remmyz: See Transcorp Hilton Food Invoice for Ms. Arunmah
Oteh Chapman Large= N1,700
1 Classical Snail=N4,500
4 Lobster Bia…=N18,400
3 Fresh Crayfish =N13,500
1 Roast Pork Belly N4,000 and more

Oh Lord have mercy on your children!!Let me also be eating wt 90 something thousand naira.

djustice:

Poverty of cash is one thing, but poverty of the mind is completely inexcusable. Like someone said earlier, would you have preferred she host her official guests at Sweet Sensation or KFC? What kind of sewage spilled into your brain exactly? If you cannot comprehend that at that level, you ALWAYS have to put your best foot forward, and you're a graduate, I fully agree with those that insist that the Nigerian public university system is a failure, since you're most likely a product. Odenson!

I beg make i hear word. Na u de suffer from the poverty of the mind and you have an immature psyche of a poor man: once they see money they will want to spend everything. SO it is when you eat in a 5 star restaurant that is when you are veeeery rich. You are just like a farm bot just come lagos 4 the first time.

[b][/b][/color]mrs she a very gready woman, instead of 41,600 the figure now rise to 850k [color=#990000]mrs she a very gready woman, instead of 41,600 the figure now rise to 850k mrs she a very gready woman, instead of 41,600 the figure now rise to 850k. pls let her go to jail.

brainpulse:

I beg make i hear word. Na u de suffer from the poverty of the mind and you have an immature psyche of a poor man: once they see money they will want to spend everything. SO it is when you eat in a 5 star restaurant that is when you are veeeery rich. You are just like a farm bot just come lagos 4 the first time.

gbam!

brainpulse:

Don't come and prove big boy for us even when you are still in Ojuwoye mushin we all know even nursery school students. We are questioning the moral and justification, and the sense of being modest. People always living hypocritical life forming for us nonsense and ingredient.

Sentiments apart,are you saying that woman cant afford to eat in transcorp ? Btw,where do you stay Agege or oshodi ?

djustice: And what exactly is wrong with this bill? From the main courses consumed, it looks like at least 6 people sat to have this meal. If that's the case, I see nothing to shout about. At these sort of hotels (frankly, I'd never expect the DG of a body of the SEC to go below this standard. I even consider it a bit low for that sort of office to be honest, but it's the best available, so, what gives?), this sort of bill is normal. In fact, it even seems relatively inexpensive, to be honest. A meal for a minimum of 6 people at one of Nigeria's top hotels came to just over 91k? That's a minor miracle! Leave this woman alone. I don't see anything wrong with this bill. People are just fishing desperately for something to hang her with!

May yoou never hold a public office. Amen! Are you for real?

My friend, don't blame me for your personal circumstances. Na me say make you poor? If you want to be truly wealthy, get off your sorry ass and work bloody hard at anything honest!! Even the polithiefcians that we castigate here daily lift their fingers once in a while to sign our money into their offshore accounts (not sure that counts as work). Not boasting or anything, but if you achieve just a tenth of what I've managed to achieve by dint of God's Grace, blessing my hard and smart work across continents, you would be the king of your hamlet. Obviously, your brain is not quite pulsing enough.

brainpulse:

Don't come and prove big boy for us even when you are still in Ojuwoye mushin we all know even nursery school students. We are questioning the moral and justification, and the sense of being modest. People always living hypocritical life forming for us nonsense and ingredient.

djustice:

Just imagine the Chairman of the Securities and Exchange Commission in the US hosting potential Chinese investors at McDonalds.....YOU, sir, are evidently overdosed and high as a kite on kunu! What on earth are you on about? "Govt money is free money"? Which dirty hamlet did you just crawl out of? Just crawl back there and go an regale them with tales of your escapades at Mama Cass, Sweet Sensation and others. Bush man!

Listened to Arunah Oteh's Son

lol poverty na bad thing ooo!!! Unah wan make d woman dey chop akara nd agege bread +pure sachet water

That bill is not too much for her, at least there is reciept frm d hotel, they shld go and enquire frm d hotel if d price is d same thing, having worked in one dis big hotel i can tell u there are wines dt goes for 40,000, and i have seen dt wil come and drink up to 10botls at a go, a plate of food goes for 12,000, so they shld stop insulting d woman and do their job of why d capital market crashed, of which d woman was not their when it happened.

What is wrong with Nigerians, why don't we ask questions ? must we swallow everything hook line and sinker.

