It was revealed on Wednesday at the House of Representatives that the Director-General, Securities and Exchange Commission, Ms. Arunma Oteh, allegedly spent N30m on hotel bills in eight months following her appointment in January 2010.
In one day alone, she allegedly spent N850,000 on food, while on another day, she incurred additional N85,000 expenses in the same hotel for which SEC’s account was debited.
Na wa o! Continue to read the rest of the story.
Two Access Bank Plc employees were also said to have been hired as advisers to Oteh.
The two employees, Mr. Charles Ugheli and Mr. Titi Olubiyi, were reportedly engaged in 2010 in breach of due process and against the advice of both the legal and human resource departments of SEC.
SEC is the regulatory authority of the Nigerian capital market, where Access Bank is a key player.
The two officers were said to still retain their appointments with Access Bank but were being paid allowances equivalent to that of a director in the Federal Civil Service whenever they travelled out of Abuja.
The disclosures came to the fore as the House of Representatives Committee on Capital Market looked into the competence of SEC to adequately regulate the market in the light of the crises that had bedevilled the market lately.
The committee said the engagement of the Access Bank employees by SEC was an infraction that could explain why the commission had been unable to stamp it authority on protecting investors.
The Chairman of the committee, Mr. Herman Hembe, noted that questions bearing on integrity, honesty and competence would be raised when a regulator opted to employ workers of one of the agencies it was regulating.
He stated, “Worse still, these employees are still workers of Access Bank. They are paid salaries by Access Bank, but work for SEC.
“This smacks of plenty fraud and the regulation by SEC is impaired by bias and incompetence.”
When will this corruption plague end sef?
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