SEC Says Oteh's Tenure As Director-General Over, As Her Renewal Bid Fails
BEVERLY HILLS, January 11, (THEWILL) – The Securities and Exchange Commission (SEC) Sunday said Ms. Arunma Oteh's tenure as Director-General of the agency has ended.
The agency in a statement on Sunday published by the News Agency of Nigeria (NAN) hailed the former Director-General for her service since January 2010, when she assumed office, saying she 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.
Some of her accomplishments, according to the statement, include restoration of investor confidence through strong enforcement actions. 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.
THEWILL can however report that Ms. Oteh had unsuccessfully lobbied President Goodluck Jonathan to reappoint her for another term but the bid spearheaded by Finance Minister, Ngozi Okonjo-Iweala failed to gain traction at the presidency.
Ms. Oteh's tenure was rocked by clashes with the House of Representatives Committee on Capital Markets and Institutions following her charge that the leadership demanded bribe payments from SEC during the committee's investigations into the crash of the capital market during the global economic meltdown of 2008.
After its investigation, the House of Representatives subsequently passed a resolution directing President Goodluck Jonathan to remove her from office. In 2012, the Senate Committee on the Capital Market directed the president to sack her saying it would have no dealings with SEC as long as she remains at the helm of affairs at the commission.
Following the president's refusal to sack Oteh, the National Assembly has de-funded SEC till date.