By InvestAdvocate
Lagos (INVESTADVOCATE)-Embattled Arunma Oteh, Director General (DG) of Nigeria’s Securities & Exchange Commission (SEC) Tuesday was re-elected Chairperson of the Africa/Middle East Regional Committee (AMERC) at the ongoing 37th Annual Conference and meeting of the International Organisation of Securities Commissions (IOSCO) in Beijing China.
This is contained in a Statement Yakubu Olaleye, Head, Media of Nigeria’s SEC and made available to www.investadvocateng.com.
“It was a glorious moment for the Nigerian Capital Market on Tuesday, May 15, 2012 as Arunma Oteh, Director General, Securities and Exchange Commission was unanimously returned un-opposed as chairperson of the African/Middle East Regional Committee (AMERC) at the annual conference of the International Organisation of Securities Commissions (IOSCO) currently taking place in Beijing, China†the Statement said.
According to the Nigeria’s SEC Statement, also returned unopposed was Hassan Boulaknadal, the Vice Chairman of the regional committee, , who is the Chief Executive Officer (CEO) of the Moroccan Capital Market Regulatory Authority.
“In view of the new strategic direction of the IOSCO, Oteh and Boulaknadal automatically become Members of its Transitional Board, the highest policy making body of the Organisation†the Statement affirmed.
Oteh who had served as Chairperson of the Regional Committee for a two year term, had expressed her intention to re-contest the position for another term given the expiration of the initial term.
The Statement quoted some of the delegates who participated at the election, that Oteh’s unanimous return by the 22 Member Countries of the Regional Committee was a direct consequence of her visionary leadership which she has provided the Committee since becoming chairperson in 2010.
“Specifically, the AMERC chairperson was said to have remained committed to the actualisation of an enduring vision for the region in concert with the goals and objectives of IOSCO. Her efforts have also resulted in improved capacity, communication, cooperation and visibility for the region within the IOSCO community†the Statement said.
This is coming on the heels of an ongoing public hearing of the near collapse of the Nigerian Capital Market (NCM) in Abuja Nigeria.
Mid March 2012, at a Public Hearing on the Nigerian Capital Market, Oteh, DG of Nigeria’s SEC said at a hearing that Lawmakers were not happy because she turned down the request of Herman Hembe the Chairman, House Committee on Capital Market for N44 million tip.
First, Oteh said the Lawmakers asked for N39 million to defray the cost of the ongoing Public Hearing, and when she denied, the Chairman asked for N5 million.
The N44 million bribe requested was in addition to SEC sponsoring a foreign trip for members of the Committee, and paying them estacodes.
