Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


Reps recommends sack of Oteh

20 July 2012, 10:11

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. 



Read News24’s Comments Policy

Comment on this story
Comments have been closed for this article.

Read more from our Users

Nigeria @ 56: Words to my green f...

A leader’s job is not to dictate, but rather to be respected, admired and be a trustee, of the land we love, with so much potential, a land which should be freer than free. Its still a long way to fufilling our destiny! Read more...

Submitted by
Isaac Asabor263
Recession: An opportunity for Nig...

The recession should be seen as an opportunity for the country’s promotion as long as we all collectively conduct ourselves in a patriotic manner, writes Isaac Asabor.  Read more...

Submitted by
Black and White

We want to imitate the whites in everything because we are ignorant of our inherent originality and content. We spend all our Naira to acquire his inventions because we so oblivious of our natural endowments that we allow him have it for free. Read more...

Submitted by
Nate Nat
Adamawa State University Mubi: A ...

ADSU integrity forum has accused the Sunday Joshua Wugira, a lawyer, of adopting unorthodox tactics by abusing his privilege by attacking the integrity of ADSU Vice Chancellor Dr. Moses Zira Zaruwa, writes a News24 reader. Read more...

Submitted by
Abdulsalam Jubril
My Country Nigeria (Part One)

Poetry by Abdulsalam Jubril.

Submitted by
Abdulsalam Jubril
Recession, dearth in leadership a...

Every leader has the opportunity to become great and making himself immortal in the lives and hearts of people for generations to come. Will Mr. President seize this opportunity?, questions Abdulsalam Jubril. Read more...