President of the Independent Shareholders Association of Nigeria (ISAN), Mr. Sunny Nwosu said President Goodluck Jonathan should work with the National Assembly to resolve Oteh’s crisis.
“The best he could do is to get someone from the Oteh’s catchment area to replace her if they insist she must go,” Nwosu stated Nwosu noted that Oteh had since coming on board ran the SEC as a sole administrator, having operated without a board of directors and does not know what to do with the capital market. ‘She should go,’ Nwosu advised.
He further said Oteh’s lack of respect for shareholders was the fault of government in power, which appointed somebody who does not have any knowledge of the market and had rather refused to learn. Also reacting, another shareholder, Mr. Boniface Okezie said the Nigerian shareholders were in total support of the measures taken by the National Assembly against SEC.
The house was forced to take the step because of Oteh’s stubbornness and highhandedness. They had told the President to remove her; otherwise they would not approve the budget. “If the Presidency thinks that the zero allocation can strangulate the capital market, they should have heeded the call by the National Assembly to remove her.
If the President is still interested in keeping her there, he should look for money elsewhere for her to run the place, Okezie submitted. Meanwhile the President of the Association of Stockbroking Houses of Nigeria (ASHON) Emeka Madubuike, in his reaction wondered how SEC could execute its oversight functions, including payment of staff emoluments in 2013 with zero allocation.
He questioned: “if the National Assembly gives SEC zero-allocation, how do they want the commission to operate. I believe the issue would be resolved one way or another.” An investment analyst and Managing Director of Proshare, Nigeria Limited, Olufemi Awoyemi said: “If we look at the budget for the President, there was a provision for SEC and I believe the House cannot disenfranchise staff of SEC who are also staff of the Federal Government. But I believe the Federal Ministry of Finance must take steps to settle the matter. SEC money is not Oteh’s money and I still think that common sense will prevail somewhere along the line.
“Oteh has some complaints, so also the National Assembly, but I should think that SEC is a critical institution in the economy, which we all need to support to perform its role, and in doing that, we need to rise above certain sentiments in the interest of our country Nigeria.”
Awoyemi further believed that since SEC had not been outlawed, its roles of regulating the market must not be compromised. On the other hand, he enjoined the commission to raise money from its operations to handle certain projects, while the Ministry of Finance should step in to release some money to cover training and salaries of its staff, pending the final resolution of the face-off.
“This is critical, considering that the stock market is gradually recovering and we do not need this kind of distraction at the moment. With respect to the impact on the market, I do not see any at the moment, because I believe it will be resolved somehow,” he maintained.
For goodness sake, who is this Sunny Nwosu? He who comes into equity must come with clean hands. Why can’t he judge his conscience and motives and then point out what exactly Oteh has done wrong? They want her out by all means because:
(1) it’s no more business as usual (in SEC)
(2) She exposed their financial impropriety (in the Natl Assembly).
But even if we all fold our arms (as we are in this case) and watch credible and integrous people stripped by the ungodly, I know the Lord will not allow the rod of the wicked to rest on the righteous!
Nwosu u are a mistake to humanity
Nigeria,any 1 dt sayz d truth must b pushed aside…nawaoo. Oteh’s hands are clean abeg
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Mehn,our government are always dogmatic and jealous,why can’t dis Nwosu of a thing,keep calm and mind his biz.Since he can’t point out wat Otteh did axiomatically.
Mehn,our government officials are always dogmatic and jealous,why can’t dis Nwosu of a thing,keep calm and mind his biz.Since he can’t point out wat Otteh did axiomatically.
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My advice to the reps is to quickly make a law and outlaw the sec. If not, they lack the powers to deny sec their allocations. This reps are denigrading their once honourable house. How could they fight one individual, a woman for that matter. And they stand no chance of winning. Ihedioha must stop this madness.
This Nwosu of a person sounded as if he is working in conivance with the National Assembly. Oteh, please be more diligent with your work without minding these detrractors of yours. Put them to shame with your good works please. Frankly speaking, they have made you a hero of our time in disguise.
It is time that Nigerian should rise up and stop this madness by the NAS. This is a national shame. What has Oteh done?Let them be bold and tell us what her offence is that she must go. We want people with high pedigree in important places like Oteh is holding. The attitude of the NAS has shown that they are not ready to fight corruption.