The Chairman, Senate Committee on Capital Market, Senator Ayoade Adeseun, has resolved to back the House of Representatives on its resolution that the Director General of the Securities and Exchange Commission (SEC), Ms. Aruma Oteh, be sacked so as to save the country’s capital market from total collapse.
Fielding questions from journalists Thursday, Adeseun who represents Oyo Central senatorial district in the upper legislative chamber, said: “Consequently the Senate Committee on Capital Market at its meeting of September 26, 2012 considered these and other goings on at the commission, all of which could negatively affect the Nigerian capital market and came to the conclusion that if this trend is not arrested, the Nigerian capital market might be brought finally to its knees, with the attendant deleterious effect on the economy of the country.”
Recalling that the House of Representatives’ position on the lingering crisis in the capital market, he said: “You will recall that the House of Representatives, few months ago, set up an ad hoc committee which investigated the “Near Collapse of the Nigerian Capital Market” consequently the House passed a resolution based on the report of that committee that the President should sack Oteh.
“The House further resolved that should the President fail to comply with its resolution, it would cease to accord any recognition to the DG.”
However, Adeseun stated that instead of the executive to comply with that resolution, it went ahead to reinstate Oteh which was in flagrant disregard of the resolution passed by the House of Representatives.
“Again, on further resumption from recess last month, the House reaffirmed its earlier resolution and gave a 14-day ultimatum to the executive to comply. Till date that ultimatum has been ignored,” he said.
While underscoring the need for Oteh to vacate her official position as DG, Adeseun said there had been series of instability and protests by the workforce of the commission since her recalled to her duty post by the executive
He said: “Rather than seek amity with the workforce, she has continued with the same style of administration for which even the Presidential Review Committee indicted her.” Specifically, he said the members of staff have again accused her of highhandedness, sole administration, intimidation, insensitivity, malice and a headlong drive for vengeance.