Arunma Oteh Quits SEC

THE Securities and Exchange Commission (SEC) yesterday announced the exit

of Arunma Oteh as its director-general.
The commission made the disclosure in a statement issued by its

management.
It said that Oteh would be remembered for her passion, purpose,

articulation and implementation of reform measures driven by the vision

to transform the Nigerian capital market into world class.

“She was in a hurry to see Nigeria achieve a world class capital market

that will drive development and make Nigeria one of the most attractive

investment destination,” the commission said.
Some of her accomplishments, according to the statement, include

restoration of investor confidence through strong enforcement actions.

Oteh was appointed by late President Umaru Musa Yar'Adua in 2009 but

resumed in January 2010.
It said that SEC established the National Investor Protection Fund and

strengthened its Administrative Proceedings Committee, APC, to deepen and

broaden the market.
“The market witnessed significant product innovation, improved listing

rules, landmark bond market reforms widening of participation in the

markets through licensing and coming on stream of other capital trade

points.
“Under her leadership, the SEC also championed reforms at the Nigeria

Stock Exchange (NSE) that witnessed a more robust output and delivery in

its operator/oversight role,” the statement said.
The initiative to revamp NSE listing rules, it said, led to landmark

transactions in dual listing of SEPLAT Petroleum on the NSE and the London

Stock Exchange in April 2014, as well as the development of an alternative

securities market.
It said she would certainly be remembered for rescuing the capital market

from the doldrums in which it was mired as a result of sharp practices

that were rife and the global financial crisis soon after she assumed

office in January 2010,” said the statement.
Ms. She had a running battle with the House of Representatives as

lawmakers called for her removal after she accused the leadership of a

committee of demanding bribe from her commission.
(NAN)
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