ANGRY lawmakers, civil rights activists
and stakeholders in the capital market sector on Wednesday condemned the
recall of suspended Director-General of the Securities and Exchange
Commission, Ms Arunma Oteh, by the Federal Government.
The Board of SEC had suspended Oteh on
June 12 over, among other charges, alleged questionable handling of the
funds realised from Project 50, an event the commission organised in
2011.
An Ad Hoc Committee on the Near-Collapse
of the Capital Market had also indicted Oteh for similar offences. The
House is scheduled to sit in consideration of the Ad Hoc committee’s
report on Thursday (today).
The panel recommended the termination of
Oteh’s appointment. It said the DG’s appointment breached existing laws
as she did not possess the requisite 15-year experience in capital
market operations.
The committee’s report noted that, “She
(Oteh) has shown incompetence in the management of human and material
resources at her disposal in SEC.
“Lack of transparency in the management
of Project 50, regulatory failure in some of the recent mergers,
acquisitions and approvals of transactions by SEC and general inability
to carry along her staff, board and management in decision making in
SEC, and questionable staff recruitment policy.”
The Federal Government however recalled
her via a letter by the Secretary to the Government of the Federation,
Anyim Pius Anyim, saying Oteh was never indicted for fraud.
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