THE Presidency, on Wednesday, recalled Ms Arunma Oteh, the suspended Director-General of the Securities and Exchange Commission (SEC).

Oteh was sent on compulsory leave by the SEC board to enable external auditors to examine the records of the commission on transaction covering “SEC Project 50”, which she supervised.

A circular dated July 17 and signed by the Secretary to the Government of the Federation, Senator Anyim Pius Anyim, gave Oteh a clean bill of health on the corruption allegations levelled against her.

The circular, copies of which were made available to State House correspondents, said Oteh was “neither indicted for fraud nor criminal breach in any form” by the audit report.

The circular, however, said that Oteh was found wanting for administrative lapses reported against her and administrative procedures that were not thoroughly observed.  

“The purpose of this letter is to recall you from your leave and to caution that you must henceforth endeavour to diligently observe all extant rules and administrative procedures in the conduct of all official transactions,” it said.

Meanwhile, activities were paralysed at the SEC headquarters, on Wednesday, as staff of the commission protested against the return of the  embattled Oteh.

The staff, who were said to have had it on good authority that Oteh would be resuming yesterday, also resisted attempts by security agents deployed in the scene to calm them and make them return to their offices.

However, as of the time of filing this report, further checks revealed that Oteh had not resumed duty.

According to a source close to the commission and a report monitored online, the staff chanted anti-Oteh songs and displayed placards with various inscriptions warning the presidency against her reinstatement.

The SEC staff explained that they were tired of the one-man show, which characterised Oteh's administration.

They accused her of high-handedness and warned that they would make her uncomfortable if she was returned to her post.

"You can imagine entering the office this morning only to be told she would be resuming and that we should be ready to receive her. This is why we are waiting to receive her the best way we deem fit. Whatever happens, if she comes to this office, government must take responsibility, one staff said.

Ms Oteh was suspended last month after an allegation of financial recklessness was levelled against her. The issue was taken up by the National Assembly but it ended controversially, as a result of accusations and counter-accusations from Oteh and members of the ad hoc committee of the House of Representatives, which had the responsibility of probing her and her activities in the commission.

Among the sundry allegations against Oteh was that the SEC approved the sum of N66.1 million to rent an official apartment for her in Abuja after she had spent N30 million on hotel accommodation at Transcorp Hilton in eight months (seven months more than her legally allowed period of stay) while simultaneously receiving the financial entitlements due an un-accommodated Director-General. She was also accused of spending N42.5 million to procure three Toyota vehicles without a tender’s board meeting in breach of the Public Procurement Act 2007 and of spending N850,000 (later clarified as N85,000) for just a meal eaten by a team of experts.

Oteh’s recall appears to be a vote of confidence in the reforms being led by her in both the SEC as well as the Nigerian capital market.

She is expected to resume at her duty post to continue the reform effort which aims at eradicating the culture of graft, corruption and mediocrity which is prevalent in the commission as well as the lack of market integrity and rule enforcement which have eroded investor confidence in the capital market.

Oteh’s recall was sequel to an audit report which absolved her of fraud or criminal offence in Project 50, a commemorative programme for capital regulation in Nigeria.

With her recall, the supervising authority of SEC, the Minister of Finance, as well as the presidency had discountenanced the many false allegations of wrongdoing around the Project 50.

It will be recalled that claims had it that the project cost billions of naira.

According to an audit report quoted by an online report, Project 50’s formal launch event cost not more than N155 million, a most prudent budget by any standards and not the billions of naira claimed and touted by Oteh’s detractors.

Comments (3)

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Was the initial brouhaha a case of corruption fighting back...
written by Kay Soyemi (Esq.), July 19, 2012

...or was the subsequent probe and audit a whitewash? I am more inclined to believing the former since she was bold enough to challenge Hembe et al publicly on the matter of graft and those guys are now being prosecuted. That action alone does not fit into the profile of someone with something to hide. Further, the staff accusation of high handedness and "one man show" appear to indicate that she is running against an established grain and work culture! Sadly, I have very little faith in established norms of the Nigeria Civil Service. Madam, here's hoping that your hands are clean indeed and you will sanitise the Augean stable the SEC has become.

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written by Agudu, July 19, 2012

Oteh, I beg you try to carry on with your work without fear,or favor but those guys who work with you are killers and rogues, watch your back sack as many of those cretins as you can. Be firm Godspeed.

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