Iron Lady Arunma Oteh Bows Out Of Capital Market Commission

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arunmaotehIron Lady Arunma Oteh! Remember her?. She is one of Goodluck Jonathan’s economic strategist and staunch political heavyweight in the President’s social-economic transformation agenda caucus who headed the Nigeria’s Capital Market, the nation’s capital market regulatory body..

In March 2012, she singlehandedly sent Nigeria’s House of Representative into credibility scanning dock,  revealing that the House’s sincerity was emitting which was stinking  from head to the bottom, especially as the nation entrusted the members in political service and  obligation.

Her dynamic stance and iron lady posture rattled the House of Reps which  was dwarfed to its inevitable devaluation, forcing a very strong member of the House , erstwhile seen as one of the nation’s political hope into his untimely abyss.

Herman Hembe, former Chairman of House of Representatives Committee on Capital Market relinquished his post being accused of backhander and unofficial sponsorship on over sea trips by the organisation he was accusing of  irregularity as his accusation boomeranged ending abruptly a sweet dream of political stake holding relevance in Nigeria.

The irrepressible Nigeria’s version of Iron Lady  Arunma Oteh  for five years has led  Africa’s leading economy regulating its capital market.

Aruma has thrown in the towel, rescinding her position as head of the Nigerian Securities and Exchange Commission, an organisation she was then accused of  embezzling and abused to the tune of billions.

Hernan_Hembe_arunma_OtehFollowing her suspension as an House of Representative Committee on Capital Market, the lady of substance stood-off to fight back an revealed to the nation top secret deals between her organisation and her personality as the head, accused of  wasting billions on personal convenience in hotel payment and other unethical adventure.

Oteh left office on Jan. 7 having completed her tenure contract of five years.

According to sources,  an acting director general will soon be appointed to replace her according to  Yakubu Olaleye, a spokesman for the Abuja-based agency,speaking to Bloomberg by phone.

A Press release from the Commission eulogised  Oteh as a transformer under whom the organisation experienced drastic improvement and transformation It said: “The capital market“witnessed significant product innovation, improved listing rules, landmark bond-market reforms, the introduction of exchange-traded funds and widening of participation in the markets,” the SEC said in a statement on its website.

Oteh had been made to head the regulating Commission  in 2010 after it had recovered from a 2009 financial crisis triggered by abuses by the traders a   loans given to stock speculators and fuel importers in Africa’s biggest oil producer. The value of the bourse’s main index reached a peak of more than 13 trillion naira ($72 billion) last year before tumbling to 9.45 billion naira on Jan. 9. Nigerian stocks slid the most in the world last week as crude prices tumbled below $50 a barrel.

Oteh didn’t answer calls made to her mobile phone or return e-mailed requests for comment.

In June 2012, she was sent on “compulsory leave” while the SEC investigated allegations of mismanagement following an audit of spending on the market’s 50th anniversary. She was recalled by President Goodluck Jonathan a month later after external audit didn’t find illegal activities committed by her.

Oteh had created enemies by firing Ndi Okereke-Onyiuke as head of Nigerian Stock Exchange, saying the action was needed to curb “poor corporate governance,” manipulation of the market and financial waste. She cited cases in which hundreds of Rolex watches were bought as gifts and 1.7 billion naira was shared among employees of the bourse.

In October 2013, Oteh said the stock exchange needs oil and gas, power and telecommunications companies to list to meet its goal of reaching a market value of $1 trillion by 2016. South Africa’s FTSE/JSE Africa All Share Index market value of 9.57 trillion rand ($832 billion)

“She was in a hurry to see Nigeria achieve a world-class capital market that would drive development,” the SEC said.