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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