Documents show House was first to approach SEC for N40million

Herman Hembe faces corruption allegation from SEC DG, Arunma Oteh

A new set of documents (find them below) made available to Premium Times this morning suggest that it was the House Committee on Capital Market that first approached the Securities and Exchange Commission asking for sponsorship for its public hearing scheduled for March 13 – 30.

Going by the stamp of receipt on the document, the House first sent a N39, 844,490 budget estimate to the SEC on February 29. It is however not known what discussions took place between the Committee members and the SEC leadership before the budget was forwarded to the capital market reqgulator that February 29..

A breakdown of the budget shows that N5,605,240 would be spent on advertising the public hearing in five newspapers (Business News, Daily Trust, Punch, Vanguard and Tribune) while N2, 245, 450 would be needed to publicise the event on major electronic media – AIT, Channels and NTA.

For live coverages of the hearing on Channels, AIT and NTA, the budget claimed N26, 203, 800 was needed. N4, 215,000 and N1,575,000 were earmarked for secretariat need and refreshment respectively.

However, apparently after considering the budget, an official of SEC, Hassan Mamman, initiated a memo to Director General Arunmah Oteh, on March 1 suggesting that the agency “assist the Committee by co-sponsoring this three weeks long event.” 

In a second memo to Ms Oteh dated March 9, 2012, Mr. Mamman indicated contact had been made with members and that the committee “welcomed” the idea of sponsoring its public hearing. He went further to suggest that the management of SEC approve N30.4million to support live coverage and secretariat needs of the hearing.

Both Ms Oteh and the board of SEC approved the proposal.    

The committee kept in touch with SEC after money was approved for it. On March 14, it wrote to the agency introducing Messrs Note Worth Consulting as its consultant for the public hearing.

“Kindly avail him all the necessary assistance please,” Aba Thomas, Assistant Committee Clerk, wrote in the letter.

It is not clear what assistance SEC later offered to Note Worth as a representative of the committee. Officials of the firm could not be reached Wednesday morning.

Find the actual house public hearing document below

Documents show House was first to approach SEC for N40million

Documents show House was first to approach SEC for N40million

Documents show House was first to approach SEC for N40million

Documents show House was first to approach SEC for N40million

Documents show House was first to approach SEC for N40million

Documents show House was first to approach SEC for N40million



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  • Abiodunakinyebo

    Corruption @ it best, more 2 bε̲̣̣̣̥ reveal……………………..may God fish U̶̲̥̅̊ out gradually! Dis country shallregain its lost glory!

    • So much comments had been made on the above saga but no one seemed to ask if the leaders of the house, especially the speaker gave the approval to the house committee chairman on capital market for the request. If the speaker is well informed about all these, then why focusing on the chairman of the committee alone? This could be another house syndicates in corruption. Please we need more information.

  • Og

    Now we know. Who will jail them?

  • spik4naija

    I see! the plot thickens, now what?

  • Ibrahim Salihu

    It is interesting that documentary evidences are hereby attached to buttressed the claim by Mrs Arunma Oteh. It is getting clearer why the DG SEC articulated her accusations. It is however very appalling and disheartening that the nation’s wealth is being flagrantly spent and unethically misappropriated. The nation aspires to become one of the first twenty developed nations by the year 2020, but certainly such aspiration without having to receive any inspiration cannot be attained through this official rascality and arm twisting.
    The teeming populace of this nation have watched so many hearings with ground breaking revelations in terms of corruption and outright stealing of government money. Unfortunately nothing tangible came out from such findings. I beg to assert that Chinese and the Great Communist Party of China are weeping from the discoveries in Nigeria.
    I am writing as a pained Nigerian, who can only put his opinion on paper wishing that our so called leaders saddled with piloting the affairs of this country at all level can have a re-think and start doing the right things.
    How much do people take to their graves. Nigerians ask RICH Nigerian families that have lost loved ones.

    May Allah Almighty Bless this country, but hypocritical prayers cannot solve Nigeria.

  • Akucollins

    So public hearing outcome is skiewed to deceive the public. Why should an organisation being investigated be approached to sponsor a public hearing. Are funds not appropriated by the House for Public Hearings?

  • Brodawale

    You see what we are saying? Many of our public officials are thieves. Many of our law makers are thieves! Some people must just go to jail this year. Nigeria needs HELP!

