President Goodluck Jonathan has rejected a request for the extension of Securities and Exchange Commission (SEC) Director-General Ms Arunma Oteh’s tenure, it emerged yesterday.

He has approved the appointment of a Commissioner in the Commission, Mr. Mounir Gwarzo, as acting Director-General.

The President rejected a memo from the Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, seeking a second term for Oteh.

The memo was said to be based on the Secretary to the Government of the Federation SGF) Anyim Pius Anyim’s recommendation.

Ms. Oteh’s controversial tenure ended on January 6.

Although she lobbied to return, the President was said to have thought otherwise.

It was learnt an evaluation showed that her performance was “neither sterling nor spectacular.”

The government found that the stock market has not recovered from the 2008 financial crisis.

The President, findings showed, rejected her return to also resolve the lingering “Executive-National Assembly face-off” over her tenure.

[/b]A source said: “Despite intense lobbying by some government officials and business players, the President stood his ground that Ms. Oteh should not come back.

[b]“Jonathan rejected a memo from the Minister of Finance, Dr. Ngozi Okonjo-Iweala seeking the retention of Ms. Oteh. The Minister based the case for Oteh on a strong recommendation by the SGF, Anyim Pius Anyim.

“To some extent, the SGF misled the Minister because the indices did not add up for Oteh as to earn a renewal of tenure. There was no convincing statistics to prove that Oteh has led the stock market to a leap recovery.


“No one could explain why the Office of the SGF which suspended her while in office will be the one championing her retention. I think there was a tribal connotation to it.


“The evaluation of her tenure indicated an average performance because she was rated as ‘neither sterling nor spectacular. The President chose to look beyond ethnic sentiments and stood on the side of truth and the public yearning for a change in SEC.

“Stakeholders in the Stock Exchange Market, workers and others alike wanted a fresh breath of air in SEC. You will recall that at the peak of SEC crisis in 2012, Ms. Oteh’s commissioners even disowned her.

It could not be ascertained if Ms. Oteh will remain a member of the President’s Economic Management Team (EMT).

“Another source added: “She earned First Class in Computer Science from the University of Nigeria, Nsukka, the nation might still engage her elsewhere.

“No nation will allow a First Class brain and respected intellectual to waste away. Definitely, the Presidency may accommodate her elsewhere.”

Gwarzo, the Executive Commissioner for Operations, graduated with a Bachelor’s Degree in Economics from Bayero University, Kano in 1987.

He obtained a Post-Graduate Degree in Development Finance from the University of Birmingham in 1999.

He is a Fellow of the Chartered Institute of Stockbrokers.

A third source said: “Gwarzo will act pending the appointment of a substantive DG. The President has the discretion to appoint a DG in line with Section 5(1 and 2) of the Investments and Securities Act 2007.

The section says: “The DG and the three full time commissioners shall be appointed by the President upon the recommendation of the Minister and confirmation by the Senate.

“The DG shall hold office for a period of five years in the first instance and may be reappointed for a further period of five years and no more.”

Ms. Oteh was suspended on June 12, 2012 and was recalled via a letter by the SGF.

The reinstatement followed an audit report on SEC by PricewaterhouseCoopers.

Her recall created bad blood between the Presidency and the House of Representatives because she was reinstated on the eve of the presentation of the Ad Hoc Committee on Capital Market’s report on the SEC’s activities.

The crisis between the House and Ms. Oteh followed a public hearing into the capital market operations.

During the hearing, the then Chairman of the House Committee on Capital market and Other Institutions, Mr. Herman Hembe, alleged that Ms. Oteh was not qualified to be DG.

He said the committee also discovered how Ms. Oteh allegedly spent N850, 000 on hotel accommodation in a day and N85, 000 on a meal.


But Ms. Oteh took exception to the allegations, saying: “This has been a Kangaroo court. Not even in Idi Amin’s Uganda did we have this type of public hearing. You had implied that as a regulator, that by having people on secondment from the private sector, it could undermine the capacity of the regulatory functions of the commission.

