Nigerian Security and Exchange Commission accuses Oteh of one man show

Members of the executive management team of the Security and Exchange Commission (SEC) on Wednesday indicated that the Director-General (DG) of the commission, Arunma Oteh, took decisions unilaterally.

The SEC management team which comprised of the Executive Commissioner, Operations-Daisy Ekineh; the Executive Commissioner, Finance and Accounts-Lawal Sani Stores, the Executive Commissioner, Legal and Enforcement-Charles Udora; and the Director of Human Resources-Useni Dauda, gave this indication at the public hearing on the near collapse of the capital market by an ad hoc committee of the House of Representatives on Wednesday.

On the controversial recruitment of some Access bank staff as contract staff for the commission, all the members of the management team stated that, they were not informed of the Ms Oteh’s decision to recruit the two bank staff into the commission on secondment.

The Head of the Human Resources of the commission, Mr Daudu said he had written a letter to the DG to inform her that employing contract staff is alien to the commission and that the commission could either regularize the employment of the staff or let them go.

“When the DG resumed duty in SEC, she came along with some staff and then we did advise that those staff have to go through the process of employment. We recommended contract appointment. Approval was given with the aim that later on all those who were employed will be collated and passed on to the execute management for recruitment approval. But till now the board have not discussed the matter,” Mr Daudu said.

In responding to this issue, Mrs Oteh said in recruiting contract staff, she did not violate any law of the land.

She however, promised that the matter will be discussed in the next executive meeting.

The ad-hoc committee also probed Ms Oteh on the 2011 Project 50 event organised by the commission to celebrate the 50th year anniversary of capital market regulation in Nigeria.

The committee had on Monday, demanded information on who were the financiers of the event but Ms Oteh promised to come along with the list of donors for the event which she said was part of a market development initiative.

The SEC boss however failed to mention the donors who contributed funds to the event.

“I will bring out a list if I can find it among the documents. I think the questions (of the probe panel) have moved to HR, to mergers and all of that and I am trying hard to make sure that I respond very accurately. We can make that submission, as I said previously,” she said.

After failing to submit list of sponsors, Ms Oteh said the event was not financed by donors but that SEC wrote to its partners to inform them of the needs for the event and that each of the partners including Reuters, Bloomberg handled different needs of the Project.


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