http://thenationonlineng.net/new/news/zero-allocation-for-sec/


The House of Representative made a zero allocation for the Securities and Exchange Committee (SEC) as it passed Budget 2013 Bill yesterday.

Spokesman of the House Zakari Mohammed said the House took the stance because Director-General of SEC Aruma Oteh has refused to resign as requested by the lawmakers.

Mohammed spoke why the House hurriedly passed the budget.

He said: “We went into the executive session particularly to speak with ourselves on the budget and the issues that came up were concerns about the 2012 budget.

“There were people among us who believed that the 2013 budget should not be passed but at the end of the day, in whose benefit?

“We then decided that. If we must pass it, it must be with a proviso and that is the roll over of the capital component of the 2012 budget till April 2013. We realized that at this period, the issue of budget becomes very critical because you are susceptible to blackmail.

“Even things that are consumables can be held up by the Executive on the excuse that the National Assembly did not do certain things, so the budget cannot be implemented.

“In view of this, we felt that we should speak with ourselves and we resolved that it should be passed, in spite of our misgivings and reservations by the end of the day, let us pass the bulk figure while the details of the sectoral components would be taken head-long as they come”.

He said the House was not ready to indulge in self deceit that 2012 capital projects have performed well, while noting that the Ministries, Department and Agencies(MDAs) will want to return unspent funds to the Treasury by December 31.

“This is the scenario that leads to project failure. This is a country where mutual suspicion has been the order of the day but the assurance we have for Nigerians is that what informed our decision is that we know that there could be a general feeling that this budget might go the ways of the 2012 budget but we are putting a condition and that is the 2012 capital component must roll over.

On the benchmark, he said: “By pegging the benchmark at $79, showed that we have experts in the National Assembly that know what they are doing contrary to the believe of the Executive. When we say it should be $80, we know that it was possible but we had to reach a consensus with the Senate for the present benchmark.”

He said the National Assembly would not appropriate funds for the Security and Exchange Commission (SEC) in the 2013 because the Executive had not met the legislators’ demand for the removal of the Director General, Oteh.

In addition, he assured Nigerians that issues of integrity concerning two members, Farouk Lawan (PDP, Kano) and Herman Hembe (PDP, Benue) had not been swept under the carpet.

While Lawan was involved in an alleged $620,000 bribery scandal with businessman Mr. Femi Otedola, Hembe was accused of corruption by SEC DG, Oteh.

“It was the budget matter that delayed the presentation of the reports. They are ready and they would be dealt with when we resume from the break,” Mohammed said.

So because Otteh refused to go, the SEC will not function in 2013 BTW, this appropriation, is it for for Otteh as DG SEC or for SEC no matter who occupies that position
We are watching

monkey country - total disarray - is the money for oteh?

When you fight corruption, corruption fights back..

I rest my case; without even saying a word.

taharqa: When you fight corruption, corruption fights back..

Exactly what is playing out. Corruption is fighting back. But the problem is corruption will turn out to be the winner as gullible Nigerians (in SEC) will also mount pressure on Oteh for small favors or out of "make the small money we dey see no loss" syndrome.