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Wednesday, June 13, 2012

Arunma Oteh Nigeria’s SEC chief suspended

The head of Nigeria’s stock exchange regulator has been suspended from her post, its board announced, weeks after she publicly clashed with politicians over corruption allegations.
Arunma Oteh, viewed by many as a reform-minded head of Nigeria’s Securities and Exchange Commission who worked to clean up stock market abuses, has been forced to go on leave while a probe into the regulator is conducted.
The investigation is to focus on a programme designed to commemorate 50 years of stock market regulation in Nigeria, sub-Saharan Africa’s second-largest economy and the continent’s biggest oil producer, its board said in a statement.
Oteh, who took over the post in January 2010 after working as a vice president at the African Development Bank, will be replaced by Daisy Ekineh, who has been the executive commissioner for operations.
According to reports gathered, the board “has directed the Director-General, Ms. Arunma Oteh, to proceed on compulsory leave to enable an independent investigation to be undertaken in respect of the Project 50 programme which was carried out by the commission in 2011.”

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