Documentary evidence: How SEC's N30.4million bribe to House committee was cooked

Herman Hembe claims the bribe offers originated from SEC

The internal memos of the Security and Exchange Commission (download them below) presented Tuesday by the  chairman of the House capital market committee, Herman Hembe, to back his claim he had been offered a N30 million bribe by the commission’s embattled Director General, Arunma Oteh, added a new twist to the nauseating saga instead of resolving it.

That the first letter, dated March 1, 2012, originated from the commission, gives the impression that the idea of sending our “forthright lawmakers” money came from the very “clean” SEC. A point there for Mr. Hembe.

That Ms. Oteh, according to the minutes of the letter, approved the memo authorizing the release of N30.4 million for that purpose, further backs that claim. Another point for Mr. Hembe.

Then, within a week or so, the contact has been established with the legislators as Ms. Oteh directed. But unlike what Mr. Hembe claimed on Tuesday, he did not “fight hard to avoid” the offer.

Instead, as the second memo dated March 9, 2012, points out, “the (House)committee welcomed this development and accordingly forwarded a budget estimate” for the public hearing, which co-sponsorship, the SEC had mulled. A point here for Ms. Oteh.

Then, that the commission chose to address “two items only” from the budget- suggesting the lawmakers presented more – again appears to contradict the lawmaker’s claim he fought to reject the offer. Another point for Ms. Oteh.

Meantime, both sides have claimed to have turned down the other’s overtures. Ms. Oteh said she rejected the demands of the house, while Mr. Hembe claims he “fought to avoid” the offer.

But that the lawmakers, whose public heaings are adequately funded by House budgetary provisions, even considered the N30.4million offer as the papers claim tips another point Ms. Oteh’s way.

We await the final verdict on the matter from the House ethics committee. But preliminary evidence suggests there is no saint between SEC and the committee.

Download the three memos here


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  • I like the way this is going!
    Just want to know how many heads will roll to the bottom of the hill when the fog is cleared up

    • Rogunsuiy

      ZERO. How many rolled in the past?

      That is why things remain the way they are and even getting worse.

      • Gecko

        I agree with you – no head will roll, just as nothing will happen to that Perm. Sec. caught with N2 Billion Cash stolen from the Police Pension Fund!!!

  • Dodondawa

    @Philemon Adjekuko, aren’t you a Nigerian? Which head are you talking about? Hembe, Oteh, legislators, judiciary and even the presidency are all bird of the same feather. Mark my word, they will take care of their own and by this time next month, you won’t hear nothing about this controversy again. We have a rotten society, but my greatest concern is the generation of 5-20year old. May God help them. As for our generation, obviously, we are wasted.

  • Yusuf

    Its very true we need a system that can cut off heads of all corrupted corrupters, otherwise we r doomed and why not the GHANIAN or CHINESEE treatment

  • M. Bukar

    My questions is WHO HAVE BEEN SPONSORING THE PREVIOS PUBLIC HEARINGS Nepa, privitaztion/BPE, ETF, Pension, NNPC, Aviation, e.t.c.?

  • Goldenhammer62

    This babe is going to feel full weight of the House of Reps ( National Assembly). Our society is so corrupt that if you don’t know how to catch the thief, the thief will surely catch you! This fine ‘ Air-conditioned babe”, rode the tiger’s back and is about to be consumed

  • Umar Muktar

    Na today who is not corrupt among them bird of thesame feather. Ninety nine days for the thief one day for the owner.