FG appoints new SEC DG 'Rules out tenure elongation for board

THE Federal Government has appointed a new Director-General for the Securities and Exchange Commission (SEC) as it ruled out tenure elongation for the board of the commission.The new SEC DG is Mr Bolaji-Ibrahim Bello, who was before now the Director, Finance and Administration. The tenure of the present board expires today.Minister of Finance and Co-ordinating Minister for the Economy, Dr Ngozi Okonjo-Iweala, addressing the media on Thursday in Abuja, on the speculations that the board of the commission sent the erstwhile Director-General, Ms Arunma Oteh on compulsory leave in order to elongate its tenure, assured that the three commissioners would definitely depart on schedule.Okonjo-Iweala, who said the three commissionrers would be departing on schedule, thanked the board members for their service.'We look forward to constituting a new board and look forward to the result of the investigative panel (on Oteh). We have given a timeline for the probe to be completed,' she said.It will be recalled that the board of SEC resolved to send the embattled Director-General of the commission on compulsory leave after considering the report of the Audit and Finance Committee set up to investigate the sources and uses of funds for the Project 50 event.The chairman of the board is Udoma Udo Udoma, with eight others as executive and non-executive members. These are Daisy Ekineh, Executive Commissioner (Operations); Lawal Stores, Executive Commissioner (Finance & Accounts); Charles Udora, Executive Commissioner (Legal & Enforcement), while the non-executive commissioners are 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).
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