The Securities and Exchange Commission (SEC) has called on Nigeria’s civil servants to actively participate in the capital market as a strategic pathway to long-term wealth creation and secure retirement, cautioning against over-reliance on salaries which often leave workers financially vulnerable after service.
The appeal emerged during a high-level meeting in Abuja between the SEC and the Office of the Head of the Civil Service of the Federation. SEC Director-General Emomotimi Agama urged a fundamental shift in perception, stating that the capital market is not a remote financial arena but a direct tool for personal and economic well-being.
“The capital market is a platform for wealth creation and financial security. Our collective goal should be to move civil servants from being just salary earners to becoming active investors and beneficiaries of economic growth,” Agama said.
He noted that many public servants are already indirectly invested through the Contributory Pension Scheme, where pension funds are allocated to government bonds, equities, and infrastructure funds. However, limited financial literacy has dampened confidence in the system and restricted exploration of other regulated vehicles like mutual funds, bonds, and Real Estate Investment Trusts (REITs).
To address this, the SEC proposed a dedicated financial literacy programme for the civil service, covering savings, investment planning, housing finance, and education funding. Agama highlighted REITs and mortgage-backed securities as potential solutions to the housing challenges many public servants face, contingent on supportive policies.
He also warned strongly against unregistered investment schemes, noting that civil servants are often victims of Ponzi schemes. “Many victims of Ponzi schemes are civil servants. This is a great challenge, and as part of this collaboration, we will sensitise civil servants on the dangers of patronising such schemes,” he stated.
Agama called for institutional collaboration, suggesting a joint standing committee and the integration of capital market education into training curricula at bodies like the Administrative Staff College of Nigeria.
Responding, Head of the Civil Service of the Federation Didi Walson-Jack welcomed the SEC’s proposals, acknowledging the financial precarity many face post-retirement. “Civil servants commit their entire lives to the service of the nation but often go home with very little,” she remarked.
Walson-Jack confirmed ongoing efforts to improve retirement outcomes, including the payment of gratuities and initiatives to help workers retire with assets, particularly homes. “Soon, all civil servants will go home with gratuities. We are also exploring ways to ensure civil servants retire with assets, particularly houses,” she stated.
The dialogue signifies a coordinated push to enhance financial resilience within Nigeria’s public sector, linking individual wealth-building with broader capital market development and economic growth.
