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Capital Market Operators welcome Aruma Oteh’s suspension from SEC

By on June 13, 2012

The board of the Securities and Exchange Commission (SEC) yesterday suspended the Director General, Aruma Oteh.

In a unanimous decision all the members of the SEC board directed Ms. Oteh proceed on compulsory leave immediately in order to carry out an independent probe of the matters arising from the House investigation into the Capital Markets.

A statement by SEC on Tuesday,signed by the Secretary to the Commission, Mr. Edosa Aigbekan, said, “The Board of the SEC at its 66th meeting held on June 11, 2012, has directed the Director-General, Ms. Arunma Oteh, to proceed on compulsory leave to enable an independent investigation to be undertaken in respect of the Project 50 programme, which was carried out by the Commission in 2011. The Executive Commissioner (Operations), Ms. Daisy Ekineh, will act in her absence.

“The decision of the board was arrived at after consideration of the report of its Audit and Finance Committee, which had been directed to investigate the sources and uses of funds for the Project 50 event.

“Among its conclusions, the committee recommended an independent audit of Project 50 and that the key actors in the management of the funds should be asked to step aside to allow an unhindered investigation.”

Capital market operators have described the compulsory leave served on Oteh as long overdue. The Chief Executive Officer, Lambeth Trust and Investment Company Limited, David Adonri, said the decision did not come as a surprise. It is what brokers have been clamouring for, he said.

Also, the Chairman of the Association of Stock brokering Houses of Nigeria (ASHON), Emeka Madubike, said the decision was good.

Outgoing President, Chartered Institute of Stock brokers (CIS) Mike Itegboge said SEC Board did the right thing.