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Senate demands dismissal of Arunma Oteh as SEC’s boss

Channels Television  
Updated October 18, 2012

The Senate Committee on Capital Market has resolved to have nothing to do with the Director-general of the Securities and Exchange Commission (SEC) Ms Arunma Oteh, as long as she remains at the helm of affairs at the commission.

In a statement signed by the chairman of the Senate Committee, Senator Ayoade Adeseun, recalled that the House of Representatives which earlier investigated the near collapse of the capital market passed a resolution based on the report of the committee that the president should sack Ms Oteh.

He noted that instead of complying with the resolution, Ms Oteh was reinstated in a flagrant disregard of the resolution.

Senator Adeseun said further that, since Ms Oteh resumed duty; there have been series of protests against her manner of managing the agency.

He noted that, staff of the commission have again accused her of highhandedness, sole administration, intimidation and a headlong drive for vengeance.

Consequently he stated that the Senate Committee on Capital Market at its meeting on the 26th of September 2012 considered these issues which he claimed could negatively affect the capital market, and therefore resolved to support the position of the House of Representatives that the Ms Otteh be removed forthwith.