Shareholders, Market Operators call for investigation of SEC DG on recent allegations.


By Peter OBIORA investadvocate

Aug 24, 2010 06:00 GMT



LAGOS-Shareholders under the auspices of the Progressive Shareholders Association of Nigeria (PSAN) have called for the removal and investigation of Arunma Oteh, Director General of the Securities and Exchange Commission (SEC); following recent allegations of mismanagement of the Commission by a group referred to as “Concerned Staff of SEC”


Boniface Okezie, National Coordinator of the Association made this affirmation August 23 2010 to investadvocate in Lagos Nigeria.


He called on the Ministry of Finance to commence the process of probing Oteh on various allegations leveled against her by the “Concerned Staff of SEC” through a widely circulated e-mail authored by one Kalu Ogba who failed to establish his identity or relationship to SEC.


“As far as we are concerned, the Ministry of Finance is in the position to initiate a probe into the perceived allegations against Oteh, these allegations should not be swept under the Carpet” Okezie said.


He affirmed that it will be a good thing if the mystery of the purported N30 billion left in the coffers of SEC by Musa Al-Faki former DG of the Apex Capital Market Regulatory Institution was unraveled.


“There is a rumour making round that Al-Faki left in the purse of the Commission a whopping N30 billion; which we would like to confirm and then find out how much has been expended so far” the PSAN National Coordinator said.


He further called for an investigation to ascertain how much Daisy Ekineh as the Acting DG handed over to Oteh as the substantive DG in the review period.


He reiterated every need for the Ministry of Finance to immediately commence a probe into these allegations against Oteh.


“She has been accused of spending N200 million on hotel accommodations and the question begging for an answer is this, was there no official resident for a SEC DG? Where was Al-Faki staying during his stay in Abuja as the DG of the Commission?” he queried.


Okezie warned that the issues raised in the allegation should not be treated lightly or dismissed on the ground that it was made by a faceless group or individuals and called for a thorough investigation.


In the same vein, some Market Operators names (withheld) also called for a forensic investigation into the activities of Oteh in SEC in the review period.


“We understood that what has been happening in the Nigerian Capital Market (NCM) is the handiwork of consultants whom she is using to do her job; while abandoning the experienced hands that has been in the Commission; even before her appointment as the DG of SEC” they affirmed.


They called for an investigation especially on her frequent travels and long stay in the hotel, “investigations should be carried out to determine what kept her in the hotel for such a long time” the Market Operators said.


Allegations leveled against Oteh by the group referred to as “Concerned Staff of SEC” include, her incompetency and not deserving the position she occupies, staying permanently at the Transcorp Hilton Hotel; where it was purported that she has spent so much funds of the Commission in maintaining an accommodation, her frequent trips abroad and use of Consultants to do the job.


As at the time of filling in this report, investadvocate is yet to get Oteh’s and the Commission official response to the above allegations.



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