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SEC Board Disbanded, Bolaji Ibrahim Bello Named Acting DG | Oteh may resume in 2 weeks

By on June 15, 2012

The minister of finance, Okonjo Iweala disclosed that the Presidency had approved the appointment of the current Director of Finance and Administration, Mr. Bolaji Ibrahim Bello as the new Acting Director General of the Securities and Exchange Commission (SEC).

She also stated that the current board members led by the Acting Director General, Ms. Daisy Ekineh would be relieved of their duties as their tenure expires today.

Speaking to journalists yesterday, the minister said, “There will absolutely be no tenure elongation for the commissioners and the chairman, who are meant to leave tomorrow (Friday). They will be departing as scheduled.

“Nobody is attempting to elongate the tenure of anyone and there should be no fear about that. Actually, with Mr President’s permission, from tomorrow, you know that Ms Ekineh had been acting and from Monday, with the concurrence of Mr President, one of the senior directors will be designated on a temporary basis as acting DG.”

“So, he will carry on with his director’s job and also as acting DG. He is Mr. Bolaji Bello and is currently the director in charge of finance and administration.”

The minister also referred to the compulsory suspension placed on Ms. Arunma Oteh as being a temporary leave pending the investigation ordered into her alleged impropriety by the outgoing board. Price Waterhouse Coopers was employed to investigated the allegations of financial impropriety against the embattled DG.

She said, ““We also look forward to the report of the audit that the board has ordered. Once it is ready, we will then know the next line of action and take it up from there. But in the meantime, the DG (Oteh) is on leave, and for the duration, we do not expect it to last for very long. While we don’t want to pre-judge, we have given a timeline of two weeks for this audit to be completed.”