“In asking the SEC to contribute N39m for this public hearing, don’t you think that you are undermining your capacity to carry out your duties?”



http://thenationonlineng.net/new/no-tenure-extension-secs-dg-oteh/

“Jonathan rejected a memo from the Minister of Finance, Dr. Ngozi Okonjo-Iweala seeking the retention of Ms. Oteh. The Minister based the case for Oteh on a strong recommendation by the SGF, Anyim Pius Anyim.

“To some extent, the SGF misled the Minister because the indices did not add up for Oteh as to earn a renewal of tenure. There was no convincing statistics to prove that Oteh has led the stock market to a leap recovery.


“No one could explain why the Office of the SGF which suspended her while in office will be the one championing her retention. I think there was a tribal connotation to it.


the IGBOs doing what they do best, Protect and promote ineptitude and cluelessness on the altar of TRIBAL sentiments.

Case study STEAL'LA ODUAH

i laff in slow motion....


gej till sometin happens!!!

How is this a news and why do you as an adult who went thru the four walls of a class room chose to make ur point known thru insult and calling of names? I hope u are not cramjones

Idiotic, two faced Yorubas always looking for problems where there is none and creating tension where none exists.
I have never seen a set of people that specialize in stoking fire and jamming heads together like the Yorubas.
Next please..

seems GEJ is trying to do away with people who he said are "the backbone of his government" and is looking to appease to new backbones after seeing and hearing from Prof Jega of INEC that magical voting figure will not be possible in 2015 as against the voodoo election figure of 2011 recorded in the SOUTH EAST.

The backbone have the least collection rate of VOTERS CARD across the ZONE so new and real BACKBONES are sought after.

He has approved the appointment of a Commissioner in the Commission, Mr. Mounir Gwarzo, as acting Director-General.

Collynzo9:
Idiotic, two faced Yorubas always looking for problems where there is none and creating tension where none exists.
I have never seen a set of people that specialize in stoking fire and jamming heads together like the Yorubas.
Next please..

I can feel your pains, anger and anguish

cry cry baby, ventilate your anger at the president looking for new SUPPORT BASE not any yoruba

Tenure of an Igbo woman expires, the President appoints a northerner as acting DG.....no problem at all nobody interested... then an inconsequential Yoruba pops out from no where trying to clash the heads of Igbos and Hausas together creating further problems in the country. Sounds familiar?
Sanusi was and remains 100% right.
Yorubas are the problem with Nigeria
http://www.thenigerianvoice.com/news/138889/1/sanusi-words-on-marble-yorubas-are-the-problem-wit.html

pendy79:
seems GEJ is trying to do away with people who he said are "the backbone of his government" and is looking to appease to new backbones after seeing and hearing from Prof Jega of INEC that magical voting figure will not be possible in 2015 as against the voodoo election figure of 2011 recorded in the SOUTH EAST.

The backbone have the least collection rate of VOTERS CARD across the ZONE so new and real BACKBONES are sought after.

He has approved the appointment of a Commissioner in the Commission, Mr. Mounir Gwarzo, as acting Director-General.

South west actually has the lowest PVC collection rate, that is if you know the meaning of rate

Collynzo9:
Tenure of an Igbo woman expires, the President appoints a northerner as acting DG.....no problem at all nobody interested... then an inconsequential Yoruba pops out from no where trying to clash the heads of Igbos and Hausas together creating further problems in the country. Sounds familiar?
Sanusi was and remains 100% right.
Yorubas are the problem with Nigeria
http://www.thenigerianvoice.com/news/138889/1/sanusi-words-on-marble-yorubas-are-the-problem-wit.html

read the report well.

“Jonathan rejected a memo from the Minister of Finance, Dr. Ngozi Okonjo-Iweala seeking the retention of Ms. Oteh. The Minister based the case for Oteh on a strong recommendation by the SGF, Anyim Pius Anyim.

“To some extent, the SGF misled the Minister because the indices did not add up for Oteh as to earn a renewal of tenure. There was no convincing statistics to prove that Oteh has led the stock market to a leap recovery.


