The Federal government has recalled former Director General of the Securities and Exchange Commission (SEC), Arunma Oteh, 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. 

The SEC Board had sent Ms Oteh on compulsory leave in order to enable external auditors examine the records of the commission’s transactions covering project 50 which she supervised.

However, Mr. Anyim said Ms Oteh has 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.

SEC Staff Protest Over Her Reinstatement

Following the announcement of Ms Oteh reinstatement as DG of SEC, staff of the commission staged a protest at the entrance of SEC headquarters in Abuja to prevent the recalled DG from entering the building.

Defying a downpour, staff of the commission protested against the planned resumption of Ms Oteh from her compulsory leave. Some of them said they had information that the embattled DG plans to resume today.

Though Ms Oteh is yet to show up at the office, heavily armed police officers are in SEC premises to forestall a breakdown of law and order.