The director-general of the Securities and Exchange Commission, Ms. Arunma Oteh, who was sent on compulsory leave by a resolution of the board Monday, has vowed to fight back to clear her name.
The SEC board has, meanwhile, approved the disengagement of Ballama Manu, interim president of the Council of the Nigerian Stock Exchange (NSE), and Emmanuel Ikazoboh, his deputy, along with six other appointees, from the Council of the NSE.
Oteh’s communications adviser Obi Adindu said her next line of action, because she is a firm believer in due process, would be to make her representations to her employers.
“She will communicate what has happened now to her employers and also look at due process to ensure that not too much under-the-table dealings led to this decision by the board,” he said.
Adindu denied allegations that Oteh was locked out of her office this morning. She did not have any reason to be there after the resolution of the board had been communicated to her last night, he said.
‘‘In fact, as we speak, she is on national assignment as a member of the Economic Management Team and they are meeting in Abuja today,’’ said Adindu.
Oteh, Adindu said, responded competently to specific questions asked by the Audit and Finance Committee, adding that the board then recommended an independent audit of Project 50, hence the key actors in the management of the funds were asked to step aside to allow an unhindered investigation.
He however said that it was wrong for anyone to submit that about N2.3billion was spent on the project when only about N155 million was spent by SEC.
“Oteh had received commendations from other organisations that have organised such events in this area for her prudence,’’ Adindu said.
The board of SEC had finished from a marathon meeting that lasted till very late Monday night with a firm resolution directing Oteh to immediately proceed on compulsory leave.
Secretary to the Commission Edosa Aigbekaen confirmed the decision to remove SEC’s appointees on the Exchange Council yesterday.
He said the board noted the stability of the NSE and approved that the process for the disengagement of its appointees on the council should begin.
Aigbekaen said the board considered issues regarding the Council of the NSE, and particularly the request of the interim president of the council that having stabilised the Exchange, they should be allowed to begin the process of disengagement.
“After due consideration, the board approved this request but directed that it should be effected in an orderly manner. The board also directed the council to take steps to ensure that all legal issues affecting the effective functioning of the Council are addressed. The management of the commission was also directed to work out the modalities for this disengagement with the council,” Aigbesan said
Also the board appointed Ms Daisy Ekineh, the executive commissioner operations, as acting director-general and chief executive.
Meanwhile, operators in the nation’s capital market yesterday lauded the SEC board’s actions, describing them as welcome developments.
The chairman, Progressive Shareholders’ Association of Nigeria (PSAN), Mr. Boniface Okezie, told LEADERSHIP that the directive was not only a welcome development but long overdue and will bring back confidence in the capital market. Okezie noted that the leave will allow the board conduct a proper investigation on all the allegations against her.
To the former publicity secretary of the Nigerian Solidarity Shareholders’ Association (NSSA), Mr. Adetokunbo Gbadebo, “the directive is in order for proper investigation as nobody is above the law”.
Gbadebo advised the that the board should ensure that the compulsory leave was meant for pure investigation, not a political move to rubbish her, as the investing world was watching the development at the capital market.
A market analyst, who also did not want his name mentioned, said the directive was a sign of good governance no matter how belated it may be for now. The country, he said, cannot continue to have a barrage of complicity from different quarters with nobody being able to act on them.
“The action showed that nobody is above the law and that the market has listening ears, just as the directive will go a long way to instil discipline in the sector,” he said.
SOURCE: 13 June 13.
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