The receipt is from a business lunch which the DG had with a sister regulatory agency from another country, and it was billed to her room since she was still at the hotel at that time.
We all know the reps are some of the most corrupt, malicious and venal people to walk the surface of this earth, doesn't it seem plausible that anybody they are trying to destroy must have constituted a stumbling block to some of their sinister plans??

this is the SEC's official press statement and i would take it a million times over what the lying, thieving reps have to say.

FRIVOLOUS ALLEGATIONS AGAINST THE SECURITIES AND EXCHANGE COMMISSION (SEC) & MS ARUNMA OTEH, D-G, SEC
On Tuesday, 13th March 2012, the House of Representatives Committee on Capital Markets and other Institutions commenced a public hearing “to identify the manifest causes of the markets’ near collapse with a view to finding lasting solutions.”
In our belief that such a step aligned with the expectations of most Nigerians, many of whom suffered losses as the equity market plummeted from a capitalization of N12.6 trillion at its peak in March 2008 to N3.99 trillion at its lowest in February 2009, we prepared and presented a submission on the first day of the hearing. (Read here).
We outlined the causes of the market downturn in Nigeria, what steps we have since taken to salvage the market from further decline and what further steps we plan to take to fully restore investor confidence.
Since Ms. Oteh assumed office as SEC DG on 7th January, 2010 she has led a reform programme to restore market integrity and revive investors’ confidence.
These reforms included charging over 260 individuals and entities before the Investment and Securities Tribunal for market abuses that led to the downturn, and seeking orders of disgorgement and restitution of investors.
Based on evidence of financial mismanagement and corporate governance lapses, the SEC in 2010 also replaced the leadership of the Nigerian Stock Exchange (NSE).
As a result, equity market capitalization now stands at N6.6 trillion.
There are also new products, new listing requirements, greater capacity among operators and regulators and a drastic reduction in market infraction among others.
Aware of the sensitivity of the capital market to information, we have generally exercised restraint despite the use of some media publications by some vested interests to tarnish the reputation of the DG and the SEC
These facts are provided to avoid creating room for persons pursuing personal vendetta to damage the reputation of our Director General, to diminish the authority of the apex regulator to fight market infraction and to undermine the integrity of our market.
The DG SEC recognizes the need to follow due process, probity and fairness, given her vigorous war against white-collar crime and other capital market improprieties.
The SEC therefore welcomes investigations by relevant authorities into its operations, actions and processes, as well as requests for information by members of the public.

At the public hearing, several frivolous and false allegations were made against the SEC and the person of Ms Oteh, Director General of the SEC. This release presents the facts as follows:
a. Did Ms Oteh consume a meal of N850,000 or did the SEC pay a meal bill of N850,000 for the DG SEC?
b. Did SEC DG stay at a hotel prior to getting her rented accommodation
c. Did the SEC procure official accommodation for Ms Oteh?
d. Did the SEC purchase four cars for the DG SEC, Ms Oteh?
e. Did SEC or the DG SEC compromise her regulatory function by engaging Access Bank staff?

Did Ms Oteh consume a meal of N850,000 or did the SEC pay a bill of N850,000 for the DG SEC?
Answer: No, Ms Oteh has never consumed a meal worth N850,000 nor has she ever submitted such a bill to the SEC.
The bill referred to at the public hearing related to Ms Oteh’s hotel expenses during her stay at the Hilton following her assumption of duty.
We have reviewed her hotel expenses during her stay, and the highest charge for food was N83,400 on March 24, 2010.
This bill was in respect of an official dinner hosted by the SEC with a group of international capital market experts who were visiting Nigeria to provide technical assistance to SEC Nigeria.
The bill for the official dinner was charged to her room, and therefore the SEC’s account.
This was a single incident, and was not a personal affair. Hilton’s billing records can corroborate this.

Did SEC DG stay at a hotel prior to getting her rented accommodation?
Answer: Yes, and this was in line with the terms and conditions of her employment verbally communicated to her on January 7, 2010 and confirmed in writing on January 11, 2010.
At the time of Ms Oteh’s assumption of duty as SEC DG, she had no home in Abuja.
The official policy of the SEC is to provide official accommodation for the DG. Pending the provision of such residential facility, the DG is lodged in a hotel.
Ms Oteh however voluntarily left the hotel before an official residence could be provided, unhappy with the lack of privacy at a hotel accommodation and for security reasons.

