Huhuonline.com can report a shutdown of activities at the headquarters of the Security and Exchange Commission (SEC) as staff defied the Wednesday downpour and blocked the entire building, following information that, embattled Director-General Arunmah Oteh, who was sent on compulsory leave would be resuming to take her position. The staff also resisted attempts by security agents, deployed to the scene to calm them and make them return to their offices.

They chanted anti-Oteh songs and displayed placards with various inscriptions warning the presidency against her reinstatement. SEC staff explained that they were tired of the one-man show which was characteristic of Oteh’s administration. They accused her of high-handedness and warned that they would make her uncomfortable if she is foisted on them.

Though as at the time of the protest, Ms. Oteh had not arrived, the workers said they had it on good authority that she was to resume today. They said they would stay outside and lay ambush for her warning that she should be prepared to face the consequences if she stubbornly appeared at the office.

“You can imagine entering the office this morning only to be told she would be resuming and that we should be ready to receive her. This is why we are waiting to receive her the best way we think fit. Whatever happens if she comes to this office, the government must take responsibility,” one staff told Huhuonline.com.

He said there had been excitement since she was suspended as according to him, the staff morale was boosted. The staff, who refused to be named, explained that it would be unfair for the government to think of reinstating someone who was still under probe. “It shows that the government is not actually prepared to fight corruption and since this is the case, the government may soon push Nigerians to take charge of their destinies,” the staff added.

Ms. Oteh had been suspended last month after allegation of financial recklessness was leveled against her. The issue was taken up by the National Assembly but it ended controversially as a result of accusations and counter-accusations from Oteh and members of the ad-hoc Committee of the House of Representatives which had the responsibility of probing her and her activities in the Commission.

As the Securities and Exchange Commission (SEC) continues to grapple with its self- inflicted credibility hiatus arising from the probe scandal by the House Committee on Capital Market, it emerged that the SEC’s record in addressing infractions in the market and the apparent compromise of its oversight functions by Arunmah Oteh, the SEC Director-General was beyond despicable.

Among the sundry allegations against Oteh were that the SEC approved the sum of N66.1 million to rent an official apartment for Oteh in Abuja after she had spent a whooping N30 million on hotel accommodation at Transcorp Hilton in eight months (seven months more than her legally allowed period of stay) while simultaneously receiving the financial entitlements due an un-accommodated Director General. She was also accused of spending N42.5 million to procure three Toyota vehicles without a tender’s board meeting in breach of the Public Procurement Act 2007 and of spending N850,000 (later clarified as N85, 000) for just a meal eaten by a team of experts.

During the televised hearing by the House Committee on Capital Market, Oteh turned the public investigation into a charade with toxic counter allegations against Committee Chairman, Herman Hembe, whose committee was subsequently sacked and another ad hoc committee appointed in its place. Oteh made several stupendous allegations, not the least of which, Hembe asked the SEC to contribute N44 million for the televised public hearing. Furthermore, she claimed that in October 2011, the SEC paid Hembe’s fare and estacode to attend a conference on emerging markets in the Dominican Republic. She alleged that Hembe did not attend the conference and did not refund the money. The House Speaker referred the matter to the House Committee on Ethics and Privileges for investigation, while the SEC Board sent Oteh on compulsory leave.

Source: Huhuonline.com