September 18, 2012 / National Assembly
 

Need for Mr President to Enforce the Resolution of the House of Representatives on the Investigation into the Near Collapse of the Capital Market:

 
Hon. Ossai Nicholas Ossai:

The House:                                                               

Notes that the House adopted the Resolution on the investigation into the Near Collapse of the Capital Market on 19 July, 2012;
 

Further notes that this Resolution of the House was conveyed to the Executive Arm of the Federal Government on 30 July, 2012 by the Clerk to the National Assembly (CNA);
 

Aware that the Resolution among other issues requested the President to terminate the appointment of Ms Orunma Oteh, the Director-General (DG) of the Securities and Exchange Commission (SEC), for being unqualified by law to serve as the DG of SEC; for incompetence and inability to manage the Commission and regulatory failures which may lead to the collapse of the Capital Market, if unchecked;
 

Worried that the President recalled Ms Arunmah Oteh from suspension immediately the report of the Ad-hoc Committee which indicted her was made public, in a flagrant contempt of the House of Representatives and the feelings of the Nigerian people and investors who lost money in the Capital Market;
 

Further worried that the staff of Securities and Exchange Commission protested the recall of Ms Oteh and even the letter by the Secretary to the Government of the Federation recalling her cautioned her against flouting of ‘extant rules and administrative procedures in the conduct of all official transactions;
 

Concerned that the President has repeatedly refused to implement important Resolutions of the House and treats with contempt, important House Resolutions that relate to the economic well-being, social harmony and political stability of Nigeria;
 

Restates its obligation to the Nigerian people, as members of the House of Representatives, sworn to promote, protect and defend the Constitution of the Federal Republic of Nigeria, which in Sections 4, 88, 89 and Part II (1) of Second Schedule to the Constitution among other provisions empowers the National Assembly to pass Resolutions and make laws for the peace, order and good government of the Federation or any part thereof;
 

Further notes that it was the Resolution of the National Assembly that enabled the President to assume office as Acting President in 2010.
 

Resolves:
 

(i)      To request the President to implement the Resolution of the House of Representatives on the investigation into the near collapse of the Nigerian Capital Market particularly aspects of the Resolution requesting the removal of Ms Arunmah Oteh as the Director General of Security and Exchange Commission for being unqualified by law to serve as Director General of Security and Exchange Commission, as contained in Sections 3 (2) (a) and Section 38 (I) (b), 2 and 3; and Section 315 of the Investment and Securities Act (ISA), 2007;
               

(ii)      that the House of Representatives or any of its Committees shall henceforth cease to accord any recognition or deal with Ms Arunmah Oteh as Director General of Security and Exchange Commission;
               

(iii)     that the House Committee on Legislative Compliance brief the House within 14 days on the level of compliance with this Resolution.

Source: Proshare