  • Geraldazike

    A body being probed providing logistics for the probe? Haba! Nija we hail thee.

  • Ahmad

    Who sponsored subsidy probe? We need answers Fast!!!!

  • Godwin

    Now we know how that theif (Elumelu) came about his antiques on the NIPP probe. Remember he (Elumelu) himself was later caught stealing from the rural electrification fund?

  • Godwin

    Sometimes the media make me real sad! Infact the attached documents are making it look more like the SEC initiated this whole thing. Read from the top, the 2nd, 3rd and 4th attached again. And I am not excusing the House Committee either.

  • M

    The reality is, NOTHING will happen to Rogue Comittee chairman Herman Hembe. EFCC knows Nigerian judicary is a kangaroo court of shame so prosecution is out of the question. Hembe will keep his Honourable job with FULL honours and collect his share of the illegal N71Billion Reps & Sen expenses each year.

    THIS IS NIGERIA. Gangsters are in power. FULL STOP!!!!!!!!! You are the collective MUMMUs who voted them in. Now, live with them. Watch them scrambling to buy up houses in Abuja and Lagos high brow areas with your oil monies and inadvertantly push up prices beyond the average man’s reach. Sit back and watch them drive pass you in their Merc and Hummers and WEEP.

    We fully deserve the leaders we get. The british have described Ibori as effectively “A thief in Government House”. It’s unfortunate, 90% of our honourable citizens in the Reps and Senate are theives in federal government houses. The all steal just like kids in playground.

    Remember, with the help of your vote…”Our Legislators are one of the highest paid politicians in the world”. My people, you have really out-done yourselves this time.

    WELDONE. It remains 2015 election. Long live LOOTERS REPUBLIC!


    Thanks to God there is judgement day. Instead of the House to join hand with SEC so as to bail our only saving trapped at the capital market they busy thinking of how to make easy money. I will never forgive who ever is involve in ruining my hope of recovering my investment that I suffered a lost of over 97 percent. S. S. GALADIMA

  • Femabbas

    I am surprised by most comments here. Is corruption a new ailment in Nigeria? Why is an issue made out of a N40 million saga? We have had of the scandal in the NNPC. We have heard of about N3.2 trillion pension money embezzled by those in government. We have heard of about N1 billion feeding allowance of the President and his Vice. We have seen how over N1 trillion went down the drain over the so-called National Identity Card. Now, we are being told to prepare for another round of ID Card exercise which will surely end up in futility after the designers might have swallowed trillions as usual. What evil has Nigeria not been subjected to by the cabal we call government? Even the constitution of Nigeria is a fraud. Here is a constitution that was fraudulently written by the military through their protegees and forced on Nigerians without passing through a referendum. And how many Nigerians have ever seen a copy of that so-called constitution? We live in a jungle where survival is only for the fittest. Why are we talking of N40 million as if it is a strange development? One day, God, in His infinite mercy, will rescue Nigerians from the manacles of the vampires at the helm of affairs as He did for the Ganaians when thy were also in a rigmarole.

  • Ibrahim Usman

    Let the truth be told. I have never seen in any Nigerian Public Office where accompanying documents are stamped ‘recieved’. The usual practise in all Public Offices is to afix the stamp on the first page that is the page addressed to the organisation. This is a cheap and absurd attempt at forgery. Why should SEC afix its stamp on a documents that is not addresseed to it? Why should it o such basis proceed to raise a N30million expenditure on a document that does not contain an address? What does that tell you about Otteh and her people? If SEC is serious, then they should hasten to publish the Register of Mails (which all Nigerian Public Offices maintain in the Registry of the Agency) and show if this silly contrival is registered as an in-coming mail and what indeed was its Topic to warrant the stamp. Meanwhile tell Otteh that she ‘cannot pee on my head and tell me its raining”

  • Umar Abubakar

    The way I se it both Oteh and Hembe are GUILTY. There must have been a lot of behind the door discussions. An agreement was perhaps reached , but Oteh was not satisfied with the way the hearing was going on. She felt that she was getting into soup. Hence she wants protested that she is not the only guilty person and Hembe must pay for the arranged KOLA. GOD SAVE OUR MOTHERLAND.