SEC boss, Arunma Oteh, spent N850,000 on food a day – Reps

SEC DG, Aruma Oteh,
SEC DG, Aruma Oteh,

 

The Director General of the Security and Exchange Commission, Arunma Oteh, spent a huge N850,000 on food in one day, in violation of regulations on how much chief executives can spend, a House of Representatives committee said on Wednesday.

Ms. Oteh was accused of multiple violations at a bad-tempered public hearing of the House committee on Capital market investigating a dwindling market that has weakened  investors trust and cost the nation billions of naira.

The House committee, headed by Herman Hembe, said the commission’s boss flouted rules, compromised her position and engaged in a spending spree in the last one year she has held office.

At a point, Ms. Oteh accused the committee of pursuing an agenda and surpassing the mandate of the hearing. She branded the house sitting a Kangaroo court, and dodged questions put to her.

The inquiry sets out to establish why the capital market is almost collapsing, and why big organizations are protected by the commission while investors face increasing risk. Lawmakers said the DG’s unbridled spending and her relationship with some of the organizations she oversights have eroded the commission’s regulatory role.

In one case, the DG spent as much as N30 million on hotel bills accommodation in eight months and N85,000 on meals on another day.

“You stayed in a hotel for 8 months and spent over N30 million. In one day you spent N85,000 on food at the hotel; the other day you spent 850,000 on food. These are the things we should look at to see how you will regulate a market that is collapsing,” Mr. Hembe said.

The most contentious was the revelation that the commission’s boss recruited staff of Access Bank, Charles Ughele and  Titi Olubiyi, as SEC’s advisers, a move lawmakers said compromised the regulatory role of the commission over the bank.

“I cannot believe that Access Bank can just send somebody to your office like that”, he said, adding, “Somebody can rightly say he is a spy. There is no way we can be better. It smells of plenty fraud.”

But the Director General of the Commission, Ms Orunmah Oteh denied the partnership affected the integrity of the commission, and said the commission only benefited from the experiences of the officials.

She said the remunerations of the two staff were being paid by Access bank and not SEC, and maintained the decision to employ them was right. “Yes we don’t have the right capacity in that area and he (Charles) has come with that.”

The committee said the DG’s actions have called to question her competence to hold the position and directed that she submit her academic certificates and all documents regarding the engagement of the Access bank staff.

 


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  • Osoise

    She ought to be remanded in custody, tried, her accounts frozen and sent to the COOLER afterwards. Dodging questions? What impunity!

    • Highon5

      @ osoiseabsolutely correct .

      • Ahmed Yusuf

        The SEC hearing is very revealing the issue is the DG must explain her actions not dodging and parrying issues thrown at her for clarification. Assuming that all her allegations against the chairman of the probe are correct, does it absolve her from explaining to the Nigerian public why she has failed to revive the market.there are thousands of first class brains roaming our streets for years without any employment .her grandstanding to the panel tells me she has a God father somewhere in govt.Hon Hembe and his team are doing an excellent job.there is nothing spectacular about oteh ;her submissions are full of sound and fury signifying nothing.

  • Hayatu

    If we continue like this we will not go any where. How can a chief executive with glaring tendency to corruption down play the findings of the committee of the National Assembly. Instead of defending her action she decided to personalize the issue to attract sympathy. A sane person cannot spend N850,000 a day on food.

  • Isaac_CharitY

    THIS IS UNCALL FOR,EFCC WEAR ARE YOU,SHE SHOULD BE ARRESTED FOR MORE QUESTION. HOW IN NIGERIA TODAY SOMEBODY WILL SPEND 85,00.00NAIRA FOR FOOD FOR ONLY A DAY.DID SHE DRINK GOLD OR SPECIAL FOOD FOR HERSELF,EVER THE PRESIDENT CAN NOT DO THAT FOR HIMSELF ALONE. WE KNOW THE PRESIDENT SPEND 1BILLION NAIRA FOR ALL THE HOUSE HOLD AND THIS INCLUDING THE SALARY OF THESE WHO WORK AT THE ASO ROCK.IMAGE THIS LADY SHE THE PRESIDENT OF NIGERIA,IF SHE HAS ONLY 10MEMBERS OF HER HOUSE HOLD AT ASO ROCK THEY WILL BE SPENDING ABOUT 3.5BILLION NAIRAS FOR FOOD FOR A YEAR.NIGERIANS ARE FED UP OF THIS BULLSHIT OF A NEWS WILL DO HEAR EVERY DAY FROM THESE WHO ARE TO MAKE THE SOCIETY TO BE BETTER FOR NIGERIANS DOING THIS EVILS AGAINST US.ENOUGH IS ENOUGH.

  • Babatoks

    Free for all! Grab your own and leave them the shit. Who gives a damn what happens to the children of others? That’s their policy in Nigeria. Every position in the country is like that – political, business, public, private, etc.

  • Haiayi

    This is the mess we are going through and every one struggles for position to join the looting spree. They have no religious ethics and dont think about the masses, all the serve yourself leaders we have have gone mad. The of reckoning is drawing nearer and nearer, very soon Nigerians will have to take their destiny with their hands. Its only in a rotten leadership circle like ours that such information are given out and digested without any excreta. Well done madam, in my opinion food was only used for claiming the fund, I dont think any human stomach can accommodate that much, its a new way of looting the treasury. For the hotel bill, we know some hotels connive with CEO to offer dubious receipt at an agreed price. Nigeria is a wonderful country.

  • Highon5

    good, i think the committee is on the right track. if such probing can extend to all other parastatals who indulge in such dubious,malicious, furtive acts so that they can be brought to book, that will help save our great nation huge amount of money being lavished away by these thievs.
    K.U.D.O.S MR HERMAN HEMBE!

  • Asiya34

    Finally, It was long over-due

  • Godson chibuzo

    A WONDERFUL EFFORT FROM THE HOUSE COMMITTEE. IT IS COMMENDABLE SHE MAY ACTUALLY LACK CAPACITY TO RUN THE OFFICE. THE BANK IS OPEN FOREVER FOR PROFIT. NOT A FATHER CHRISTMAS. THERE IS MORE TO BE REVEALED.

  • mostukpabi

    Why must Nigeria be rated as one of the poorest and under-developed countries while we have the resources and men. If everybody in this country is made to be accountable for their actions, this country would be a better place for all of us to live in. Imagine, we debating of N18,000 minimum wage for average Nigerians, some states have refused to pay claiming that it is too much and some one in the same country is busy spending N850,000 of the tax payers money on food a day. That money is big enough to start a business for about 3 jobless people. Let the cat be let out of the basket.

  • Emeka K Duru

    You pear don cook proper, make you slap anybody wey come near oo.Overtake don overtake overtake…still some people dey beg forv 18,000 Naira for hard work,for a month.

  • Tripple A

    Jonathan’s presidency budgetted almost a billion naira to feed his family for the year 2012. If you divide that by 365 (days), you get N2,739726 (almost 3 million naira) per day. So, on what moral ground would he subscribe to the removal of a prodigal public servant like Arumah Oteh who only spent a paltry sum of N850,000 on food in a day. Needless to say that the president has already established himself as the grandfather of profligacy. Kettles dont call pots black.