Reps insist Oteh is incompetent

Demand that she be removed for alleged incompetence

 

Article | July 20, 2012 - 12:00am | By Iferi Etuk

 

Despite an executive order recalling the embattled Director General of the Securities and Exchange Commission (SEC), Arunma Oteh, the House of Representatives on Thursday approved its Capital Market Committee recommendations demanding her sack.
The committee had, in the report of its investigations of the near-collapse of the capital market, called for Oteh’s removal for not meeting the required 15 years pre-experience in the Nigerian capital market before appointment as the DG.
The report came as the federal government recalled Oteh who had been suspended by the commission’s board. In a letter signed by the Secretary to the Government of the Federation, Pius Anyim, the government absolved Oteh of blame after independent auditors cleared her of any criminal breach.
In considering the report on Thursday amidst other details, the lawmakers maintained the SEC boss be removed and also investigated over irregularities within the capital market.
“The appointment of Ms Arunma Oteh be terminated forthwith as Director General of the Security and Exchange Commission as her appointment is in violation of section 3 (2) and section (1) and section 315 of the Investment and Security Act, 2007,” the lawmakers voted overwhelmingly.
The new decision is to be communicated to the executive.
The lawmakers said the Oteh’s lack of experience reflected in her management of the commission.
"She has shown incompetence in the management of human and material resources at her disposal in Security and Exchange Commission; lack of transparency in managing Project 50; regulatory failure in some of the recent mergers and acquisitions; and approvals of transactions by the Security and Exchange Commission and general inability to carry along her staff, board, and management in decision making and questionable staff recruitment policies,” the legislators said.
Oteh was also criticised for her role in the loss of N8 billion arising from the Union Bank plc public offer.
The House, however, withheld approval for the recommendation seeking for the investigation of Ms Oteh and other officials including the Central Bank Governor, Lamido Sanusi, over the nationalisation of Afribank Plc, Bank PHB and Spring Bank; which the lawmakers said showed evidence of potential forgery, unethical practices, fraud and abuse of office.

 SOURCE: 20 July 2012.