Despite what seems like an internal crisis in the Securities and Exchange Commission (SEC), and the open display of acrimony among top officials of the Commission, its Director General and Chief Executive, Arunma Oteh, has managed to ride to the crest of popularity abroad.
At the ongoing conference of the International Organisation of Securities Commissions (IOSCO) in Beijing, China, delegates on Tuesday returned Ms. Oteh un-opposed as the Chairperson of the African/Middle East Regional Committee (AMERC).
The IOSCO also returned the chief executive officer of the Moroccan capital market regulatory authority, Hassan Boulaknadal, as vice chairman.
With the strategic direction of the IOSCO, Ms. Oteh and Mr. Boulaknadal, would automatically join members of the Transitional Board, the highest policy making body of the Organisation.
The international group, which currently has 199 members, consisting 114 ordinary members, 11 associate members, and 74 affiliate members, was established in 1983 to bring together the regulators of the world’s principal stock to seek ways to promote and exchange information about the world’s securities and futures markets.
IOSCO’s objectives include cooperation among members to promote high standards of regulation towards just, efficient and sound markets; exchange of information on their respective experiences in order to promote the development of domestic markets, provision of mutual assistance to promote the integrity of the markets and effective enforcement of standards against offenses.
Ms Oteh’s credentials and capacity to manage the market out of crisis has been seriously called to question at the House of Representatives’ probe on the near collapse of the capital market in 2008.
All her directors and executive commissioners alleged she was running an exclusive administration since her assumption of office in 2010.
At the commencement of the probe, the Director General was also enmeshed in a N44million bribery controversy after she alleged the Commission approved the money for the Committee and its former Chairman, Herma Hembe, to facilitate their organisation of the probe.