LAGOS — Tempers flared among some members of the House of Representatives, yesterday, following the recall of Ms Aruma Oteh by the Presidency as the Director General of the Securities and Exchange Commission, SEC, in contravention of a House report recommending her dismissal.
The anger may be ventilated in a special session of the House this morning when members are expected to deliberate on the issue and the hanging issue of the non implementation of the 2012 budget.
Staff of SEC in protest against the return of Ms Aruma Oteh, Director General of Securities and Exchange Commission in Abuja . Photo by Gbemiga Olamikan.
Anger over the recall of Oteh also overflowed to the commission’s headquarters in Abuja where staff, yesterday, mounted a demonstration against the Federal Government’s move with workers grumbling over her recall.
Oteh who was sent on compulsory leave by the board of the commission days before its term lapsed last month was on Tuesday recommended for formal dismissal from the commission by the report of the House ad-hoc committee on the collapse of the Capital Market.
The House report which is scheduled for deliberation today alleged that Oteh did not meet the minimum 15 years experience in the capital market operations required for the job.
The Presidency in a surprise development yesterday, however, lifted the suspension on Oteh on the basis that the audit report of the external auditors did not find her wanting.
Her recall was communicated to her through a circular, SGF.2/S.9/C.13/454 dated July 17, 2012, signed by the Secretary to the Government of the Federation, Sen. Anyim Pius Anyim.
According to him, Oteh’s recall was the outcome of the findings of the external auditors, Price Water HouseCoopers which exonerated her from allegations of fraud and criminal breaches.
She was, however, indicted for some administrative lapses. The circular reads:
The letter that recalled Oteh
“Please refer to the decision of the Board of Securities and Exchange Commission (SEC) to send you on compulsory leave in order to enable SEC’s external auditors-the Price Water Coopers Limited (PWC), to examine the records of the commission’s transactions covering SEC project 50 which you supervised.
“I am to note that government has studied the report submitted by the external auditors and you are neither indicted for fraud nor criminal breach in any form. However, some administrative lapses were reported, particularly, in cases where administrative procedures were not thoroughly observed.
“The purpose of this letter is to recall you from your leave and to caution that you must henceforth endeavour to diligently observe all extant rules and administrative procedures in the conduct of all official transactions.”
News of the recall of the embattled SEC boss came exactly a day after the House of Representatives Ad-Hoc Committee on the Near Collapse of the Capital Market submitted its report.
House wanted Oteh sacked
The committee headed by Hon. Ibrahim El-Sudi, had Udoka Ini Akpan; Yakubu Dogara, Bimbo Daramola, Toby Okechulkwu, Jibril Bubar, Usman Adamu, Oko Rose Okoji as members.
Okechukwu, a member of the committee, shocked by the administration’s recall of Oteh said yesterday that he stood by the content of the report.
However, other House sources were not as courteous.
One senior official in the House of Representatives told Vanguardyesterday that the recall of Oteh was another indication of the administration’s lack of seriousness in its engagement with the House in the fight against corruption.
“You can now see that this administration does not take some matters seriously. People are not happy and we are going to consider the issue today,” the official told Vanguard yesterday.
It was learnt yesterday that the preponderance of opinion in the House was on the adoption of the recommendations which prescribed stiff actions against Oteh.
Vanguard could not confirm whether the decision to take up the report today was a result of the administration’s recall of Oteh.
Besides Oteh, the House is also expected to take a debate on the slow implementation of the 2012 budget, a source revealed yesterday.
Meanwhile, members of staff of the commission were unmoved in their earlier objection to the recall of Oteh, even as heavily armed security agents were deployed to forestall breakdown of law and order, ahead of her resumption.
Trouble started at about 10 am when information filtered to the staff that the External Auditors, Price Water House Coopers, which examined the books of the commission after her suspension by the board did not find her guilty of any financial malpractice and that the federal government therefore decided to recall her.
Angry workers of the commission barricaded the entrances into the SEC headquarters, located at the Central Business District of Abuja and insisted that they would not let her into the premises. They chanted anti-Oteh slogans and displayed placards with various inscriptions such as “No to Oteh”, “we don’t want Oteh back” and warning the presidency against her reinstatement and vowed to resist such a move.
Members of staff who spoke with journalists decried the alleged one-man show style of Oteh’s as well as alleged high-handedness of the embattled D-G.
Oteh had not arrived SEC headquarters as at press time, but the staff insisted that they were prepared to drive her back at the gate and would not allow her back in the office, no matter the decision of the Federal Government.
The angry staff members refused to disclose their names but insisted that the allegations against Oteh were true and that the revelations at the House of Representatives probe were enough to keep her out of the office and indeed face trial for alleged corruption.
The Secretary –General, Staff Amalgamated Union of Public Corporation, Civil Service and Recreation Employees, Elder Adekoya John, who eventually spoke to journalists urged the Federal Government to ensure it followed due process even if it chose to reinstate Ms. Oteh.
The Acting DG. Ibrahim Bolaji had to convey an impromptu staff meeting to arrest the situation from degenerating into a violent protest as he was said to have appealed to the workers to exercise restraint.
Industry operators protest
Industry operatives were no less critical of the reinstatement with some alleging it to be a confidence draining decision.
David Adonri, Chief Executive Officer, Lambeth Trust and Investment Company Limited, said, “The news of her reinstatement hit the market by surprise. Market operators were unable to form any concerted opinion due to paucity of information surrounding her recall. If she was cleared of all the allegations against her, there might be no problem”.
In his own view, the Chief Executive Officer, of a finance and investment firm who spoke on the condition of anonymity said, “What is really going on in this country? How can she force herself on the nation as the DG of SEC despite the fact that the agency’s staff and most capital market operators have clearly lost confidence in her capacity to lead the organisation?
“I was at the 2012 Second Quarter Meeting of the Capital Market Committee last Thursday in Lagos, and the reception given to Ibrahim Bello, the Acting Director General of SEC, was unprecedented.
“From the comments by most of the Capital Market Operators present it was obvious they were glad to see the back of Arunma Oteh.
Culled: Vanguard
Culled: Vanguard
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