ABUJA, Nigeria – In a landmark resolution, the Senate has mandated the director general of the Securities and Exchange Commission, SEC, Lamido Yuguda, to refund a staggering N594 million, deemed as illegitimate vehicle allowances, into the Consolidated Revenue Fund of the Federal Government.
This unprecedented decision comes on the heels of the Senate’s adoption of the recommendation of the Senate Public Accounts Committee, which was based on the 2018 report from the Office of the Auditor-General of the Federation, AuGF.
The report held the SEC accountable for financial discrepancies and misconduct.
“The Commission’s absence before the Committee was conspicuous and concerning,” said Senator Matthew Urhoghide (PDP – Edo South), who chaired the Senate Public Accounts Committee on Monday, May 15, 2023. “
Although a written submission was provided, their failure to make a personal appearance for the defense was telling of their lack of commitment to public accountability.”
The AuGF’s report spelled out a series of financial missteps: “In 2013, the Director-General, while serving as Executive Commissioner, was paid the sum of N39 million as monetized car allowances for a four-year term.
Shockingly, two years into his appointment as Director General, Lamido Yuguda received an additional N84 million.”
The report also highlighted the misuse of resources: “In 2015, the Commission procured four project vehicles for N144 million.
Instead of these vehicles being used for their intended purpose, they became personal assets of the Director General and the Commissioners, in direct violation of chapter 9 (1)&(11) of the Commission’s Condition of Service.”
Furthermore, the report revealed a colossal expenditure of N469 million on vehicle allowances and motor insurance in 2015 and 2016.
The Senate, citing these irregularities, called for the Director-General to refund N124 million in allowances paid to him and recover the N469 million spent on vehicle allowances and insurance from the beneficiaries.
The Senate also instructed the SEC to forward the payment details to the Office of the Auditor General.
The query of the AuGF was unanimously sustained by the Senate after SEC officials failed to appear before the panel.
These recommendations have been forwarded to the Office of the Secretary to the Government of the Federation.
The Senate upheld the report of the Public Accounts Committee last week, marking a significant stance towards accountability in public office. “This is not just about reclaiming the funds,” Senator Urhoghide said.
“It’s about setting a precedent for responsibility, transparency, and integrity in our public institutions.”
