The Director General of the Security and
Exchange Commission, Arunma Oteh, spent a
huge N850,000 on food in one day, in violation
of regulations on how much chief executives
can spend, a House of Representatives
committee said on Wednesday.
Ms. Oteh was accused of multiple violations at a
bad-tempered public hearing of the House
committee on Capital market investigating a
dwindling market that has weakened investors
trust and cost the nation billions of naira.
The House committee, headed by Herman
Hembe, said the commission’s boss flouted
rules, compromised her position and engaged in
a spending spree in the last one year she has
held office.
At a point, Ms. Oteh accused the committee of
pursuing an agenda and surpassing the mandate
of the hearing. She branded the house sitting a
Kangaroo court, and dodged questions put to
her.
The inquiry sets out to establish why the capital
market is almost collapsing, and why big
organizations are protected by the commission
while investors face increasing risk. Lawmakers
said the DG’s unbridled spending and her
relationship with some of the organizations she
oversights have eroded the commission’s
regulatory role.
In one case, the DG spent as much as N30
million on hotel bills accommodation in eight
months and N85,000 on meals on another day.
“You stayed in a hotel for 8 months and spent
over N30 million. In one day you spent
N85,000 on food at the hotel; the other day you
spent 850,000 on food. These are the things we
should look at to see how you will regulate a
market that is collapsing,” Mr. Hembe said.
The most contentious was the revelation that
the commission’s boss recruited staff of Access
Bank, Charles Ughele and Titi Olubiyi, as SEC’s
advisers, a move lawmakers said compromised
the regulatory role of the commission over the
bank.
“I cannot believe that Access Bank can just send
somebody to your office like that”, he said,
adding, “Somebody can rightly say he is a spy.
There is no way we can be better. It smells of
plenty fraud.”
But the Director General of the Commission, Ms
Orunmah Oteh denied the partnership affected
the integrity of the commission, and said the
commission only benefited from the
experiences of the officials.
She said the remunerations of the two staff
were being paid by Access bank and not SEC,
and maintained the decision to employ them
was right. “Yes we don't have the right capacity
in that area and he (Charles) has come with
that."
The committee said the DG's actions have called
to question her competence to hold the position
and directed that she submit her academic
certificates and all documents regarding the
engagement of the Access bank staff.

premiumtimesng.com/business/4233-sec_boss_arunma_oteh_spent_n850_000_on_food_for_a_day.html

this is another patricia etteh o! I hope they are already preparing otteh gate for her o!

@tocin44, why do u keep distracting people with this ur advert? focus on the topic and stop being selfish.

Habah, incredible. This is a lawless country.

Joey82: this is another patricia etteh o! I hope they are already preparing otteh gate for her o!

They have similar names.

she should be sacked if the allegation are found to be true...but ehh this is Naija.

What irony, pot calling the kettle black

Women public officials are usually more corrupt than their male counterpart in Naija. Not surprised at all.

Women public officials are usually more corrupt than their male counterpart in Naija. Not surprised at all.

Which state or region is she from?

850k for food in a day,unbelievable!!

Serves them right. They will all get tired and openly declare that they are no more interested in public offices. They don't fear God in any way. One day He would call and their (stolen) money will not save them.

daywatcher: she should be sacked if the allegation are found to be true...but ehh this is Naija.

What irony, pot calling the kettle black

Simple

So blaaaaaaaaaaaaaady what?
Is it because she is female?
How much does GEJ spend on food a month?
Rubbish!!!!

Oh gal, chop well well o! Na drive dem wan drive you so, put fresh congo for your post.
Don't say I did not warn you.
GEJ has another girlfriend to snatch your job. WATCH OUT!

dayokanu: Which state or region is she from?

what business of urs is that

thats our dirty country ...

if our president wanted N1B for food, what is wrong is the woman eating 850,000? like president, like the sec boss. we are in a country where everybody is at ease in doing what he/she wants after all, the probe will die like other numerous and endless probes.

Callotti:
So blaaaaaaaaaaaaaady what?
Is it because she is female?
How much does GEJ spend on food a month.
Rubbish!!!!

@calloti
God bless u. Those house members probing her (Oteh) are equally very, very, very, immensely CORRUPT. They want to shine with a woman, good enough they have met their match.

Anyone that does not eat as much as possible while in that corrupt government of babarians is a fool.

kokoA: Women public officials are usually more corrupt than their male counterpart in Naija. Not surprised at all.

disagree but put it this way, women public officials lack criminology skills of covering their ass to their male. counterpart

Every thing about this country is corrupt.There is no area one can point to in Nigeria that is not in shambles. This is because sentence against corruption especially when it involves high fliers are not executed speedily that is why these useless topnotch are not afraid to steal as much as they like. Imagine spending 850000 on food for a day and staying in an hotel for 8 months

mancheeutd:
what business of urs is that

to know the parasites chopping this country

dat was a stale news. she don fire back!

By Ini Ekott
The embattled SEC boss who has been shown to abuse her office threw mud at the lawmakers grilling her
Under fire Director General of the Security and Exchange Commission, Arunma Oteh, fought back fiercely today after being accused by lawmakers for abusing her office and embarking on limitless spending.

Today, Ms. Oteh said the lawmakers are furious at her because she turned down the request of the chairman, House capital market committee, Hernan Hembe, for a N44million tip.

Ms Oteh said the lawmaker first asked for N39 million to defray the cost of the ongoing public hearing, and when she denied, the chairman asked for N5million.

That was in addition to the commission sponsoring a foreign trip for members of the committee, and paying them estacodes.

The hefty accusations have unsettled the mood at the hearing, which is being beamed live on television, and lawmakers are scrambling to play down the concerns.



After the allegations were made, Mr. Hembe asked to identify representatives of the EFCC and the ICPC at the hearing, and said he was surrendering himself to their probe over the charges.
Lawmakers discussed informally the possibilities of containing the news, with senior members questioning why the event was screened live in the first instance.

Premium could not ascertain the veracity of Ms. Oteh's allegation against the lawmaker but sources close to her said she arrived the hearing today fuming and threatening that she would unsettle the lawmakers and make them pay dearly for humiliating her Wednesday.

More to come...

kokoA: Women public officials are usually more corrupt than their male counterpart in Naija. Not surprised at all.

I was just about to post this. They are truly horrible

Dog dey chop dog,who among them has a clean hand.how much does d senate spend daily on feeding.cunning die cunning man buried.dem go soon bury dis natn.

She resigned from the African development bank to take up the SEC job .I've followed her career progress and I think she has more credibility than everybody in the house of Reps. I believe her if she says the house members are blackmailing her. Its a house of fraudstars and thieves.

Today, Ms. Oteh said the lawmakers are furious at her because she turned down the request of the chairman, House capital market committee, Hernan Hembe, for a N44million tip.

Ms Oteh said the lawmaker first asked for N39 million to defray the cost of the ongoing public hearing, and when she denied, the chairman asked for N5million.

Sitting upright in my chair.
Sipping my wine cooler slowly.
Wanno bet the he-goat asked for congo too?

What a man can do, a woman can do better, perhaps her second name is Patricia(the hair dresser} or Cecelia.

HEYYYYYYYY*shouts and close mouth*CHAI