Reps insist on removal of SEC DG, Oteh

Member of the House of Representatives on Thursday insisted that the Director-General of the Securities and Exchange Commission, Ms. Arunma Oteh, must be relieved of her position.

The legislators threatened to make no appropriation for the SEC in the 2013 budget if Oteh remained the DG.

The lawmakers resolve came barely 48 hours after they walked out the SEC DG’s delegation to the House.

Deputy Chairman, House Committee on Media and Public Affairs, Mr. Victor Ogene, who briefed journalists at a news conference in Abuja said, “Nobody has faulted our findings and recommendations on Oteh. You must possess a certain level of experience in capital market operations for you to be appointed as the head of SEC.

“Oteh does not fulfil this legal requirement. We have specified our position and we remain unapologetic and resolute.”

Neither Oteh nor officials of the Commission was willing to react to the latest threat by the House on Thursday. The PUNCH however learnt that Oteh had given a directive that no official of the SEC should again reply to the lawmakers threat.

But a source within the Commission, who asked not be mentioned, said the lawmakers had no power to remove the DG.

“If members of the House of Representatibe are patriotic and they have the interest of Nigerians at heart, then they won’t be approving a zero budget for SEC. Resolutions of the House are not law and they don’t have the power to sack Oteh.

“They are just being power drunk. Lawmakers claim that the DG does not have 15 years of capital market experience is falsehood and its shameful that these lawmakers have resorted to vendetta,” the source told our correspondent.

Ogene reiterated the stance of the House barely 48 hours after the House Committee on Finance walked out a SEC delegation from a meeting with Ministries, Departments and Agencies at the National Assembly.

He also warned that the commission risked a zero budget in 2013 if Oteh continued in office as DG.

According to Ogene, the Senate had also adopted the resolution on Oteh, making it a joint National Assembly resolution.