By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE) – Boniface Okezie Chairman Progressive Shareholders Association (PSAN) Tuesday said the Compulsory Leave the Board of Nigeria’s Securities & Exchange Commission (SEC) sent Arunma Oteh; its embattled Director General (DG) was overdue.

Okezie while reacting to a ThisDay Report Tuesday made this affirmation to www.investadvocateng.com during a chat in Lagos Nigeria.

“It is good that they asked her to proceed on Compulsory leave so that the confidence in the Capital Market can return” he said.

Okezie affirmed that from the compulsory leave slammed on Oteh, she may end up leaving the position as Nigeria’s SEC DG.

“There is no way with all the allegations against her; with her continued stay, the fortune of the Nigerian Capital Market (NCM) with continue to dwindle” Okezie said.

He advised the Board of the Commission and the Government to immediately begin the search for a replacement to Oteh.

Overstaying in a Hotel accommodation and the amount of money spent, the Board of SEC should have given her query to that affect and wouldn’t have waited this long after the Public Hearing to act.

Okezie also said that the Board made a mistake by allowing Oteh emerge the DG of SEC without cognate experience, “the Board would have asked the Government not to appoint Oteh; when they found out that she lacks experience for the job” he said.

ThisDay said in the Report that the Board of Nigeria’s SEC has sent Oteh, on compulsory leave; pending the investigation of allegations into her stewardship.

According to the Report, Daisy Ekineh, Executive Commissioner, Operations, will act in her absence and the SEC Board is expected to make the announcement of Oteh’s leave Tuesday.

The ThisDay Report further affirmed that part of the reasons why Oteh was asked to proceed on Compulsory Leave was the revelations made during the Capital Market Public Hearing by the House Committee in charge.

Prior to this time, Okezie had in an interview with www.investadvocateng.com after his presentation April at the Public Hearing on the near collapse of the Nigerian Capital Market said Oteh was not qualified for the position to which she held at Nigeria’s SEC.

He cited the Investments and Securities Act, 2007 Act No. 29 that established the Securities and Exchange Commission as the Apex Regulatory Authority for the Nigerian Capital Market as well as regulation of the Market to ensure the protection of investors.

According to him, in the case of Oteh as the DG of the Commission, she was not qualified and has not less than 15 years cognate experience in Capital Market operations required by the Law to appoint a DG to head the Commission.

UPDATE:

Below is a Press Statement from SEC Tuesday June 12 2012

SEC Board directs Oteh to proceed on Compulsory leave

PRESS STATEMENT

The Board of the Securities and Exchange Commission (SEC) at its 66^th meeting held on June 11, 2012, has directed the Director-General, Ms. Arunma Oteh to proceed on compulsory leave to enable an independent investigation to be undertaken in respect of the Project 50 programme which was carried out by the Commission in 2011. The Executive Commissioner (Operations), Ms. Daisy Ekineh will act in her absence.

The decision of the Board was arrived at after consideration of the report of its Audit and Finance Committee which had been directed to investigate the sources and uses of funds for the Project 50 event. Amongst its conclusions, the Committee recommended an independent audit of Project 50 and that the key actors in the management of the funds should be asked to step aside to allow an unhindered investigation.

The Board also considered issues regarding the Council of the Nigerian Stock Exchange and particularly the request of the Interim President of the Council that having stabilized the Exchange; they should be allowed to begin the process of disengagement.

After due consideration, the Board approved this request but directed that it should be effected in an orderly manner. The Board also directed the Council to take steps to ensure that all legal issues affecting the effective functioning of the Council are addressed. The Management of the Commission was also directed to work out the modalities for this disengagement with the Council.

The Board expressed its appreciation for the role of its nominees in stabilizing the Exchange and commended them for a job well done.

By Order of the Board

Edosa Kennedy Aigbekaen

Secretary to the Commission