Business
SEC Workers Panic As D-G Resumes Duty
The recall and resumption of the embattled Director General of Securities and Exchange Commission (SEC), Ms Arunma Oteh on Monday, has generated panic in the commission as the protest of the workers last week did not change any situation.
Oteh’s resumption followed the reinstatement by the presidency last week, which claimed that Price-Water House Coopers that conducted the independent investigation of the project 50 did not indict the SEC director.
This was seen in the recall letter by the Secretary to the Federal Government (SGF), Senator Anyim Pius Anyim last week, stating that the investigative body did not indict her of corrupt practice though the recall letter admitted that due process was not followed.
Although the report of Price Water House Coopers investigation has not been made public, the protesting SEC workers last week queried that the reinstatement and recall should be done by supervising Ministry of Finance rather than the SGF.
It would also be recalled the House of Representatives last week recommended for the sack of the SEC DG for what they called prove of incompetence in the management of human and material resources at her disposal in SEC.
The lawmakers also noted that her “appointment was in violation of section 3(2) and section 38(1)b 2 and 3, section 315 of the investment and security Act, 2007 as she did not have 15 years experience in the Nigerian Capital Market.
However, the Director yesterday met with directors and head of departments and urged them to forget the past and work to move SEC forward.
Meanwhile, the acting Director General of SEC , Mr Ibrahim Bellow retired immediately Oteh resumped as he was due for retirement since June.