“No one could explain why the Office of the SGF which suspended her while in office will be the one championing her retention. I think there was a tribal connotation to it

for easy assimilation and access.

why did the SFG support her return to the post he suspended her along the line for.

Read bro, I didn't put up the report

[s]

Collynzo9:
Idiotic, two faced Yorubas always looking for problems where there is none and creating tension where none exists.
I have never seen a set of people that specialize in stoking fire and jamming heads together like the Yorubas.
Next please..

[/s]

Oga welder, you are a fool. See a yeeboe goat talking about jamming heads together. Ode!

Collynzo9:
Tenure of an Igbo woman expires, the President appoints a northerner as acting DG.....no problem at all nobody interested... then an inconsequential Yoruba pops out from no where trying to clash the heads of Igbos and Hausas together creating further problems in the country. Sounds familiar?
Sanusi was and remains 100% right.
Yorubas are the problem with Nigeria
http://www.thenigerianvoice.com/news/138889/1/sanusi-words-on-marble-yorubas-are-the-problem-wit.html

Your father and the Yeeboes are the problem of the world.

.

pendy79:
“Jonathan rejected a memo from the Minister of Finance, Dr. Ngozi Okonjo-Iweala seeking the retention of Ms. Oteh. The Minister based the case for Oteh on a strong recommendation by the SGF, Anyim Pius Anyim.

“To some extent, the SGF misled the Minister because the indices did not add up for Oteh as to earn a renewal of tenure. There was no convincing statistics to prove that Oteh has led the stock market to a leap recovery.


“No one could explain why the Office of the SGF which suspended her while in office will be the one championing her retention. I think there was a tribal connotation to it.


the IGBOs doing what they do best, Protect and promote ineptitude and cluelessness on the altar of TRIBAL sentiments.

Case study STEAL'LA ODUAH

Nairaland has really lost its savor.Unintelligent commenteries everywhere.Gone are the days when individuals realy much on the kind of academic prowess exhibited & intelligent discusion on NL.

pendy79:
“Jonathan rejected a memo from the Minister of Finance, Dr. Ngozi Okonjo-Iweala seeking the retention of Ms. Oteh. The Minister based the case for Oteh on a strong recommendation by the SGF, Anyim Pius Anyim.

“To some extent, the SGF misled the Minister because the indices did not add up for Oteh as to earn a renewal of tenure. There was no convincing statistics to prove that Oteh has led the stock market to a leap recovery.


“No one could explain why the Office of the SGF which suspended her while in office will be the one championing her retention. I think there was a tribal connotation to it.


the IGBOs doing what they do best, Protect and promote ineptitude and cluelessness on the altar of [b]TRIBAL s[/b]entiments.

Case study STEAL'LA ODUAH

I am really disappointed at Ur statement. Extreme tribalism will lead u no where.

chukel:
I am really disappointed at Ur statement. Extreme tribalism will lead u no where.

Read the report before you spew rubbish.

Is it not funny that a SFG who suspended a Public Official will now turn coat and be recommending her for a new tenure.

Did your clan and people support STELLA ODUAH be retained in office despite the glaring case of graft and abuse of office?

If those are not tribalistic tendencies then accept my apology.

pendy79:


Read the report before you spew rubbish.

Is it not funny that a SFG who suspended a Public Official will now turn coat and be recommending her for a new tenure.

Did your clan and people support STELLA ODUAH be retained in office despite the glaring case of graft and abuse of office?

If those are not tribalistic tendencies then accept my apology.

be careful with ur utterances so we don't wash our linens outside. El rufai once said GMB is perpetually unelectable. Today, he is campaigning for him. Is dat tribalism? Most people who opposed GMB in 2011 are now for him. Simply because they know better. Don't reduce everything to tribalism

chukel:
be careful with ur utterances so we don't wash our linens outside. El rufai once said GMB is perpetually unelectable. Today, he is campaigning for him. Is dat tribalism? Most people who opposed GMB in 2011 are now for him. Simply because they know better. Don't reduce everything to tribalism

What utterances, what I have posted is a news paper article and report.