Did the SEC procure official accommodation for Ms Oteh?
Answer: No, she lives in a rented accommodation procured in her personal capacity, on her account.
In accordance with its policy of providing official residential accommodation for its DG, the SEC began on January 7, 2010 to search for official residence for Ms Oteh.
This policy on official accommodation was communicated to Ms Oteh in writing upon assumption of duty.
The transaction referred to at the public hearing was in February 2011, in respect of rental property in Maitama, Abuja at N25 million per annum, actually lower than the going rate of similar property in the area. The transaction collapsed when the property owner required the SEC to pay as much as four years rent in advance.
The issue of high rents has been a source of concern and been the subject of a bill debated on the floor of the House of Representatives. (Read here)
All the negotiations for an official accommodation failed for reasons relating to high cost, availability, and frequently changing terms.
These transactions never materialized; the SEC NEVER leased any property for Ms Oteh.
The SEC was not successful in finding accommodation for the DG. In line with its policy, the Commission offered rental allowance to Ms Oteh in lieu of official accommodation.

Did the SEC purchase four cars for the DG, Ms Oteh at N42 million
Answer: No. She uses the two pool cars assigned to her, one in Lagos and one in Abuja.
Pool cars are official cars that belong to the Commission and used for the purposes of the Commission
Since the DG’s arrival, only two pool cars have been purchased by the SEC and assigned to the DG
The two pool cars were purchased to replace two old cars that were subject to frequent breakdowns.
The purchase of these cars followed due process and the provisions of the public procurement laws.

Did the SEC or DG SEC compromise her regulatory function by engaging Access Bank staff on secondment?
Answer: No. Laid down rules, procedures and processes have been strictly complied with by the SEC since January 2010 (including in the processing of any transaction involving Access Bank). The seconded Access Bank staff were: a project adviser and a communications assistant, and these two areas are not at the core of the SEC’s regulatory function.
Prior to Ms Oteh’s assumption of duty, two independent studies commissioned by the SEC’s Board indicated that there were human capacity gaps at the Commission.
One of the initiatives she took to quickly address the capacity issues was to reach out to development agencies, sister regulators and the private sector for assistance.
This way, the SEC received technical assistance from a multilateral development bank, a sister regulator and the private sector to revamp its sub-optimal ICT infrastructure, to complement the in-house ICT staff.
Equally, the IFC/ESMID provided a Resident Bond Adviser, for 18 months, to help develop the fixed income market.
In addition, the SEC requested and received pro bono secondment of two employees of Access Bank, one a project adviser (on facilities management), the other on brand communication support (communication assistant).
These Access Bank employees have no connection with the core regulatory functions of the Commission in any manner as would create a conflict of interest.
In fact, Access Bank has disclosed the details of the secondment in its 2010 annual report.
The fact that the SEC has bank accounts and investments with a number of banks has not undermined our capacity to regulate or approve transactions relating to them.
The Access Bank secondment in 2010 happened because recruiting full-time staff at the SEC, as in many government agencies, takes a long time. For instance, the SEC’s recent recruitment of 52 Young Professionals lasted one full year.
Note also that Access Bank is primarily regulated by the CBN.
The transaction involving Access Bank that has required the SEC’s approval was that bank’s recent acquisition of Intercontinental Bank.
Most significant securities transactions involving a bank, such as a merger or acquisition, involve shareholders, the Central Bank, the Ministry of Finance, various departments at the SEC and the Federal High Court.
For a merger, an acquisition or takeover, there are laid down procedures for the SEC’s approval.
The DG’s office receives all applications to the SEC, and in the case of a merger or acquisition, forwards it to the Executive Commissioner Operations (ECOP). The ECOP in turn forwards the application to the Director of the Securities and Investments Services (SIS) Division who then forwards the application to the Head, Mergers & Takeover department, the Head, Legal Division of SIS. The Director of SIS receives the analysis of the transaction from M&T and the legal opinion of the Legal Division, both of SIS. The Director SIS then makes a recommendation to the Executive Commissioner, Operations who in turn reviews and either endorses or disapproves the transaction and submits to the DG for final approval. The DG’s decision is based on the recommendations made and is communicated to the parties through the ECOP and Director SIS.
The Access Bank transaction was recommended for approval by all the departments and officers of the SEC who reviewed it.
The other stakeholders including the shareholders, the CBN, the Ministry of Finance and the Federal High Court also approved and endorsed the transaction.
On a review of the SEC’s records, we find that secondment is not a new practice and the public sector.
Indeed as far back as 1988, the DG SEC as a member of the Technical Committee on Privatization endorsed the involvement and appointment of private sector officials in the privatization process.

