By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE)– PricewaterhouseCoopers (PWC) appointed by the Board of Nigeria’s Securities & Exchange Commission (SEC) to audit Project 50 by embattled Arunma Oteh, Director General (DG) has written Quoted Companies and other Capital Market Operators to ascertain the source of funds by a Private Consulting Firm on behalf of the Commission for the project.

www.investadvocateng.com can report that the letter date June 22 2012 by the Auditing Firm is requesting Companies and other Capital Market Operators to furnish it with details concerning the part they played in terms of support for the Oteh’s Pet Project to celebrate 50 years of Capital Market Regulation in Nigeria.

The PWC letter is requesting Quoted Companies and other Market Operators to state if SEC under Oteh wrote them requesting for support in the project.

Also, PWC in the letter is asking Firms to know how they redeemed their pledges; either by Cheques, electronic transfer or any other means of remitting funds.

It was gathered that the move to carryout an Audit was to help unravel the sources and application of monies collected by Oteh during the review period.

This is coming on the heels of the 66th meeting of the Board of the Commission held on June 11, 2012, and directing 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 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.

As earlier reported, a 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.

A Public Hearing commenced March 13 2012 by the House of Representatives Committee on Capital Market and other Institutions; in Pursuant to its Resolution (HR. 103/2011) of Votes and Proceedings of Wednesday, 14th December, 2011, which will mandate the Committee on Capital Market and Other Institutions to conduct a Public Hearing on the Resolution.

Oteh, DG of Nigeria’s SEC fired back at Lawmakers who probed and accused her of abusing her office and embarking on reckless spending.

Oteh on March 15 2012 said the Lawmakers are not happy with her because she turned down their request for a N44 million bribe.

According to oteh, the Lawmakers initially requested for N39 million to pay for the cost of the ongoing public hearing, but her refusal led to Hembe’s request for N5 million; coupled with SEC sponsoring a foreign trip for members of the committee, and paying them estacodes.