Controversy trail SEC DG reinstatement

Posted: July 19, 2012 in Business
Tags: , , ,

Staff of the Securities and Exchange Commission (SEC), Wednesday morning, held a protest against the 
reinstatement of the suspended Director General of the agency, Arunma Oteh.
Work was disrupted for more than one hour as words filtered to the workers that the Federal Government had cleared Ms. Oteh to return to her position, and that she was billed to resume on Wednesday morning
Wielding placards with various inscriptions like ‘Say No to Oteh’s return,’ the staff, led by the leadership of the workers’ union, marched through the premises of the commission, and the adjoining street, before they were prevailed upon by the acting Director General to suspend the action.
The union leaders are at the moment locked in a closed-door meeting with the management.
A team of security operatives from the State Security Service, who arrived the SEC premises at about 10 a.m. Wednesday morning in two operation vehicles are still stationed at the entrances of the commission’s headquarters.
The Federal Government has recalled the suspended Director -General through a circular; SGF.2/S.9/C.13/454 dated July 17 and signed by the Secretary to the Government of the Federation, Anyim Pius Anyim.
Mr. Anyim said Ms Oteh was been reinstated after an audit of the commission failed to indict her in any way.
He however cautioned her for some administrative lapses identified by the auditors.

The circular reads:

“Please refer to the decision of the Board of Securities and Exchange Commission (SEC) to send you on compulsory leave in order to enable SEC’s external auditors-the Price Water Coopers Limited (PWC), to examine the records of the Commission’s transactions covering SEC project 50 which you supervised.

“I am to note that Government has studied the report submitted by the external auditors and you are neither indicted for fraud nor criminal breach in any form. However, some administrative lapses were reported, particularly, in cases where administrative procedures were not thoroughly observed.

“The purpose of this letter is to recall you from your leave and to caution that you must henceforth endeavour to diligently observe all extant rules and administrative procedures in the conduct of all official transactions.

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