy or otherwise of the operating controls and recommending appropriate effective controls;
  • Appraises the implementation of approved policies, Federal Government Circulars and Financial Regulation, ascertain the level of compliance by the various departments and reports on observed lapses while making appropriate recommendations for improvement;
  • Reviews the information technology system, the application system, implementation, maintenance and makes appropriate recommendations for improvement
  • It also conducts special investigations as may be requested by Management, from time to time.

OBJECTIVES

IT is responsible for the management and proper utilization of IT resources as well as the implementation of the commission’s IT programmes. To enhance the operational and regulatory efficiency of the commission.

FUNCTIONS

  • Determines the IT requirements of the commission
  • Manages hardware, software and consumables
  • Manages the Commissions website
  • Advises management on the formulation of IT policies and strategies
  • Coordinates staff IT training and development

The Department consists of the following Divisions: ·

  • Applications
  • Hardware Support & Administration
  • Network & Communication

Applications Division Functions :

  • Designs/Develops and manages application system
  • Manages software upgrades
  • Monitors desktop activities
  • Conducts In-house IT literacy Training
  • Carries out periodic database Support

Hardware Support & Administration Division Functions :

  • Provides support to end-users on IT resources
  • Liaises with external engineers for maintenance of systems under warranty
  • Allocates system resources other computer consumables
  • Keeps records of computers and other IT resources

Network & Communication Division Functions : 

  • Provides and manages the Commission’s Local Area Network (LAN) and Wide
  • Area Network(WAN)
  • Manages relationship between communication service providers and SEC.
  • Manages intenet/intranet services
  • Manages the connectivity with Recognized Investment Exchanges and any other relevant capital market operators.
  • Website administration

OBJECTIVES

To ensure effective, efficient and smooth operations at zonal offices level for the creation of Capital market awareness and participation among the widest spectrum of the population

FUNCTIONS OF ZONAL OFFICES COORDINATING DEPARTMENT

  • To be a one-stop department for the handling and process follow-up of all matters that comes in from Zonal Offices for attention at the head office or go out from the head office for attention at zonal offices.
  • Monitoring the performance of zonal offices in the implementation of programmes and budgets drawn-up within Commission’s policy frame work and approved by the management.
  • Evaluating those performances to determine whether or not targets and intended impacts are being achieved
  • Setting (and from time to time reviewing) performance indicators to be used in the assessment of the impact of the activities of the zonal offices in their zones
  • Keeping adequate and up-to-date information on all aspects of zonal offices operations including:
    • Infrastructural facilities
    • Staffing levels and structure
    • Number and type of recognized exchanges operating in each zone .
    • Number and type of capital market operators operating in each zone.
    • Levels of capital market activities carried out/being carried out in each zone.
    • The number of persons investing through the capital market showing the nature and volume of their investment as well as the corporations which they are held.
    • Governments (State and Local), corporate Institutions (private and government) that have raised funds through the capital market showing purposes for which the funds were raised together with comments on the success or other of the deployment of the funds
  • Ensuring that zonal offices are adequately informed of all policy matters that affect their conducts and following up to ensure compliance.
  • Promoting all matters, positions or proposals that can enhance the efficiency and effectiveness of zonal offices in the discharge of their responsibilities.
  • Preparing and submitting to the management periodic (monthly) report on the performance of each zonal office including the evaluation of achievements so far against set targets, noting areas of failures and those of outstanding performance and making recommendations on how to solve the problems responsible for failures and sustain or improve on good performance.
  • Ensuring cordial and mutually re-enforcing relationships among zonal offices as well as between them and various departments in the headquarter.
  • To, from time to time initiate recommendations to the management on matters affecting Commission’s activities in the zones especially on how to enhance the efficiency and effectiveness of zonal offices.
  • To report on any new development or unique situation in the zones needing special intervention by the head office and to recommend to the management the type and nature of the intervention required.
  • Any other responsibilities that may be assigned by the management from time to time.

External Relations Department

This is the image-making unit of the Commission. The Department interfaces between the public and the Commission via various media channels to bring mutual benefits to all stakeholders in the capital market, and broadly the Nigerian economy. It is made up of Three Divisionns:

 

  • Public Relations
  • Corporate Communications
  • Market Relations

 

Functions:

  • Manages all the Commission’s  market related internal & external Information
  • Generates  appropriate publicity to stimulate positive news coverage for the Commission
  • Develops and maintains good relationship with the media – updates them with current information on Market Development, Rules and Regulation
  • Coordinates training programmes for media practitioners to enhance their reporting skills on capital market issues
  • Reviews newspapers daily, to keep Management abreast of developments in the capital market and economy
  • Provides coverage for all events of the Commission

OFFICES

Office of the Commission’s Secrtary has Two Divisions:

  • APD
  • Board Secretariat Services