SEC crisis deepens: Arunma Oteh sent on compulsory leave

The Board of the Securities and Exchange Commission (SEC) rose from a marathon meeting that lasted till late Monday night with a firm resolution directing its embattled Director General, Aruma Oteh, to immediately proceed on compulsory leave.

PREMIUM TIMES gathered that the meeting, which was characterised by stormy bouts of exchanges and deliberations on a variety of issues bordering on the management of the apex capital market regulatory agency, agreed that Ms. Oteh’s stepping aside would make for an unfettered investigation into several allegations against her management, particularly allegations of misappropriation of N3billion on the controversial Project 50 programme.

As part of the resolution, the Board appointed the most senior member, the Executive Commissioner (Operations), Ms. Daisy Ekineh, to take over as acting Director General and Chief Executive.

To enforce its decision, PREMIUM TIMES learnt that the Board last night conducted a clandestine operation at the office complex during which the locks to Ms Oteh’s office were changed, apparently to prevent her from gaining access.

It was gathered that Ms. Oteh was left stranded when she arrived this morning only to find that she would not be able to get into her office in the Central Business District, Abuja.

Angered by the action, it was gathered that the DG has already taken up the matter with superior authorities to challenge the Board’s decision, which she declares as a clever ploy by members to earn themselves an illegal tenure extension, as their term of office is officially expected to terminate in the next 72 hours on Friday.

The latest development is an indication that the festering crisis in the management of the capital market regulatory authority, which played out during the recent House of Representatives probe into the near collapse of the country’s capital market, is far from over.

The Board, which has Udoma Udo Udoma as Chairman, has eight others as executive and non-executive members, including Daisy Ekineh, as Executive Commissioner (Operations); Lawal Stores, as Executive Commissioner (Finance & Accounts); Charles A. Udora as Executive Commissioner (Legal & Enforcement).

The non-executive Commissioners include Yahaya Ali and Ronke Fatade as well as Daniel Kifasi representing the Federal Ministry of Finance and Christopher Chukwu, representing  the Central Bank of Nigeria (CBN).

 


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  • Oronsibk

    God riddance

    • Jollyjones

      Ashawo DG. Let your boy friends ( mansur, Lamido Sanusi and Babangida Aliyu ) come and save you. You must vomit the so-called project 50 money. Ole. Yeye Karuwa.

  • Oronsibk

    Good riddance. She was already constituting nuisance to the entire capital market community. World class capital market indeed

  • Bisi

    Now she has more time to drink her favorite STAR lager beer….yeye dey smell

  • KenMani

    ORA EGBUNIKE AND ASSOCIATES LEADING CORRUPTION IN THE NIGER DELTA………On June 5, 2012 my friend took me to Unity Bank Plc, Rumuomasi, Port Harcourt to enable us witness the payment of compensation to persons from Azumini Community who are affected by the construction of the Obehie – Azumini – Ukanafun Road. As much as I promised my friend that I will not pre-empt the content of his report which he intends to publish in the interest of humanity, I must disclose the horror, the oppression and the magnitude of corruption supervised and managed by staff of ORA EGBUNIKE & ASSOCIATES/ TUNJI ADENIJI and Co. Estate Valuers Surveyors and representatives of the Ministry of Niger Delta Affairs. At the payment center we observed various irregularities. My friend and I decided to investigate. Our investigation included a trip to the affected Communities to see things for ourselves. I can confirm that the whole process of valuation and of the payment of compensation supervised by ORA EGBUNIKE may turn out to be the biggest corruption scandal ever………..In our attempt to investigate the reasons why the compensation paid to the people were far below the value of their Structures and Crops etc. etc. marked for demolition, we discovered that ORA EGBUINKE AND ASSOCIATES/TUNJI ADENIJI & CO. were using fraudulent “doctored” documents to pay compensation to them. On top of his they were also deducting a 10% Agency fee from the people including Agency fee for those who never appointed any Agents. The Agents are “fronts” of Ora Egbunike & Associates but there was no record of any work done by Agents. To cover this corruption and fraud, I was reliably informed that the people’s properties will be demolished in two weeks time. I doubt if two weeks is enough time for anybody to erect a new structure against the gross underpayments they received. In all these, the Niger Delta people are left worse off while Ora Egbunike And Associates and such like and staff of the Ministry of Niger Delta Affairs are corruptly enriched.

  • KenMani

    MINISTRY OF NIGER DELTA AFFAIRS IS NOTHING BUT A DEN OF THIEVES
    At the invitation of a friend I traveled out of Lagos with him on June 01. 2012 to various areas of the Niger Delta. The trip lasted for 11days and we wanted to ascertain if the huge sums of money that the FG is pumping into the Niger Delta is touching the lives of the ordinary people of Niger Delta. What I saw and witnessed which my friend will soon publish in an article is indeed very disheartening and I will insist that the Ministry of Niger Delta Affairs is nothing but “a den of thieves” and must be completely scrapped. I will also insist that so many companies including ORA EGBUNIKE AND ASSOCIATES & TUNJI ADENIJI & CO. ESTATE VALUERS AND SURVEYORS amongst many others should be banned and prohibited by the FG from getting involved in all projects in the Niger Delta. We discovered that the billions of Naira that the FG is pumping into the Niger Delta is not reaching or touching the lives of the ordinary people but ending up in the pockets of a few.

  • Socjurist

    She claimed to have bagged 1st Class Degree Honours from UNN, yet she misused the knowledge given to her. What a disgrace to the UNN and the entire members of her ethnic group.

  • Mpitikwelu_na_Ugwu_Awusa

    Will the last person in the nigerian stock market turn off the light. i wonder y any reasonable will still buy shares in that den of criminals.