The Board of the Securities and Exchange Commission (SEC) has directed the Director-General of the Commission, Arunma Oteh to proceed on compulsory leave, to enable them probe allegations of financial misappropriation and disharmony in the apex capital market regulator.
In a press statement signed by the Secretary of the Commission, Edosa Kennedy Aigbekaen, the decision of the Board was arrived at after consideration of the report of its Audit and Finance Committee which had been directed to investigate the sources and uses of funds for the Project 50 event.
“Amongst its conclusions, the Committee recommended an independent audit of Project 50 and that the key actors in the management of the funds should be asked to step aside to allow an unhindered investigation,” the statement reads.
Mr Aigbekaen said the “Board also considered issues regarding the Council of the Nigerian Stock Exchange and particularly the request of the Interim President of the Council that having stabilized the Exchange, they should be allowed to begin the process of disengagement.
“After due consideration, the Board approved this request but directed that it should be effected in an orderly manner. The Board also directed the Council to take steps to ensure that all legal issues affecting the effective functioning of the Council are addressed. The Management of the Commission was also directed to work out the modalities for this disengagement with the Council.”
The SEC Board has Udoma Udo Udoma as Chairman and eight others as executive and non-executive members, including Daisy Ekineh, as Executive Commissioner (Operations); Lawal Stores, as Executive Commissioner (Finance & Accounts); Charles A. Udora as Executive Commissioner (Legal & Enforcement).
The non-executive Commissioners include Yahaya Ali and Ronke Fatade as well as Daniel Kifasi representing the Federal Ministry of Finance and Christopher Chukwu, representing the Central Bank of Nigeria (CBN).
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