The Board of the Securities and Exchange Commission (SEC) rose from a marathon meeting that lasted till late Monday night with a firm resolution directing its embattled Director General, Aruma Oteh, to immediately proceed on compulsory leave.
PREMIUM TIMES gathered that the meeting, which was characterised by stormy bouts of exchanges and deliberations on a variety of issues bordering on the management of the apex capital market regulatory agency, agreed that Ms. Oteh’s stepping aside would make for an unfettered investigation into several allegations against her management, particularly allegations of misappropriation of N3billion on the controversial Project 50 programme.
It was gathered that Ms. Oteh was left stranded when she arrived this morning only to find that she would not be able to get into her office in the Central Business District, Abuja.
Angered by the action, it was gathered that the DG has already taken up the matter with superior authorities to challenge the Board's decision, which she declares as a clever ploy by members to earn themselves an illegal tenure extension, as their term of office is officially expected to terminate in the next 72 hours on Friday.
The latest development is an indication that the festering crisis in the management of the capital market regulatory authority, which played out during the recent House of Representatives probe into the near collapse of the country's capital market, is far from over.
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