Reps: Oteh must go …reinstated DG fails to resume at SEC


The Nigeria House of Representatives


The House of Representatives yesterday adopted the report of its ad hoc committee which investigated the “near collapse” of the Nigerian capital market insisting that the Director General of the Securities and Exchange Commission (SEC), Ms Arunma Oteh, must be sacked by the Federal Government.

MPs unanimously passed a resolution on the recommendation of a panel chaired by Rep. Ibrahim Tukur El-Sudi ( PDP,Taraba) which states thus: “that the appointment of Ms Arunma Oteh be terminated forthwith as director general of SEC  as her appointment is in violation of section 3 subsection 2 and section 38 and 315 of the Investments and Securities Act 2007.”

The Attorney General of the Federation and Minister of Justice Mohammed Bello Adoke was also mandated to prosecute Oteh for contempt of parliament.

Similarly, Central Bank Governor Sanusi Lamido Sanusi, Assets Management of Nigeria managing director  Mustapha Chike Obi and Oteh “ are hereby cited for contempt of the House of Representatives and they should be prosecuted by the Attorney General,” the House said.

Staff of the SEC had on Wednesday protested the recall of Oteh by the Federal Government. She was suspended by the SEC board.

However, Oteh who was expected to resume work yesterday, did not turn up for work.

A source in the commission in Abuja said there was no sign of Oteh throughout Thursday’s working hours adding that the working day “went normal”.

The source said Oteh was probably waiting for directive to resume from  the Coordinating Minister of the Economy and Minister of Finance Ngozi Okonjo-Iweala before resuming as the DG of the commission.

The security presence recorded on Wednesday was also absent at the SEC office yesterday


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