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F’ Minister Writes Acting President, Recommends Udoma’s Sack From SEC

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San Francisco Feb 24, (THEWILL) –The reign of Senator Udo Udoma at the Security and Exchange Commission (SEC) may come to an end any moment from now as the Minister of State for Finance, Mr. Remi Babalola has written to Acting President Goodluck Jonathan, recommending that Udoma be removed from his chairmanship position at the commission. The Minister's memo was delivered on Tuesday.

Udoma who was recently appointed Chairman of UACN is being pressured to resign from his chairmanship position at SEC because of a possible conflict of interest. The former senator is also a vice chairman at Linkage Assurance Insurance Plc.

Both Senate and House committees on Capital Markets have called on Udoma to resign also citing conflict of interest. They went as far as writing a letter to the Minister of State for Finance to remove Udoma.

Informed sources say Babalola met with Udoma on Friday following which a letter was written from the office of the Minister asking him to choose between being Chairman of SEC or Chairman of UACN before Friday this week.

Udoma has also written to the Acting President claiming that he is being targeted by certain persons, hinting that there are plans to humiliate him.

Most financial analysts have also called on Udoma to resign from his chairman at SEC for the same reason.