Obi Adindu
Securities and Exchange Commission
oadindu@sec.gov.ng

babaowo: lol poverty na bad thing ooo!!! Unah wan make d woman dey chop akara nd agege bread +pure sachet water

Lmao

kokoA:

May yoou never hold a public office. Amen! Are you for real?

Fortunately, that's not your call. You're the unrealistic one. Imagine you, yes, church rat you, hosting your irepe girlfriend at a mamaput, just to prove your frugality and ability to manage your funds well. Well, you can kiss that girl goodbye, the minute my son rolls in with his kia picanto to take her to dinner at Pearl Garden, Tiamiyu Savage Street, VI, or Yellow Chilli, off Idejo.....write the venues and the addresses down o...you'll find them useful when you eventually begin to make honest money from (hopefully) your honest hard work. I wouldn't even take the job if they could not afford to foot the bill of the occasional dinner at these sorts of places. In fact, at my current level, I'm getting out of reach of government, if this is the noise one has to face over a N91k dinner bill for six billionaires. I doubt that Oteh was a pauper before being given the job, and government should not punch above their weight when it comes to hiring people, to be honest. I've had to turn down government contracts and appointments in this same Nigeria in the past, because: 1. I knew they couldn't afford me, but mainly because 2. Those offering the appointments are the worst thieves in Nigerian public service history.

Seriously bro, dinner at N15k per head is cheap for some people. That's the real world of not so high rollers. Trust me on this.

djustice: My friend, don't blame me for your personal circumstances. Na me say make you poor? If you want to be truly wealthy, get off your sorry ass and work bloody hard at anything honest!! Even the polithiefcians that we castigate here daily lift their fingers once in a while to sign our money into their offshore accounts (not sure that counts as work). Not boasting or anything, but if you achieve just a tenth of what I've managed to achieve by dint of God's Grace, blessing my hard and smart work across continents, you would be the king of your hamlet. Obviously, your brain is not quite pulsing enough.

I am working in O& G stays in Oshodi can feed you and family 10 times and still eat nice orisirisi at Iya basirat.

See what were complaining about, we want to eat this women's head off because she hosted international investors with 85K, when the reps get 45mill as official salary and still want more, please remove the plank in your eye before trying to remove the spec in anthers eye. she has doubled the stock exchange since she came in. i wish nigerians would open their eyes and see that these reps only do what will favor them.
as far as am concerned THE ENEMY OF MY ENEMY IS MY FRIEND.

SHEY they said it was 850k first now it has come down to 85K i sense witch hunting if the house of reps has to result to spurious figures just to get the outrage of the public.

brainpulse:

[b]I am working in O& G stays in Oshodi can feed you and family [/b]10 times and still eat nice orisirisi at Iya basirat.

The reason for your poverty is very evident in your grammar. I could never employ someone like you, even as a security guard. No punctuation, wrong tense and obviously very bad comprehension. Your tori don get k-leg tey tey!

What is wrong with this Djustice and bluetooth. I bet it they are both extremely poor guys who happened to have visited transcorp may once or twice courtesy of a friend or maybe on excursion. It is people that don't know how to work for money that usually talk rubbish about money. The RIGHT QUESTION WE SHOULD BE ASKING IS tHIS; is the bill a one time event or a regular stuff? If the DG decides to show off to his chinese friends she has efisi, we may pardon her but from what we hear, this is regular thing throughout her 8mnth stay at TRANSCORP. So if she is always hosting at least 6people on a daily basis at 90K per meal for 8mnth...HABA!What is wrong with this Djustice and bluetooth. I bet it they are both extremely poor guys who happened to have visited transcorp may once or twice courtesy of a friend or maybe on excursion. It is people that don't know how to work for money that usually talk rubbish about money. The RIGHT QUESTION WE SHOULD BE ASKING IS tHIS; is the bill a one time event or a regular stuff? If the DG decides to show off to his chinese friends she has efisi, we may pardon her but from what we hear, this is regular thing throughout her 8mnth stay at TRANSCORP. So if she is always hosting at least 6people on a daily basis at 90K per meal for 8mnth...HABA!What is wrong with this Djustice and bluetooth. I bet it they are both extremely poor guys who happened to have visited transcorp may once or twice courtesy of a friend or maybe on excursion. It is people that don't know how to work for money that usually talk rubbish about money. The RIGHT QUESTION WE SHOULD BE ASKING IS tHIS; is the bill a one time event or a regular stuff? If the DG decides to show off to his chinese friends she has efisi, we may pardon her but from what we hear, this is regular thing throughout her 8mnth stay at TRANSCORP. So if she is always hosting at least 6people on a daily basis at 90K per meal for 8mnth...HABA!

