Reps Accuse SEC DG, Aruma Oteh Of Wasting Public Funds…Spends N30m On Hotel Bills In 8 Months…N85,000 On Meals Per Day

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The extravagant life and wasteful spending of public funds by the Director General of Securities and Exchange Commission (SEC) Ms Aruma Oteh were exposed today by members of the House of Representatives who also accused her of failing woefully to protect the investments of Nigerians in the rescued five banks and some insurance companies.

 The lawmakers also accused her of flouting the law in the engagement of some senior staff of SEC, especially the recruitment of three officials of Acess bank which they described as totally indefensible.The lawmakers expressed doubts about the authenticity of Oteh’s educational qualifications and requested her to appear before them tomorrow with original copies of her certificates.

 Chairman of the Committee, Herman Hembe, who presided over the hearing said:“On this note, I will ask that while you are coming here tomorrow, you bring proof of your qualification. The Senate may have cleared you based on erroneous document you presented to it.

 

“We have also found out that you have been spending the money of SEC unjustly. You have stayed in Hilton hotel for eight months. On a particular day, you ate N85000 worth of food on a single day; you spent over N30 million within the period. We have proofs of all these.

 “How can you allow Access Bank which is one of the financial institutions that SEC regulates to second its staff to your office? This can compromise the operations of SEC and further kill the confidence the public have in capital market”

 

While responding to the allegations against her, Oteh said

 

“Those workers were on secondment from Access Bank. Their work has nothing to do with our regulatory functions in SEC. By your comments, you are implying that SEC had been affected by the secondment. This is not the case.”

 

She frowned at the manner in which the committee was asking questions adding that there were other motives behind the questions.

 Oteh defended her stay in the hotel saying it is constitutional. Although she did not refute claims that she expended N85000 on meals for one day, she denied allegations that she she is extravagant.

12 COMMENTS

  1. What other evidence does anyone require. To prove that Mrs Oteh is corrupt and unduly extravagant having blatantly abused his office and cannot protect the interest of investors in the stock exchange.It is commonknowledge now that women are worse in the management of public funds entrusted in their care than their male. Counterpartsm.Who therefore can one trust again.

  2. What other evidence does anyone require. To prove that Mrs Oteh is corrupt and unduly extravagant having blatantly abused his office and cannot protect the interest of investors in the stock exchange.It is commonknowledge now that women are worse in the management of public funds entrusted in their care than their male. Counterpartsm.Who therefore can one trust again.

  3. i trust our honourable DG SEC mrs Otteh 4 her reliability,competency,audacity and experiency in her speech in yesterday’s public hearing with house of reps. The committe chairman should try t read his book together his fellow house members.
    lordson…Abuja

  4. i trust our honourable DG SEC mrs Otteh 4 her reliability,competency,audacity and experiency in her speech in yesterday’s public hearing with house of reps. The committe chairman should try t read his book together his fellow house members.
    lordson…Abuja

  5. i trust our honourable DG SEC mrs Otteh 4 her reliability,competency,audacity and experiency in her speech in yesterday’s public hearing with house of reps. The committe chairman should try to read his books together with his fellow house members.
    lordson…Abuja

  6. i trust our honourable DG SEC mrs Otteh 4 her reliability,competency,audacity and experiency in her speech in yesterday’s public hearing with house of reps. The committe chairman should try to read his books together with his fellow house members.
    lordson…Abuja

  7. Oteh’s revelation is sickening. Dead people, they are because they are dead within. What is conscience to them? Her allegation against the chaiman and Deputy Speaker should be proved. In a decent society they should resign first. It reminds me of the late Bisala/Dimka military tribunal of 1976. We are in the last judgment/purification period, more of such expositions. May we have the strength to bear it.

  8. Oteh’s revelation is sickening. Dead people, they are because they are dead within. What is conscience to them? Her allegation against the chaiman and Deputy Speaker should be proved. In a decent society they should resign first. It reminds me of the late Bisala/Dimka military tribunal of 1976. We are in the last judgment/purification period, more of such expositions. May we have the strength to bear it.

  9. ALL ALLOWANCES SHOULD BE DECLEARED ILLEGAL IN NIGERIA BY LAW.LET ALL PUBLIC OFFICE HOLDERS AND POLITICIANS PAY THEIR BILLS FROM THEIR SALARIES.
    ALL THIS PUBLIC HEARING IS A MERE WASTE OF TIME AND TAX PAYER’S MONEY.THE GOVERNMENT SHOULD OR AS A MATTER OF EFFECTIVENESS PROSECUTE AND JAIL
    ANY PERSON FIND WANTING.BUT THE TRUTH IS THAT GEJ AND HIS FELLOW CLOWNS
    CAN NOT DELIVER.BECAUSE THEY ALL ARE DEEPLY MUDDED IN CORRUPTION.

  10. ALL ALLOWANCES SHOULD BE DECLEARED ILLEGAL IN NIGERIA BY LAW.LET ALL PUBLIC OFFICE HOLDERS AND POLITICIANS PAY THEIR BILLS FROM THEIR SALARIES.
    ALL THIS PUBLIC HEARING IS A MERE WASTE OF TIME AND TAX PAYER’S MONEY.THE GOVERNMENT SHOULD OR AS A MATTER OF EFFECTIVENESS PROSECUTE AND JAIL
    ANY PERSON FIND WANTING.BUT THE TRUTH IS THAT GEJ AND HIS FELLOW CLOWNS
    CAN NOT DELIVER.BECAUSE THEY ALL ARE DEEPLY MUDDED IN CORRUPTION.

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