Don't Miss


Home   >   Goverment   >   House Calls Presidency to Order on Oteh’s Reinstatement

House Calls Presidency to Order on Oteh’s Reinstatement

By on July 20, 2012

The members of the House of Representatives have expressed their high level of displeasure at the reinstatement of Ms. Aruma Oteh as the Director General of the Securities and Exchange Commission (SEC).

The Federal Government issued a circular publicly to Ms. Oteh absolving her of any involvement in corruption during her tenure at the helms of affair. However the government did caution her on her administrative style of leadership.

The circular stated, ‘Please refer to the decision of the Board of Securities and Exchange Commission (SEC) to send you on compulsory leave in order to enable SEC’s external auditors-the Price Water Coopers Limited (PWC), to examine the records of the Commission’s transactions covering SEC project 50 which you supervised.

“I am to note that Government has studied the report submitted by the external auditors and you are neither indicted for fraud nor criminal breach in any form. However, some administrative lapses were reported, particularly, in cases where administrative procedures were not thoroughly observed.

“The purpose of this letter is to recall you from your leave and to caution that you must henceforth endeavour to diligently observe all extant rules and administrative procedures in the conduct of all official transactions.”

The Lawmakers had also set up a committee to investigate Aruma Oteh in her capacity as DG of SEC, and the Ibrahim el-Sudi led committee reported their findings yesterday.

According to el-Sudi, Aruma Oteh is not qualified to be the DG of SEC, the lawmaker cited sections of the Investment and Securities ACt to back his committee’s recommendation.

His words: “I want to correct an impression that has been created in the media that tends to affect the image of the House.

“The Executive and all Nigerians know that this House inaugurated a committee that led to the suspension of the SEC DG  and that the  report of the panel set up by the Executive has not even been adopted. And now the Federal Government has recalled the DG.

“I want to state categorically that Arunma Oteh is not qualified  to be the DG of SEC. Sections 3, 35 and 315 of the Investment and Securities Act are clear on this.

“As at the time Oteh was appointed as the DG SEC, she was not registered with the SEC as required by the Investments and Securities Act. She didn’t have 15 years cognate experience as a Capital Market operator and so, I want to say here today that Oteh is not qualified to be the DG  of SEC.”