It is about the mindset of a minister and secretary of federal government who are supporting a candidate not for competency but tribal sentiments.

Is it not written well enough in the report?

pendy79:
“Jonathan rejected a memo from the Minister of Finance, Dr. Ngozi Okonjo-Iweala seeking the retention of Ms. Oteh. The Minister based the case for Oteh on a strong recommendation by the SGF, Anyim Pius Anyim.

“To some extent, the SGF misled the Minister because the indices did not add up for Oteh as to earn a renewal of tenure. There was no convincing statistics to prove that Oteh has led the stock market to a leap recovery.


“No one could explain why the Office of the SGF which suspended her while in office will be the one championing her retention. I think there was a tribal connotation to it.


the IGBOs doing what they do best, Protect and promote ineptitude and cluelessness on the altar of TRIBAL sentiments.

Case study STEAL'LA ODUAH

Your case is pathetic.

Ms Oteh has served meritoriously for all to see.

You creatures of ethnic and primordial chauvinism should continue to eat yourselves up while well-endowed people like Oteh keep flying higher.

maestroferddi:
Your case is pathetic.

Ms Oteh has served meritoriously for all to see.

You creatures of ethnic and primordial chauvinism should continue eat yourselves up while well-endowed people like Oteh keep flying higher.

Cry cry baby, JonaTAN don dump her like he dumped stealla Oduah

Aruma Otteh is a good riddance to bad rubbish

maestroferddi:
Your case is pathetic.

Ms Oteh has served meritoriously for all to see.

You creatures of ethnic and primordial chauvinism should continue eat yourselves up while well-endowed people like Oteh keep flying higher.

You are pathetic bro. Aruma Otteh has been controversial since day 1. Imagine her spending 850k per day for hotel and 85k per meal. Haba bros! Even workers at SEC had to protest for her removal back then. Wjat achievement are you even talking about? How is our stock market?

barcanista:
You are pathetic bro. Aruma Otteh has been controversial since day 1. Imagine her spending 850k per day for hotel and 85k per meal. Haba bros! Even workers at SEC had to protest for her removal back then. Wjat achievement did she make as D-G SEC? How is our stock market?

Barcanista she did so well that even Mr clueless praised her so well but want her to go rest.

They are blinded by tribal sentiments just like the reports stated.

The nigerian stock market is one of the worst performers in the world under her yet the Harvard Trained finance Minster wants her retained to continue her cluelessness in the post.

pendy79:


Barcanista she did so well that even Mr clueless praised her so well but want her to go rest.

They are blinded by tribal sentiments just like the reports stated.

The nigerian stock market is one of the worst performers in the world under her yet the Harvard Trained finance Minster wants her retained to continue her cluelessness in the post.

I don't understand why some people will want certain group of people in power all because he/she is my kinsman/kinswoman. This is pathetic! Jonathan goofed for not sacking Otteh few years ago. That woman has done more harm than good. Even the stock market isn't making sense

pendy79:


What utterances, what I have posted is a news paper article and report.

It is about the mindset of a minister and secretary of federal government who are supporting a candidate not for competency but tribal sentiments.

Is it not written well enough in the report?

Yes, my brother. It is an article u have posted. This is what I reacted to. What u typed and posted by urself. "the IGBOs doing what they do best, Protect and promote ineptitude and cluelessness on the altar of TRIBAL sentiments.". That wasn't part of the article. Is it? I am igbo and u know I don't support tribalism or cluelessness.

barcanista:
I don't understand why some people will want certain group of people in power all because he/she is my kinsman/kinswoman. This is pathetic! Jonathan goofed for not sacking Otteh few years ago. That woman has done more harm than good. Even the stock market isn't making sense

The exchange broke record for the biggest lost in decades under her as DG, the former DG I'm sure won't stupidly go out to sleep in a N850,000 room per night and eat a N85,000 meal per day for an exchange that was just recovering from the global economic meltdown and one stupid mofo is telling us she did meritoriously well.