SEC head office is in Abuja. Therefore, she should have a house in Abuja. Am sure she gets housing allowance too. Why is she lodged in Transcorp then? Makes no sense to me. Small ways the government wastes money.

84,300 naira? That's approximately 330 pounds. . .kini big deal?

Please,leave this woman alone.Sanusi has done more damaged to the financial market than this woman and has not been called to order and castigate like they way we have done with Oteh.I noticed how quicked opponents are quick to drag the names of people in the mud at any slightest issue.Some time,its borne out of frudtration,envy and jeolousy.people who were caught up in her reoorganisation are also masquerades hiding as posters here too.let some of us here who have travelled or lodge in a hotel at a company expenses indicates that we have not eaten more than we should if it was us paying the bill.Let the memeber of representative also be bold enough to show us their Invoices.We usually channel our energy through the wrong people.I read on the Internet how a former boss of Police pension was caught with 2B naira cash.I have not see our outrage concerning that issue.

kunlekunle: if she had to pay from her purse, her husband go don sack her

she no get husband!

What is wrong with this bill? I would highglight what I believe is wrong with it.

a)If this meeting was an official lunch/dinner, then it would have been organised by her office. In which case, the protocol people would have been in charge and it would duly have been charged to the office account.

b) Peradventure this was a meeting that was impromptu, and she deemed it fit that she should host them, then she would have needed to get a separate bill for it and get it re-imbursed for the said amount or get the PA to sort it out.

It should be noted that being in an official accommodation does not translate to everything done there is official. Upright individuals know when and how to draw the distinction. When one starts to muddle up the differences, one starts to fish in the murky waters of corruption.

Sometimes some of you just derail so quickly. The bill is ok. Lets probe her for serious corruption not a bill from Transcorp Hilton. If you are hosted in the same hotel for an event or something else, you will have the same kind of bill. That is not corruption. You cannot ask Transcorp hilton to change their price and you cannot ask the lady to pay for herself while she is on national assignment. Even junior staff workers who go for events and stay in these hotels, incure these kind of bills. Lets not derail. There are very serious issues to deal with here. I am glad the probe is still on.

We wey dey abroad fit still live for Naija so?
Kai, N84,300 for a meal

I am surprised at those complaining of meal of 85k for a DG of SEC.

At my small level,Chevron lodged me for a night at planet one in lagos and in the morning, when the bill came for me to sign it was 56k and people are here complaining of a DG and at Hilton for that matter.

She is really cheap i say.

I can see a number "1026." Is that a room number? If it is, why're they billing a room number in a hotel in Abuja for someone who's supposed to be living in Abuja?

What is wrong with Nigerians, why don't we ask questions ? must we swallow everything hook line and sinker.

The receipt is from a business lunch which the DG had with a sister regulatory agency from another country, and it was billed to her room since she was still at the hotel at that time.
We all know the reps are some of the most corrupt, malicious and venal people to walk the surface of this earth, doesn't it seem plausible that anybody they are trying to destroy must have constituted a stumbling block to some of their sinister plans??

this is the SEC's official press statement and i would take it a million times over what the lying, thieving reps have to say.

FRIVOLOUS ALLEGATIONS AGAINST THE SECURITIES AND EXCHANGE COMMISSION (SEC) & MS ARUNMA OTEH, D-G, SEC
On Tuesday, 13th March 2012, the House of Representatives Committee on Capital Markets and other Institutions commenced a public hearing “to identify the manifest causes of the markets’ near collapse with a view to finding lasting solutions.”
In our belief that such a step aligned with the expectations of most Nigerians, many of whom suffered losses as the equity market plummeted from a capitalization of N12.6 trillion at its peak in March 2008 to N3.99 trillion at its lowest in February 2009, we prepared and presented a submission on the first day of the hearing. (Read here).
We outlined the causes of the market downturn in Nigeria, what steps we have since taken to salvage the market from further decline and what further steps we plan to take to fully restore investor confidence.
Since Ms. Oteh assumed office as SEC DG on 7th January, 2010 she has led a reform programme to restore market integrity and revive investors’ confidence.
These reforms included charging over 260 individuals and entities before the Investment and Securities Tribunal for market abuses that led to the downturn, and seeking orders of disgorgement and restitution of investors.
Based on evidence of financial mismanagement and corporate governance lapses, the SEC in 2010 also replaced the leadership of the Nigerian Stock Exchange (NSE).
As a result, equity market capitalization now stands at N6.6 trillion.
There are also new products, new listing requirements, greater capacity among operators and regulators and a drastic reduction in market infraction among others.
Aware of the sensitivity of the capital market to information, we have generally exercised restraint despite the use of some media publications by some vested interests to tarnish the reputation of the DG and the SEC
These facts are provided to avoid creating room for persons pursuing personal vendetta to damage the reputation of our Director General, to diminish the authority of the apex regulator to fight market infraction and to undermine the integrity of our market.
The DG SEC recognizes the need to follow due process, probity and fairness, given her vigorous war against white-collar crime and other capital market improprieties.
The SEC therefore welcomes investigations by relevant authorities into its operations, actions and processes, as well as requests for information by members of the public.

