Oteh, SEC DG Ends Tenure Today

Ms Arunma Oteh, director-general, Securities and Exchange Commission (SEC) will on today (Monday) officially bow out of office after spending the mandatory five years.

She is expected to hand over to any of the five commissioners on the board SEC.

There are five commissioners on the board SEC three of who are executive commissioners, while the other are non-executive commissioners.

Five of them were appointed on the same day thus making it difficult to predict who the outgoing DG would hand over the affairs of the commission to.

The three executive commissioners are Mallam Mounir Gwarzo (Operations); Zakawanu Garuba (Finance and Administration); and Mrs. Sa’adatu Bello (Legal and Enforcement).

A statement from the commission on Sunday said that during her five-year tenure, Oteh was able to carry out a series of reforms that helped to reposition the capital market in line with global best practices.

Oteh became the DG of SEC in January 2010 and was elected Chairperson, Africa Middle East Regional Committee of the International Organisation of Securities Commissions in June 2010. She was re-elected in June 2012 and in September 2014.

She is a member of the Nigerian Economic Management Team chaired by President Goodluck Jonathan and is also a director on the Board of the National Pension Commission (PENCOM) and the Asset Management Corporation of Nigeria (AMCON).

She is also a board member of the International Organisation of Securities

Some of the reforms, the statement stated, included the restoration of investor confidence through strong enforcement actions and improvement of rules and regulations; deepening the scope of the capital market; and restoring market integrity through zero tolerance for rule infractions.

She was also credited with strengthening disclosures and transparency in the capital market, promoting good corporate governance and helping to build the capacity building of the workers.