Oteh resumes work today

Director-General,
Securities and
Exchange
Commission, SEC,
Ms. Arunmah
Oteh, returned to
her office, in
Abuja, Monday,
without any
form of
resistance, as
earlier
threatened by
some staff of
the nation’s
capital market
regulator.
But Vanguard
learnt that the
man who acted
for her, Mr
Ibrahim Bello has
gone on
retirement.
SEC, Ms. Arunmah
Oteh and Mr Bolaji
Bello
It was learnt
that Oteh, who
was last week
re-called from an
indefinite
suspension
slammed on her
by the board of
the commission
over alleged
financial
recklessness, got
to her office
early in the
morning and held
a meeting with
directors of the
organisation.
Details of the
meeting were
not officially
made public but it
was learnt that
she urged the
management and
staff of SEC to
work with her to
restore
investor’s
confidence in the
nation’s battered
capital market.
Oteh’s re-call
ended several
month of
intrigues over the
control of the
regulatory
agency between
her and several
forces within SEC
and the Nigerian
Stock Exchange.
Those
sympathetic to
her course said
she did not do
anything wrong
as they claimed
that external
auditors,
PricewaterhouseCo
which examined
the books of the
commission after
her suspension
by the board did
not find her guilty
of any financial
malpractice.
Others claimed
her closeness to
some powerful
interests in Aso
Rock Villa was
the real reason
for her return to
her seat.
Members of
staff who spoke
with journalists
decried the
alleged one-man
show style of
Oteh’s
administration as
well as her
alleged high-
handedness.
Oteh had not
arrived SEC
headquarters
when Vanguard
visited the
premises but the
staff insisted
that they were
prepared to
prevent her from
entering her
office, no matter
the decision of
the Federal
Government.
Secretary-
General, Staff
Amalgamated
Union of Public
Corporation, Civil
Service and
Recreation
Employees,
Adekoya John,
who eventually
spoke to
journalists urged
the Federal
Government to
ensure it
followed due
process even if it
chose to
reinstate Oteh.
The Acting DG
Ibrahim Bolaji had
to convey an
impromptu
meeting to
arrest the
situation from
degenerating into
a violent protest
as he was said
to have appealed
to the workers
to exercise
restraint.
Armed policemen
and other plain-
cloth security
agents flooded
the vicinity of the
SEC headquarters
to ensure that
miscreants did
not take
advantage of the
staff protest.
Members of the
House of
Representatives
also criticized the
decision of the
Presidency to
recall Oteh whom
they claimed was
indicted in their
Capital Market
probe report.
Ms. Oteh had
accused the
Herman Hembe-
led House of
Representatives
ad-hoc
committee
investigating the
crisis in the
capital market
of demanding
illegal funds from
her. That
allegation led to
the removal of
Mr. Hembe who is
now facing trial
over the
allegations.