For a while, it seemed that the storm which
brewed when the Director General of the Securities and Exchange
Commission (SEC), Ms Arunma Oteh appeared before the Herman Hembe led
House of Representatives Committee on Capital Markets, had managed to
sweep away only the lawmaker, leaving the SEC DG unscathed. Hon
Hembe was dropped as chairman of the committee, and was even charged to
court subsequently by the EFCC, whereas nothing happened to Ms Oteh.
Apparently, that situation is about to change, as the board of the
Securities and Exchange Commission (SEC) has decided to send Oteh on
compulsory leave, pending the investigation into allegations about her
stewardship.
In the interim, Ms Daisy Ekineh, the Executive Commissioner in charge of Operations, will act in her absence.
A presidency source confirmed this information to a national paper,
saying that the decision to send Oteh on leave was taken by the board of
the commission in order to carry out its investigation into some of the
initiatives under Oteh’s stewardship.
One such initiative to be investigated, is the Project 50. Project 50
is a programme which was packaged by Oteh to celebrate 50 years of
capital market regulation in Nigeria.
The issue of Project 50 caused quite a stir during the Hembe led
public hearing when every single executive commissioner in SEC distanced
themselves from the project. They insisted that Ms Oteh took the
decision unilaterally and was fond of doing that. They also alleged that
Project 50 had been outsourced to an external company which had
collected funds from sponsors for the celebrations.
That level of disharmony displayed by Oteh and her commissioners, and
the obvious loss of confidence which Oteh had earned by her
administrative style, had worried the board.
Earlier this year, Oteh and Herman Hembe, the chairman of the House
Committee on Capital Markets turned the public hearing of the committee
into a mud-slinging contest, accusing each other of myriad issues
ranging from wastefulness to bribery.
Their bitter exchange compelled Hembe to step down from the probe
committee, while the House reconstituted an ad hoc committee headed by
Hon. Ibrahim El-Sudi to conduct a fresh probe of the capital market. The
ad hoc committee, which sat between April and early last month,
revealed a whole host of new findings, chief of which was the rancour
and disharmony between Oteh and her commissioners.
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