Flagrant nepotism in the Securities and Exchange Commission (SEC) in which five of the six people recently employed are from the North raises credibility questions for its new leadership, led by acting Director General, Gwarzo Munir.
The recruitment violated the federal character requirement for employment into national institutions and other procedures, including advertisement in newspapers as well as written tests and interviews.
Investigation showed that all the six beneficiaries of the employment racket are allegedly related to or connected with SEC board members.
Among those whose appointments were speedily ratified by the board on March 12 are the son of SEC board Chairman, Abdulkareem Ndanusa, who was discharged from the National Youth Service Corp (NYSC) three months ago.
Ndanusa was employed as Senior Supervisor, Grade 2, a step above minimum entry level for fresh graduates without requisite experience.
Abdul-Afiz Garuba, who studied engineering and was employed as Assistant Manager, is the younger brother of Zakawanu Garuba, SEC Executive Commissioner (Corporate Services).
Engineering is not listed among the disciplines relevant to the SEC, which include law, accounting, economics, business, and information communication technology (ICT).
Others newly employed are Hassan Maitama (Senior Supervisor 2); Halilu Salamatu (Assistant Manager); Gana Abdulkadir (Senior Supervisor 1); and Ali Dauda (Assistant Manager).
The employment procedure is a significant departure from the past when the SEC emphasised competence, federal character, and due process.
However, SEC spokesman, Yakubu Olaleye, countered all the allegations, insisting that due process was followed and federal character principle was not violated.
Olaleye admitted that the vacancies were not advertised in newspapers but stressed that the candidates wrote a test and were properly assessed.
He said all those employed are support staff for the executive management, including the acting director general, and executive commissioner, legal and enforcement.
He explained that Abdulkareem Ndanusa is on the minimum entry level for graduates (Senior Supervisor) while Abdul-Afiz Garuba will conduct post offer inspection of bond related projects on site.
“We do post offer inspection mostly for those raising bonds. After they raise bonds, the SEC will inspect the projects tied to the bond. In some of those inspections, the SEC needs an engineer to value what is on site,” Olayele clarified.
He said although the names of the employees seem as if they are from one zone, they are not, because Abdul-Afiz Garuba is from Edo State.
Nonetheless, for an organisation that prides itself on being a champion of due process and corporate governance, employing relatives and friends raises credibility questions for Munir.