SEC DG, Arunma Oteh, sent on compulsory leave

SEC DG, Arunma Oteh, sent on compulsory leave

The director-General of the Securities and Exchange Commission, Ms. Arunma Oteh, was on Monday night sent on compulsory leave by the board of the commission.
The board took the decision after a long meeting in Abuja, during which it resolved that she should step aside for sometime to allow for unfettered investigation into her activities since she became the DG in January 2011 and her role in the alleged misappropriation of N3 billion on the controversial Project 50 programme.
The Board, which has Udoma Udo Udoma as Chairman, has 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.
Oteh has had a running battle with members of the top management of SEC over her allegd sidelining of key staff from decisions concerning the commission.
She and key SEC staff disagreed openly at the hearings conducted by an ad hoc committee of the House of Representatives recently in Abuja on the crash of the stock market.
She was also reportedly locked out of her office on Tuesday and was said to have taken the matter up with superior authorities.
The board also appointed Mrs. daisy Ekineh as the acting DG in Oteh’s absence.