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Reps walk out sec officials, insist on Oteh’s sack

From Iheanacho Nwosu and Chuks Akunna, Abuja

The House of Representatives yesterday walked out officials of the Securities and Exchange Commission (SEC), saying it will not go back on its vow not to deal with the leadership of Ms Arunma Oteh . The House Ad-hoc Committee on Capital Market that investigated the near collapse of the  capital market had in its report, accused Director-General Oteh  of violating some rules governing the organisation.

It specifically alleged that she was not qualified to head the establishment, and recommended that she should be relieved of her appointment. The lawmakers even passed a resolution based on a motion that  it would no longer  recognize her as the DG of the SEC and would not deal with the commission as long as she remains the boss of the federal agency. The Presidency has, however, refused to heed the resolution that the woman be sacked. However, the House yesterday provided an opportunity to put its words into action as it walked out a delegation of SEC who were supposed to be part of a meeting of the House Committee on Finance.

The session involved all the revenue generating agencies of government. Chairman of the committee , Hon. Abdulmumin Jibrin (Kano-PDP), asked the Chief Accountant of  SEC and other senior staff of the commission, who came to represent the establishment at the meeting, to walk out. Jibrin said that the House has nothing to do with the organisation since the executive was yet to implement its resolution. Recall that shortly after the House had indicted the DG, she was sent on compulsory leave by the SEC board to enable the agency’s external auditors, the Price Water Coopers Limited (PWC), examine the records of the commission .

However, in what demonstrated a vote of confidence in the SEC boss and the comprehensive reforms she has spearheaded at the capital market, the Federal Ministry of Finance recalled her from compulsory leave after another audit report absolved her of fraud or crime in Project 50, a commemorative programme for capital market regulation.

Her recall also discountenanced the many false allegations of wrongdoing leveled against Oteh especially those that border on Project 50’s formal launch. But auditors discovered that the cost of the launch was about N155million and not the billions of naira, saying it was a most prudent budget by any standards.

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  1. George Kalu December 5, 2012 at 6:41 am

    These rascals in the house of reps wants to start a war they cannot finish. On what basis are they continously harrassing and intimidate this erudite technocrat. It baffles me that all these are happening in a country where we have women are campaigning for equality and affirmative action. Can this insult be meted to any male minister or political appointee? Over the years, right from Obasanjo’s tenure the National Assembly have been known to pass resolutions that are hardly obeyed and heaven did not fall. If these lassez faire young men, are not able to sanction there members who are suspects in various criminal cases, why are they hounding this woman? There is more to this madness than meets the eye of discerning Nigerians. But, Ochu nwa okuko nwe ada, ma nwa okuko nwe ngwe ngwe oso. House of Reps beware!

  2. evans December 5, 2012 at 7:31 am

    Mr George Kalu the resolution of the house must be carried out. I do not see the reason the presidency would retain her after all that we heard and witness during that probe.
    Ok if the presidency recalled her because she was cleared by another panel set up the FG N , why did the presidency refused to recall Justice Salami when the same people cleared him of wrong doing. Selective justice abi ?
    Let the house continue to avoid the SEC even the presidency until the resolution is carried out. I do not know if we have another President Morsi of Egypt here.

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  4. Dumas K December 5, 2012 at 9:28 am

    Evans, do you want the woman to be punished for an offence she did not commit? It baffles me that anything that happens in this country is always link to tribal tone as you are already sounding…In Nigerian political waters that is infested with corruption, we have seen a woman who holds her head high and said check me out. It seems to me the House Committee made up their mind to deal with Oteh before even her appearance. I watched the session when she appeared before the committee, the chairman was so full of hate for her as if he was acting on a script. The House wanted Oteh to answer question (s) put to her based on what they have in mind. When she fails to answer toward their direction. One of the committee members wanted Oteh to realize that he is a product of Harvard University and therefore know what he is asking about. You can imagine the frustration of the members when Oteh replied and said she taught at Harvard University as a lecturer. Our House of Rep. please allow this woman to be and concentrate on your own Facrook saga.

  5. Prince ojokolobo December 5, 2012 at 10:33 am

    Why is GEJ fond of protecting appointees who are not competent into agencies and parastatals and when these shortcomings are detected by the representative of the people he does not want to sack them. Eg BPE,SEC,NDLEA. Is it because the supervisory ministers are corrupt through and through like minister for justic the AGF. GEJ beware of these indices drawing ur Govt to the mud.oooo.

  6. danbaba December 5, 2012 at 12:48 pm

    Honurable NASS should Security and Stock market exceutive alone. Why dont NASS walkout the minister of petroleum or other ministers or Exceutives.

  7. outchman December 5, 2012 at 10:32 pm

    This is a house of commotion. What has this erudite and honest woman done to these thieves. This is the only woman that has been audited in Nigeria and found worthy. How many of these rogues can be audited and found worthy? What have they done to farouk dollars? This woman is better than the whole of this rubbish house put together. Arumah Otey carry go. they are jealous of your achievements.

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