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Aruma Oteh Accused of Financial Crimes by SEC Board

By on June 14, 2012

The board of the Securities and Exchange Commission (SEC) has alleged that the suspended Director-General, Ms. Aruma Oteh, used her personal account to receive and manage SEC 50th anniversary contributions in clear contravention of the Investment and Securities Act 2007.

According to sources in the SEC, this was the reason she was sent on compulsory leave by the commission. In her position as DG, Ms. Oteh is said to have failed to allow the SEC Audit and Finance Committee to probe the account in question, leading to her sack.

Part IV of the Investment and Securities Act sets out the financial provisions of SEC. Section 19 states that the Commission shall establish and maintain a fund into which shall be paid the following- funds provided to the Commission by the Federal Government, penalties, fees, charges and administrative cost of proceedings and monetary gifts, contributions and other funds that may be received by the commission. It adds that the commission shall maintain and operate bank accounts for funds as approved by the Board of the Commission.

Ms. Oteh’s through opening the private account violated or undermined several sections of the Investment and Securities Act.