Arunma Oteh

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Arunma Oteh OON (Officer of the Order of the Niger) became Director General of the Securities and Exchange Commission (SEC) in Nigeria in January 2010. In this position she is responsible for regulation of Nigeria's capital markets, including the Nigerian Stock Exchange.[1]

Early years[edit]

Arunma Oteh is of Nigerian/British nationality. She is from Abia State. She studied at the University of Nigeria in Nsukka, Nigeria, earning a first class honors degree in Computer Science. She went on to the Harvard Business School where she obtained a Masters Degree in Business Administration. She co-edited the book, African Voices African Visions.[2]

Oteh worked for various institutions including the Harvard Institute for International Development and Centre Point Investments Limited of Nigeria in corporate finance, consulting, teaching and research. She joined the African Development Bank (ADB) in 1992.[2] She was a Senior Investment Officer/Senior Capital Markets Officer from 1993 to 1997, then Division Manager Investments and Trading Room from 1997 to 2001 when she was appointed the Bank's Group Treasurer responsible for fund raising and investments in major international capital markets.[3] Oteh was appointed Vice-President for Corporate Management at the ADB in March 2006, responsible for Language Services, General Services and Procurement, Human Resources, and Information Management and Methods.[2]

SEC Director General[edit]

Ms. Oteh was nominated as the Director-General of the Securities & Exchange Commission by President Umaru Yar'Adua in July 2009.[3] Arunma Oteh became Director General of the SEC in January 2010, after being confirmed by the Senate.[4]

In a June 2010 interview with the BBC Oteh listed "wash sales, market rigging, pumping and dumping shares" as some of the abuses in Nigeria's capital market. She said the SEC expected to charge about 200 individuals and entities in civil or criminal cases. She faced resistance from the powerful Nigerian rent-seeking elite, but expressed confidence due to the backing she had received from President Goodluck Jonathan.[1] In August 2010, as a result of some of the identified market abuse issues, the Securities and Exchange Commission removed the leadership of the Nigerian stock exchange.[4]

The House Committee of Capital Markets and Institutions launched a public inquiry in April 2012 into the near collapse of the Nigerian capital market in 2008.[5] Oteh and the committee chairman had a heated exchange over the focus of the hearing, leading to the chairmans resignation from the committee after allegations that he had asked for a bribe to influence the House Committee inquiry, and that he had collected public funds to attend a workshop in the Dominican Republic but had neither attended the program nor returned the money[6] The SEC released two statements explaining their position on the allegations made during the public hearing. The First press statement made on 19 March 2012 focused on the varied allegations made by the committee[7] In June 2012. The second press statement stated that "[n]o financial overtures have ever been made to the Hon. Hembe by Ms. Oteh, DG SEC or any staff of SEC."[8] A new eight-man Ad hoc committee was set up by the House of representatives to complete the hearing on the near collapse of the capital market.[9] As a possible fallout of the events that had taken place at the public hearings,Arunma Oteh was asked to proceed on compulsory leave by the SEC board, pending an independent investigation into the management of Project 50, a program packaged by her to commemorate 50 years of capital market regulation in Nigeria.[10]

On July 18, 2012, Oteh was called back to resume work after an independent investigation by the board-appointed firm, PricewaterhouseCoopers, cleared her of any financial impropriety.[11]

Awards and Achievements[edit]

In 2011 Oteh was made an Officer of the Order of the Niger (OON) in "recognition of her contribution to economic development and to transforming the Nigerian capital markets". In 2011 she received the "Distinction In Public Service" award from the Commonwealth Business Council/African Business.[12]

Bibliography[edit]

References[edit]

  1. ^ a b Caroline Duffield (1 July 2010). "Nigeria's iron lady takes on fraudsters". BBC News. 
  2. ^ a b c "Leader Profile: Arunma Oteh, Vice-President, AfDB". FWU Newsletter. 18 July 2008. Retrieved 2011-06-08. 
  3. ^ a b Emma Ujah (16 July 2009). "Yar'Adua Nominates Arunma Oteh SEC DG". Vanguard (Nigeria). Retrieved 2011-06-08. 
  4. ^ a b Tayo Odunlami (2010-08-09). "An Amazon’s Disgraceful Crash". The News Nigeria. Retrieved 2011-06-08. 
  5. ^ Arunma Oteh. "Capital market hearing video". SEC Nigeria. Retrieved 15 August 2012. 
  6. ^ Goddy Emele (12 Jun 2012). "SEC Board Sends Oteh on Compulsory Leave". Thisday. Retrieved 2012-06-12. 
  7. ^ "FRIVOLOUS ALLEGATIONS AGAINST THE SECURITIES AND EXCHANGE COMMISSION (SEC) & MS ARUNMA OTEH, D-G, SEC". Securities and Exchange Commission Nigeria. Retrieved 20 August 2012. 
  8. ^ "NO FINANCIAL OVERTURES HAVE EVER BEEN MADE TO HON. HEMBE BY MS. OTEH, DG SEC OR ANY STAFF OF SEC". Securities and Exchange Commission Nigeria. Retrieved 20 August 2012. 
  9. ^ "Can El-Sudi’s Committee Save the Stock Market?". Thisday Newspapers. 4 April 2012. Retrieved 20 August 2012. 
  10. ^ "Al-Qaeda blames Germany over botched kidnap raid in Nigeria National insecurity and the Abia solution SEC sends Arunma Oteh on compulsory leave". Vanguard Newspapers. 12 June 2012. Retrieved 20 August 2012. 
  11. ^ IFEOLUWA OLANIHUN (August 10, 2012). "Arunma Oteh and the rule of law". Daily Times. Retrieved 2012-08-15. 
  12. ^ "Director General_Chief Executive Officer_Arunma Oteh". SEC Nigeria. Retrieved 15 August 2012.