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Alleged 44m Fraud: Azubogu Challenges Oteh to Prove her Claim

26 May 2013

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Arunma Oteh



Anayo Okolie

Former deputy chairman, House committee on Capital Market, Hon Chris Azubogu,  Saturday challenged the Director-General, Securities and Exchange Commission (SEC), Arunma Oteh, to appear before the court to prove her claim as the key witness to the alleged bribery scandal, involving him and the chairman of the committee, Hon Herman Hembe, .

EFCC had accused the duo for converting  the sum of $4095 dollars each, being estacode given to them by the Security and Exchange Commission to travel to the Dominican Republic in October, 2011 for  a capacity building  conference on capital market. But Azubogu asked: “Why is Aruma Oteh who made a spurious allegation of bribery not in court when the position of law is that if you make an allegation that cannot be substantiated you have to come and clear yourself for misleading the people and the court.”

The lawmaker also stated that a critical question before Oteh should be who initiated the proposal to sponsor the committee’s public hearing, the ticket issued and processed by SEC why didn’t they cancel it when the two members didn’t make the trip, mindful that Azubogu claimed that  SEC had asked him to keep the ticket that it will be used for a trip to Russia.
According to him, “Was a demand for refund made and refused by the members? And why chase an estacode of $4095 when the ticket well over N1.2 million could have been cancelled to recover tax payer’s funds.”

Speaking further, Azubogu posited that at the public hearing, Oteh made an allegation of a N44.5 million bribe which could not be substantiated when official documents showed that SEC initiated and approved the sponsorship.

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