The Director General of the Security and Exchange Commission, Arunma Oteh, spent a huge N850,000 on food in one day, in violation of regulations on how much chief executives can spend, a House of Representatives committee said on Wednesday.
Ms. Oteh was accused of multiple violations at a bad-tempered public hearing of the House committee on Capital market investigating a dwindling market that has weakened investors trust and cost the nation billions of naira.
The House committee, headed by Herman Hembe, said the commission’s boss flouted rules, compromised her position and engaged in a spending spree in the last one year she has held office.
At a point, Ms. Oteh accused the committee of pursuing an agenda and surpassing the mandate of the hearing. She branded the house sitting a Kangaroo court, and dodged questions put to her.
The inquiry sets out to establish why the capital market is almost collapsing, and why big organizations are protected by the commission while investors face increasing risk. Lawmakers said the DG’s unbridled spending and her relationship with some of the organizations she oversights have eroded the commission’s regulatory role.
In one case, the DG spent as much as N30 million on hotel bills accommodation in eight months and N85,000 on meals on another day.
“You stayed in a hotel for 8 months and spent over N30 million. In one day you spent N85,000 on food at the hotel; the other day you spent 850,000 on food. These are the things we should look at to see how you will regulate a market that is collapsing,” Mr. Hembe said.
The most contentious was the revelation that the commission’s boss recruited staff of Access Bank, Charles Ughele and Titi Olubiyi, as SEC’s advisers, a move lawmakers said compromised the regulatory role of the commission over the bank.
“I cannot believe that Access Bank can just send somebody to your office like that”, he said, adding, “Somebody can rightly say he is a spy. There is no way we can be better. It smells of plenty fraud.”
But the Director General of the Commission, Ms Orunmah Oteh denied the partnership affected the integrity of the commission, and said the commission only benefited from the experiences of the officials.
She said the remunerations of the two staff were being paid by Access bank and not SEC, and maintained the decision to employ them was right. “Yes we don't have the right capacity in that area and he (Charles) has come with that."
The committee said the DG's actions have called to question her competence to hold the position and directed that she submit her academic certificates and all documents regarding the engagement of the Access bank staff. Click to signup for FREE news updates, latest information and hottest gists everyday
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Which kind thief be this? Haba. But does she go to the toilet as well? After eating the fod? And i can swear to you that in her village there are people that go a whole week without food. Useless bargress!
ReplyDeleteU do know that in Nigeria when u try to fight corruption, it will fight u back...Arunma Oteh hasn't done things the 'nigerian' way. In her last recruitment she rejected candidates sent from National Assembly members because they were not qualified...if u watched yesterday's hearing u will also she that she rejected more of their requets because they were corrupt. If u don't do what they want,they will attack u, even when ur doing d rite thing...therefore do not believe all u hear, because it is indeed a kangaroo court
ReplyDeleteHow gullible 4 us to believe this story!9ja 4get these our so called "Honourables" How can one person eat food worth 850k a day?
ReplyDeleteAm so sorry that things are going the way they are in this country. Democracy is too expensive for my liking. Our political leaders absolutely lack the political will-power to fight corruption and mal-administration owing to the fact that the perpetrators are actually the political life wire of those in power. Nigeria has so much money but all end in the pocket of the savage few. How on earth can a ''woman'' use N850,000 for food in a day in a nation where the annual salary of an average civil servant is in the range of N500,000?
ReplyDeleteHow on earth will you spend N30 million on accomodation for 8 months when the entire 35yrs salary of an average civil servant using the present salary structure amounts to N16 million? and no one is talking.
Why doubting, they are eating it.
ReplyDeleteWhile, this is a country where everything goes as such lets think outside the. Both the national assembly and oteh are corrupt. It is so tragic to hear that one person is spending 850,000 on food while thausand are dying of hunger just within her neighbourhood.That woman was only using the trick of the maxim 'the best form of defence is to attack'.With the current issues at stake and the increase rate of corruption by the citvilians, we will be left with no choice rather than start calling for a dugget regime but may God intervene in the affiars of this nation because the current regime has not done us proud as expected.
ReplyDeleteNa nollywood star story, just let her go on spending after all the longest days women live is within the average of 36600 days and she might be left with 12000 days or more, to continue such life style she would have kept aside about N10, 200,000,000.00 keep her going till she face GOD’s supreme panel for judgement and everlasting anguish in hell.
ReplyDelete