Embattled Director General of the Security and Exchange Commission (SEC) Ms Arunma Oteh was yesterday locked out of the commission after its board ordered her to vacate her seat and proceed on a compulsory leave. The board reached the decision on Monday after a late night meeting. The commission issued a statement yesterday formally announcing the order.Ms Daisy Ekineh, Commissioner in charge of operations would act in her absence, the board said in a statement signed by the commission's Secretary, Edosa Kennedy Aigbekaen.She wasn't the only one denied access. About 15 contract staff she controversially employed when she became Director General were also returned from the gate, sources confirmed to Daily Trust.The board said the action was to pave way for an independent investigation to be undertaken in respect of the Project 50 programme which was carried out by the commission in 2011.The decision of the Board was arrived at after consideration of the report of its Audit and Finance Committee which had been directed to investigate the sources and uses of funds for the Project 50 event, Daily Trust further learnt.However, Oteh has reacted alleging that the move was nothing but a ploy by the board members to elongate their tenures. Their tenure is supposed to expire officially on Friday, June 15.The board suggested 'an independent audit of Project 50 and that the key actors in the management of the funds should be asked to step aside to allow an unhindered investigation.'The Board also considered issues regarding the Council of the Nigerian Stock Exchange and particularly the request of the Interim President of the Council that having stabilized the Exchange; they should be allowed to begin the process of disengagement.'Specifically, the board will like a probe into allegations of financial impropriety especially concerning the SEC Project 50 to mark the regulator's 50 years of existence in Nigeria and disharmony in the regulator of Nigeria's capital market which led to the probe of the capital market by the House of Representatives.The Board, which has Udoma Udo Udoma as Chairman, has eight others as executive and non-executive members, including Daisy Ekineh, as Executive Commissioner (Operations); Lawal Stores, as Executive Commissioner (Finance & Accounts); Charles A. Udora as Executive Commissioner (Legal & Enforcement).The non-executive Commissioners include Yahaya Ali and Ronke Fatade as well as Daniel Kifasi representing the Federal Ministry of Finance and Christopher Chukwu, representing the Central Bank of Nigeria (CBN).Arunma Oteh took over the reins of the Commission in 2010 after her predecessor; Musa Al-Faki resigned on the heels of a scandal involving the commission in the sale of AP stock in May 2009. Ms.Oteh has been on the hot seat in the past three months when the House of Representatives Committee on Capital Markets started a public hearing into the near collapse of the stock exchange.While the then chairman of the committee Herman Hembe accused Oteh of spending N850, 000 on food at an Abuja hotel, Oteh in turn accused him of demanding N39 million bribes from the commission. The case is presently in court.
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