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‘SEC DG Did Not Spend N850, 000 on Food’

20 Mar 2012

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 Director-General, SEC,   Arunma Oteh

The Securities and Exchange Commission (SEC) has denied allegation that its Director-General, Mrs. Arunma Oteh  ate meal worth N850,000 in a day at Transcorp Hilton Hotel, Abuja.

This  was one of the allegations made against Oteh  last week  by the  House of Representatives Committee on Capital Markets  and Institutions during the on-going Public Hearing on the Nigerian capital market.


However, Communications Adviser, SEC, Mr. Obi Adindu, said in a statement last Monday that  the   allegation was thoroughly false and unfounded.

“The truth of the matter is that the cost of the meal in question was N85,000 only and the circumstances surrounding the incurring of this bill are as follows: the DG, in the course of performing her official duties and using her personal goodwill and global reach, attracted a team of regulators from an advanced capital market jurisdiction to render technical assistance to the SEC Nigeria at no cost to the commission,” he said.

He explained that after  meeting with the team, Oteh requested that members of the team who had been travelling and were both tired and hungry,  join her for a meal at the Hilton Hotel.

“The N85,000 in question was the bill for and cost of that meal. It was not N850,000.00. It was only N85,000.00. It would have been necessary to indicate the name of the leading market jurisdiction from which this team came but for consideration bordering on appropriateness since theirs is not a clime in which issues regarding the capital market and the economy are treated with greater prudence and circumspection,” Adindu said.

He explained that the clarification became necessary in the interest of correcting the public records and ensuring that the good citizens of Nigeria were not misinformed by the wrong figure and falsehood released to the Nigerian public.


“This is all the more important since certain segments of the press have published the erroneous information as factual truth and some electronic media have similarly broadcast same,” he said.

Tags: Arunma Oteh, Business, Nigeria, Featured

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