Ms. Arunma Oteh, Director-General of Securities and Exchange Commission (SEC)
The Federal Government did not renewthe appointment of the Security General of the Securities and Exchange Commisssion (SEC), and that is official.
SEC on Sunday announced Oteh whose tenure was dogged by controversy of alleged financial wrecklessness, which culminated Ina running battle with the National Assembly.
Ultimately, the legislative recommended her sack, which was largely ignored by the executive which exonerated her of the allegations of financial impropriety based on the report of an audit panel.
The commission announced her exit in a statement issued by its management and made available to the News Agency of Nigeria (NAN) in Lagos.
It said Oteh would be remembered for her passion, purpose, articulation and implementation of reform measures driven by the vision to transform the Nigerian capital market into world class.
“She was in a hurry to see Nigeria achieve a world class capital market that will drive development and make Nigeria one of the most attractive investment destination,” it said.
Some of her accomplishments, according to the statement, included restoration of investor confidence through strong enforcement actions and improvement of rules and regulations and investor’s education.
It said SEC established the National Investor Protection Fund and strengthened its Administrative Proceedings Committee (APC) to deepen and broaden the market.
“The market witnessed significant product innovation, improved listing rules, landmark bond market reforms widening of participation in the markets through licensing and coming on stream of other capital trade points.
“Under her leadership, the SEC also championed reforms at the Nigeria Stock Exchange (NSE) that witnessed a more robust output and delivery in its operator/oversight role,” the statement said.
The initiative to revamp NSE listing rules, it said, led to landmark transactions in dual listing of SEPLAT Petroleum on the NSE and the London Stock Exchange in April 2014, as well as the development of an alternative securities market.
It said she would certainly be remembered for rescuing the capital market from the doldrums in which it was mired as a result of sharp practices that were rife and the global financial crisis soon after she assumed office in January 2010,” said the statement.
Oteh was appointed by the late President Umaru Musa Yar’Adua in 2009 but resumed in January 2010.
