FG recalls suspended SEC DG

Ms. Oteh

The Federal Government has recalled the suspended Director -General of the Securities and Exchange Commission (SEC), Ms. Arunma Oteh.

Her recall was communicated to her through a circular; SGF.2/S.9/C.13/454 dated 17/ July/ 2012 and signed by the Secretary to the Government of the Federation, Senator Anyim Pius Anyim.

According to him, Oteh’s recall follows the outcome of the findings of the external auditors.
It will be recalled that the Board engaged the Price Water Coopers Limited, a renowned audit firm, to examine SEC's account records.

The firm exonerated her from all accusation of fraud and criminal breaches.

She was however indicted for some administrative lapses.

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."