The Lady Is Not for Turning: A War of Attrition between Legislators Demanding That Arunma Oteh, Right, the Director of the Securities and Exchange Commission, Stand Down and Her Refusal to Go Could Be Damaging to the Country's Capital Market. the Legislators Are Withholding State Allocations to the Exchange in Retaliation. Frederick Mordi Has the Details

By Mordi, Frederick | African Business, May 2013 | Go to article overview

The Lady Is Not for Turning: A War of Attrition between Legislators Demanding That Arunma Oteh, Right, the Director of the Securities and Exchange Commission, Stand Down and Her Refusal to Go Could Be Damaging to the Country's Capital Market. the Legislators Are Withholding State Allocations to the Exchange in Retaliation. Frederick Mordi Has the Details


Mordi, Frederick, African Business


FOR SOME TIME NOW THERE has been a 'Cold War' between the director-general of the Securities and Exchange Commission (SEC), Arunma Oteh, and the Federal House of Representatives.

[ILLUSTRATION OMITTED]

Trouble started brewing after Oteh, a former vice president of the African Development Bank (AfDB), openly accused one of the lawmakers, Herman Hembe, of soliciting a bribe from the commission, at a public hearing on the activities of SEC in Abuja, the nation's capital, last year.

Hembe was the chairman of the committee on capital market set up to probe SEC over the near collapse of the Nigerian capital market in 2008. SEC regulates activities of the nation's capital market. Oteh made the revelation after facing rigorous grilling by Hembe, who questioned her competence to head the commission. This did not go down well with the legislators who were embarrassed at the accusation that eventually led to Hembe's removal as chairman of the committee. The Economic and Financial Crimes Commission (EFCC), Nigeria's anti-corruption watchdog, later charged Hembe to court to defend this allegation.

Having tried without success to remove Oteh from her position, the aggrieved lawmakers took the campaign a step further by withholding the statutory allocation due the Commission for the fiscal year 2013, ostensibly to starve SEC of funds and eventually force her to resign.

But she has so far refused to throw in the towel. She enjoys the support of President Goodluck Jonathan, who has resisted intense pressure from the lawmakers to remove her from office. The President appoints the director-general of the commission.

Jonathan had asked the legislators to reverse the zero allocation policy, warning that this could have a negative effect on the capital market. In a letter to the National Assembly, he said: "The 2013 Appropriation Act includes some clauses which may be injurious to the spirit of separation of powers and which could hamper the work of the executive arm of government. I, therefore, request that these should be reviewed." The president also asked the legislators to amend section to of the 2013 Budget which read inter alia; 'All revenue however described, including all fees, fines, grants, budgetary provisions and all internally generated revenue shall not be spent by the Securities and Exchange Commission for recurrent or capital purposes or for any other matters, nor liabilities thereon incurred except with prior appropriation and approval by the National Assembly.' Jonathan added: "The import of clause 10 is tantamount to shutting down the business of the Commission with a potential negative impact on the capital market."

[ILLUSTRATION OMITTED]

But the lawmakers have stuck to their guns. In a chat with journalists after passage of the budget last December, House spokesman, Zakari Mohammed said the House will not rescind its decision until Oteh quits her job.

Mohammed said: "The Senate is with us on this matter; Oteh must go as far as we are concerned. If she doesn't go, we won't touch the budget. We still maintain that stand; it has not changed. As far as we are concerned, as an institution, we won't have any dealings with them."

[ILLUSTRATION OMITTED]

Analysts, who reviewed the situation believe the lawmakers erred by denying the commission its budgetary allocation to blackmail Jonathan into bowing to their demand. Only the President, they point out, has the statutory responsibility of hiring and firing the director-general of the commission. Besides, they contend that it is morally wrong for the legislators to withhold the allocation of the regulatory body because of their spat with Oteh, noting that the workers of the commission are being made to suffer unnecessarily.

They recalled that the legislators also have a running battle with the governor of the Central Bank of Nigeria (CBN), Mallam Lamido Sanusi, over the perceived uncomplimentary comments that he made about their remuneration some time ago.

The rest of this article is only available to active members of Questia

Sign up now for a free, 1-day trial and receive full access to:

  • Questia's entire collection
  • Automatic bibliography creation
  • More helpful research tools like notes, citations, and highlights
  • Ad-free environment

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

The Lady Is Not for Turning: A War of Attrition between Legislators Demanding That Arunma Oteh, Right, the Director of the Securities and Exchange Commission, Stand Down and Her Refusal to Go Could Be Damaging to the Country's Capital Market. the Legislators Are Withholding State Allocations to the Exchange in Retaliation. Frederick Mordi Has the Details
Settings

Settings

Typeface
Text size Smaller Larger
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Full screen

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited passage

Welcome to the new Questia Reader

The Questia Reader has been updated to provide you with an even better online reading experience.  It is now 100% Responsive, which means you can read our books and articles on any sized device you wish.  All of your favorite tools like notes, highlights, and citations are still here, but the way you select text has been updated to be easier to use, especially on touchscreen devices.  Here's how:

1. Click or tap the first word you want to select.
2. Click or tap the last word you want to select.

OK, got it!

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.