SEC Compromised, DG Oteh Admits Hiring Access Bank Top Staffers

SEC DG, Ms. Arunmah Oteh.
SEC DG, Ms. Arunmah Oteh.

…. Says Access Bank Pays Salaries Of Staffers Hired By SEC Who Occupy Strategic Positions.

ABUJA, March 14, (THEWILL) – The Director General of the Securities and Exchange Commission (SEC), Arunmah Oteh admitted under oath Wednesday afternoon before the House Committee on the Capital Market that two Access Bank Plc staffers who are currently occupying strategic positions in the regulator were seconded from Access Bank Plc and are being paid by the bank.

The stunning revelation which Oteh had initially tried to dodge at the public hearing put the ability of the regulator to carryout over sight functions on the bank in question.

Many observers believe that SEC may have been compromised by Access Bank Plc who have been severally accused of unethical and sharp practices in the banking sector especially in the stock market. The bank led by Aigboje Imoukhuede recently acquired troubled lender Intercontinental Bank Plc in a controversial deal.

The Access Bank Staffers – Mr. Charles Ugheli, working as a Project Adviser to Oteh in SEC and Titi Olubiyi, a communications adviser to Oteh are full staffers of Access Bank Plc but resume duties at SEC.

More to follow soon…