Again, Reps move against DG SEC… says she`s unqualified & incompetent

Huhuonline.com understands that the House of Representatives ,Monday, moved against the Director General of Securities Exchange Commission, demanding   that she should be removed in line with its resolution of July 19, 2012.The contentious resolution

as outlined, states that the President should terminate the appointment of Ms Arunmah Oteh, the Director General of Securities and Exchange Commission "for being unqualified by law to serve as the DG of SEC, for incompetence and for inability to manage the Commission and for regulatory failures which may lead to the collapse of the Capital Market, if unchecked."

In the motion moved by a lawmaker, Ossai Nicholas Ossai, he states that "the president has repeatedly refused to implement important resolutions of the House and treats with contempt, important House resolutions that relate to the economic well-being, social harmony and political stability of Nigeria.

"The impunity of the refusal would cause in the rank and file with be detrimental to democracy, Someone that has been indicted is still sitting in over the capital market, and this will affect investors' confidence.

The lawmaker said the President must comply with the resolution to sack Oteh and mandated its Committee on Legislative Compliance to report the level of compliance of the Executive with the resolution within two weeks.

Ossai urged   members to support his motion arguing that the House requested the President to implement the resolution of the House of Representatives on the near collapse of the Capital Market particularly aspects of the resolution requesting the removal of Ms Arunmah Oteh as the Director General of Security and Exchange Commission "for being unqualified by law to serve as Director General of security and Exchange Commission, as contained in Sections 3(2)(a) and section 38(I)(b) 2 and 3, and section 315 of the Investments and Securities Act (ISA), 2007."

" there's need for the President to enforce the resolution of the House of Representatives on the investigation into the near collapse of the capital market," he said.

Lawmakers also threatened to cut relations with the DG, "The House of Representatives or any of its committees shall henceforth cease to accord any recognition or deal with Ms Arunmah Oteh as Director General of Security and Exchange Commission," the resolution said.

Ossai said the House adopted the resolution of the investigation into the near collapse of the Nigerian Capital Market on 19. July 2012 and that the resolution was conveyed to the Executive arm of the federal Government on the 30th of July, 2012 by the Clerk of the National Assembly.

"That the President recalled Ms Arunmah Oteh from suspension immediately the report of the ad hoc committee which indicted her was made public in a flagrant contempt of the House of Representatives and the feelings of Nigerian people and investors who lost money in the Capital Market."

Ossai who noted that the staff of SEC protested the recall of the DG to the Federal Government said ordinarily, the G ought to have resigned following her indictment.

Leo Ogor, Deputy Leader of the House, said the resolution may not have been transmitted to the Executive and told members the motion is a continuation of   a previous resolution to the Executive and urged a wholesale adoption of the resolution. "We should not waste our time," he said, "we should approve the resolutions and send it to the President the way it is."