Abuja - The House of Representatives has adopted the recommendation that the Director-General of the Security and Exchange Commission (SEC), Ms Arunma Oteh should be sacked.
The Ad-hoc Committee of the House investigating the near collapse of the capital market had recommended that Oteh be sacked.
The adoption followed the submission of the Ibrahim El- Sudi-led ad-hoc committee's report which was considered by the Committee of the whole House on Thursday.
The lawmakers said that her appointment was in violation of Section 3 ( 2 ) a and Section 38 ( 1 ) ( b ), 2 and 3, Section 315 of the investment and Security Act, 2007 in that she did not have 15 years experience in the Nigerian Capital Market as required.
``She has shown incompetence in the management of human and material resources at her disposal in Security and Exchange Commission. ‘’
The House also called on the SEC to prevail on the Nigerian Stock Exchange to activate and strengthen the Investor Protection Fund (IPF).
It also urged the Minister of Justice, Mr Mohammed Adoke to prosecute the Central Bank Gov. Sanusi Lamido, Mustafa Chike - Obi, the Managing Director of Asset Management Corporation of Nigeria, ( AMCON ) and Ms Arunma Oteh, for contempt of the House.
According to the lawmakers, the public officers contravened Section 4 and 11 ( b ) of the legislative House powers by refusing to produce documents as requested by the ad -hoc committee.
The recommendation was sequel to the adoption of the report of the Ad - Hoc Committee investigating the near collapse of the Nigeria Capital Market.
The House also urged SEC to overhaul its regulatory framework as well as build requisite technical capacity that would enable it tighten it regulation on malpractice by market operators.
It noted that if this was done, the action would go a long way in restoring investors' confidence.
Similarly, the House also urged the EFCC to investigate Oteh and Chike - Obi, and the Managing Director of Union Bank Plc., Mrs Funke Osibodu over the missing N8 billion arising from the Union Bank Public Offer.
Meanwhile, the House adjourned its sitting to Sept. 18 to observe its long recess.