They dont read news but wear their tribal toga as If her failures and incompetence didnt affect Igbo investors too.

Nigeria needs competent hands not tribal backed failures.

For JonaTAN to deny someone a 2nd term base on his view that she was incompetent shows how inept she was. JonaTAN of all people say she failed then her case is pathetic.

maestroferddi:
Your case is pathetic.

Ms Oteh has served meritoriously for all to see.

You creatures of ethnic and primordial chauvinism should continue eat yourselves up while well-endowed people like Oteh keep flying higher.

abeg sit down. Wat is meritorious about her service. She ought to have left that place a long time ago. Let's tell ourselves the truth. Has there been any improvement in stock since 2008? All the shares I bought in stock market pre 2008 have not made any progress since the collapse of stock market. Let's bring performers on board.

chukel:
Yes, my brother. It is an article u have posted. This is what I reacted to. What u typed and posted by urself. "the IGBOs doing what they do best, Protect and promote ineptitude and cluelessness on the altar of TRIBAL sentiments.". That wasn't part of the article. Is it? I am igbo and u know I don't support tribalism or cluelessness.

I wish the Ohaneze n'digbo and other igbo cultural groups and 80% of igbo contributors on NL were in tandem with your antitribalism stand when the issue of stealla Oduah came up.

pendy79:


The exchange broke record for the biggest lost in decades under her as DG, the former DG I'm sure won't stupidly go out to sleep in a N850,000 room per night and eat a N85,000 meal per day for an exchange that was just recovering from the global economic meltdown and one stupid mofo is telling us she did meritoriously well.

They dont read news but wear their tribal toga as If her failures and incompetence didnt affect Igbo investors too.

Nigeria needs competent hands not tribal backed failures.

For JonaTAN to deny someone a 2nd term base on his view that she was incompetence shows how inept she was. JonaTAN of all people say she failed then her case is pathetic.

please refrain from generalizing. U r breeding bad blood. SGF is just one person. U don't make generalization based on that. If that is the case, I can conveniently call barcanista clues less because he is ijaw. But that's not right. There are also some individual yorubas who are worse than the SGF. But u don't condemn the whole tribe cos of the stupidity of one or two people.

I gave up on Jonathan after her re-instatement in 2012. That woman is supposed to be in jail for corruption charge, to make matters worse, she allegedly spent about 1year or there about lodging in a hotel on that bill. She even accused Reps of demanding bribe from her. I believe the NASS members may have demanded bribe, I expected ICPC to swoop into the matter. Very shameful of this govt

pendy79:


The exchange broke record for the biggest lost in decades under her as DG, the former DG I'm sure won't stupidly go out to sleep in a N850,000 room per night and eat a N85,000 meal per day for an exchange that was just recovering from the global economic meltdown and one stupid mofo is telling us she did meritoriously well.

They dont read news but wear their tribal toga as If her failures and incompetence didnt affect Igbo investors too.

Nigeria needs competent hands not tribal backed failures.

For JonaTAN to deny someone a 2nd term base on his view that she was incompetence shows how inept she was. JonaTAN of all people say she failed then her case is pathetic.

pendy79:


I wish the Ohaneze n'digbo and other igbo cultural groups and 80% of igbo contributors on NL were in tandem with your antitribalism stand when the issue of stealla Oduah came up.

please don't group those of us who stand by the truth with the others. I am still igbo and will always be igbo but above all Nigerian

I agree with chukel. Many of us are guilty of stereotype, which is worse than tribalism. You are right, we have no right to hinge the action of few people on the larger tribe.

chukel:
please refrain from generalizing. U r breeding bad blood. SGF is just one person. U don't make generalization based on that. If that is the case, I can conveniently call barcanista clues less because he is ijaw. But that's not right. There are also some individual yorubas who are worse than the SGF. But u don't condemn the whole tribe cos of the stupidity of one or two people.