Members of the House of Representatives on Thursday endorsed the sacking of the Director-General of the Securities and Exchange Commission, Ms. Arunma Oteh, for alleged incompetence and perjury.
The House took the decision after debating and adopting the report of its Ad Hoc Committee on the Near Collapse of the Capital Market headed by Ibrahim el-Sudi.
The House said Oteh’s appointment violated “Section 3(2)a and Section 38(1)(b), 2 and 3; Section 315 of the Investment and Securities Act 2007 in that she did not have 15 years experience in the Nigerian capital market as required.”
The lawmakers also said Oteh lied in oath over the ownership structure of the nationalised banks.”
Oteh was recalled on Tuesday from suspension by the Federal Government.
She had been sent on suspension last month by the board of SEC over allegef violations of due process.