Breaking News: SEC Board Sends Arunma Oteh On Compulsory Leave

Tuesday, June 12, 2012Omobaswagz H

SEC Director General, Ms. Arunma Oteh

The board of the Securities and Exchange Commission (SEC) has sent its Director General, Ms. Arunma Oteh, on compulsory leave, pending the investigation of allegations into her stewardship, THISDAY has learnt.

Ms. Daisy Ekineh, Executive Commissioner, Operations, will act in her absence. The board is expected to make the announcement of Oteh's leave Tuesday. Confirming the decision to send her on leave Monday night, a source in the presidency said it was taken by the board in order to carry out its investigation into some of the initiatives under Oteh's stewardship such as Project 50, which is a programme packaged by the DG to celebrate 50 years of capital market regulation in Nigeria.

The source added that the SEC board might have also been influenced by a lot of the revelations that emerged during the capital market probe by the House of Representatives in March and later in April to May this year.

The board was said to have been dismayed by the level of disharmony within the organisation that was displayed by Oteh and her executive commissioners and the toll and loss of confidence her administrative style had taken on SEC.

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