THE 14 'day ultimatum given to the Presidency by the House of Representatives to sack the Director-General of the Securities and Exchange Commission (SEC), Ms Arunma Oteh, has continued to generate mixed feelings.While some capital market stakeholders described the action as 'uncalled for', urging government to embrace dialogue, others opined that she should be sacked since she was once indicted.Specifically, the Registrar and Chief Executive, Capital Market Registrars, Walter Ogogo, argued that the planned sack is not necessary.According to him, government should find a way of settling the issues with her, since she was called back to continue with her functions after her indictment.He urged the House of Representatives to interface with the Presidency on the issue, adding that any action outside this will imply 'washing dirty linen outside.'Corroborating this assertion, the Chief Executive Officer, Cowry Asset Managing Limited, Johnson Chukwu, said the move to sack the SEC DG would not necessarily resolve the capital market crisis.'I don't think that the issuance of ultimatum is the most appropriate way to resolve issues where there is a divergence of position between the executive and the legislature.'Such ultimatum, instead of serving the larger interest of the society, tends to exacerbate the conflict. As the House of Representative knows that it cannot compel the Executive Arm of Government to implement its resolution, the 14 day ultimate will only widen the areas of conflict between the two arms of government,' he said.An independent investor, Ameechi Egbo, argued that since the law setting up the commission made provisions for hiring and firing, if there is any need for removal, there is need to follow the law that instituted the commission.He urged government to take a 'second look' on her actions, adding that there is no need for an ultimatum.'The giving of timelines in a matter that determines SEC DG's job is not the best. Everyone, be it the lawmakers or presidency, has to respect provisions that set up SEC including the manner of hiring and removal of its serving officers. The presidency should not be stampeded,' he advised.But the National President, Independent Shareholders Association of Nigeria, Sir Sunny Nwosu, said: 'If she is actually practicing zero tolerance, she has to go. Government should not go into confrontation with the House of Representatives because they indicted her, they should let her go but the Ministry of Finance ought to do that.'They made a mistake of asking her to go and not to sin no more after being indicted and she is already prosecuting some people. If she is practicing zero tolerance, she has to go,' he said.The House of Representatives on Tuesday, took President Goodluck Jonathan head-on over the re-instatement of Oteh as the Director-General of the SEC.Members insisted that the resolution of the House, which requested the President to sack the Director-General should be honoured.The House also on Tuesday blacklisted the Director-General, saying none of its committees would have anything to do with her anymore.The House requested the President 'to implement the resolution of the House of Representatives on the near collapse of the capital market, particularly aspects of the resolution requesting the removal of Ms Arunmah Oteh as the Director General of Security and Exchange Commission for being unqualified by law to serve as Director General of security and Exchange Commission, as contained in Sections 3(2)(a) and section 38(I)(b) 2 and 3, and section 315 of the Investments and Securities Act (ISA), 2007.
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