SEC face-off: Presidency set to redeploy Oteh



The face-off between the Presidency and the National Assembly over the Director General of the Securities and Exchange Commission (SEC), Ms Arunma Oteh, may have come to a head, at the weekend with a soft landing for her. The Presidency is set to redeploy her to the new Sovereign Wealth Fund (SWF), Daily Sun learnt. Her stay at the commission has strained the understanding and relations between both arms of government, with the latter consistently demanding her sack, and refusing to do business with SEC, under her leadership.

The Senate Committee on Capital Market recently walked out the SEC team that came for budget defence. This was quickly followed with the National Assembly, passing the budget with a zero allocation to the commission. A top National Assembly source, however, confided in Daily Sun that the allocation to SEC was merely withdrawn and kept out of the books, pending compliance with demands for her sack, and would be promptly facilitated for a new leadership at the commission.

“The money for SEC was budgeted for, but kept out. When a new director general is engaged, it will be availed for the new person,” the source said. The Presidency was, however, aware of the dangers in spending unbudgeted funds and was not keen on falling prey to charges of constitutional abuses. Recently, President Goodluck Jonathan at a meeting with the leadership of the National Assembly at the Aso Rock villa, sought for a special understanding in the passage of N168.7 billion spent unbudgeted funds.

At the parley, which also had his Chief of Staff, Chief Mike Oghiadome in attendance, the National Assembly leaders tasked Jonathan on the need for mutuality in their relationship, reiterating the need to comply with the House of Representatives resolution to sack Oteh. They were told that ‘something was being done about it’. As part of the rapprochement, the Minister of Finance, Dr. Ngozi Okonjo-Iweala was confidentially enjoined to source for a fitting soft landing for her, in a manner that would not hurt the pride and esteem of the Presidency. Following the new understanding,

Oteh was reprimanded over her outburst at the walk out of her team by the Senate Committee on Capital Matters. Consequently, she and officials of the commission did not react to the zero allocation to the commission in the 2013 budget. Meanwhile, the Presidency is set to recruit a replacement, who has, at least, 15 years experience in capital market operations in line with the demands of the National Assembly and the Capital Market Act. Oteh, who previously worked abroad at the Africa Development Bank (ADB), was said to boast of only 10 years experience in the finance sector, before assuming office at the helm of SEC.

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    • It is difficult to understand why NASS wants this woman out by all means even after she was declared not to have broken any extant laws by an investigation. It is cowardly to kick her out b/c she accused Hon Hembe of bribery. This is pure filiburstering. Mr Jonathan instead of sacking this woman should veto SEC budget & call the bluff of some these misguided legislators. Nothing will stop Mr Obama from vetoeing his new tax regime if the Republicans fail to reach an agreement with him before or shortly after the fiscal cliff. Period.

    • The sin of Oteh was her boldness to challenge the corrupt infested Hembe and national assembly who collected or demanded bribe from her and when the woman refused hell was let loose. The National Assembly is a disgrace

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  2. Uchebest i wonder ooo.It beat my imagination while Senate and Rep were after this Oteh’s throat day in day out wen there are numerous of other corrupt ministers that have committed watever crime worser than mrs Oteh has committed if there is any but they still sit down like Locozona and nobody dares them.Hmmm my brethren something is not really right here

    • Her sin was that she exposed one of their members for bribe taking. So they want to stamp their authority for her removal.

      Dishonourable members answering honourable.

  3. Goodluck Ebele Jonathan must not appoint a northerner to her position if eventually the Federal Government decides to redeploy Oteh.
    Also the person that must be appointed should be a full blown Igbo man or woman, a full blown Niger-delta man or woman or a full blown Yoruba man or woman.
    We don’t want foreigners that smuggled their routes into southern Nigeria but who have sworn their loyalty to the north as this will be rejected. Likewise we don’t want anyone from the north i.e. from north central which even comprises of Kwara.
    Goodluck Jonathan should be firm on this.
    The recent SEC chairman is a northerner and the Yorubas or Igbo only have non executives on the boards. The Yorubas have never been treated unfairly ever in the history of Nigeria but anyway we are absorbing the ill treatment and re-align for another day.

    • Every thing in Nigeria is quota system. He has to appoint his replacement from her state to be fair since the stupid people does not want her because of her vocality in exposing their attrocities.

      We need women like that. she was not born a Secretary of Nigerian stock exchange. This is a woman who have worked transperently in other country but back home they want to mess her up. When she stood and blow it open, they want her head.

      I support her redeployment.

      • I hope Jonathan does not select another person from her state. SEC cannot be allocated. It should be given to a competent person, rather than some particular state of origin!

  4. Government by blackmail and arm twisting. Mrs Oteh’s pedigree is one of integrity and uprightness. Her major crime is that she refused to play ball the NASS way. The budget exercise will continue on the path of futility until our law makers cease from rubbing the nose of the executive into the dust for what they see as their opportunity to make a kill. What has the House of Reps done about their members who have been clearly indicted in criminal frauds? Even if the Presidency eases Arumma Oteh out, she would be walking out with pride. SEC will return to its indulgent and corrupt ways; Nigeria will continue her slide toward perdition.

  5. every government department is corrupt, so when the job is knock the game is over, her job has knocked in the side of the house a replacement is needed.i rest my case.

  6. It would not be smart politics to redeploy her to the SWF where there is already some major stakeholder disagreements.

    If they are really impressesd by her management abilities why not deploy her to revive the railway system or set up a task force on repair of moribund federal roads, i am sure the works minister would not mind delegating some supervision

  7. ‘Corruption has fought back’ Oteh you went , you saw, you conquered. Move on the average Nigerian is with you for this will not go on forever.

  8. If one may asked, what are the academic qualifications of our legislators? Even among the leadership of the House of Representatives, there is a third class degree holder. So they have every reason to be affraid of Ms Otteh that posseses excellence qualification. Some of them claimed to be lawyers, but their actions in the house does not portrayed such.

  9. D NASs are demanding her sack becauce she exposed one thier own period. Oyaa put thier stooge who is corrupted like them

  10. In Nigeria,there are so many horrific consequences behind saying the truth. Oteh simply said what she saw.And dat’s the wrong thing she has done.Mehn am running out of patience to behold the judgement day.

  11. The President should go to court to iron out this unhealthy intrution into the realm of the executive branch by this corrupt National Assembly. I thought there is a separation of the 3 branches of the govt. or is Nigeria a different system.

  12. Our Jonathan appears to do anything that would please the NORTH possibly to get his party ticket for second term tenure. But Alas, he would be gravely disappointed. Let me state that what has been happening to the likes of Okohjo Iweala and Oteh may discourage many Nigerians abroad to come and serve their fatherland. I thank Allah that when i returned to this country 34 years ago after i have stayed abroad 14 years, many of the crop of our corrupt leaders were either todlers or still in primary schools. Nigeria is a a failed country.

  13. There is something callled SHAME deeper is DISGRACE , is this Jonathan Govt not tired of both?if not they should give Oteh and some corrupt people our Economy to RUN.

  14. U guys should read down well and was later found out that she doesn’t have up to 15years working experience.her ego and pride is too much.she is like aliosn madueke who they claim runs the ministry like her own private afair,u can’t be bigger than d ministry,nigeria is bigger than 1 person

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