At the public hearing, several frivolous and false allegations were made against the SEC and the person of Ms Oteh, Director General of the SEC. This release presents the facts as follows:
a. Did Ms Oteh consume a meal of N850,000 or did the SEC pay a meal bill of N850,000 for the DG SEC?
b. Did SEC DG stay at a hotel prior to getting her rented accommodation
c. Did the SEC procure official accommodation for Ms Oteh?
d. Did the SEC purchase four cars for the DG SEC, Ms Oteh?
e. Did SEC or the DG SEC compromise her regulatory function by engaging Access Bank staff?

Did Ms Oteh consume a meal of N850,000 or did the SEC pay a bill of N850,000 for the DG SEC?
Answer: No, Ms Oteh has never consumed a meal worth N850,000 nor has she ever submitted such a bill to the SEC.
The bill referred to at the public hearing related to Ms Oteh’s hotel expenses during her stay at the Hilton following her assumption of duty.
We have reviewed her hotel expenses during her stay, and the highest charge for food was N83,400 on March 24, 2010.
This bill was in respect of an official dinner hosted by the SEC with a group of international capital market experts who were visiting Nigeria to provide technical assistance to SEC Nigeria.
The bill for the official dinner was charged to her room, and therefore the SEC’s account.
This was a single incident, and was not a personal affair. Hilton’s billing records can corroborate this.

Did SEC DG stay at a hotel prior to getting her rented accommodation?
Answer: Yes, and this was in line with the terms and conditions of her employment verbally communicated to her on January 7, 2010 and confirmed in writing on January 11, 2010.
At the time of Ms Oteh’s assumption of duty as SEC DG, she had no home in Abuja.
The official policy of the SEC is to provide official accommodation for the DG. Pending the provision of such residential facility, the DG is lodged in a hotel.
Ms Oteh however voluntarily left the hotel before an official residence could be provided, unhappy with the lack of privacy at a hotel accommodation and for security reasons.

Did the SEC procure official accommodation for Ms Oteh?
Answer: No, she lives in a rented accommodation procured in her personal capacity, on her account.
In accordance with its policy of providing official residential accommodation for its DG, the SEC began on January 7, 2010 to search for official residence for Ms Oteh.
This policy on official accommodation was communicated to Ms Oteh in writing upon assumption of duty.
The transaction referred to at the public hearing was in February 2011, in respect of rental property in Maitama, Abuja at N25 million per annum, actually lower than the going rate of similar property in the area. The transaction collapsed when the property owner required the SEC to pay as much as four years rent in advance.
The issue of high rents has been a source of concern and been the subject of a bill debated on the floor of the House of Representatives. (Read here)
All the negotiations for an official accommodation failed for reasons relating to high cost, availability, and frequently changing terms.
These transactions never materialized; the SEC NEVER leased any property for Ms Oteh.
The SEC was not successful in finding accommodation for the DG. In line with its policy, the Commission offered rental allowance to Ms Oteh in lieu of official accommodation.

Did the SEC purchase four cars for the DG, Ms Oteh at N42 million
Answer: No. She uses the two pool cars assigned to her, one in Lagos and one in Abuja.
Pool cars are official cars that belong to the Commission and used for the purposes of the Commission
Since the DG’s arrival, only two pool cars have been purchased by the SEC and assigned to the DG
The two pool cars were purchased to replace two old cars that were subject to frequent breakdowns.
The purchase of these cars followed due process and the provisions of the public procurement laws.

Did the SEC or DG SEC compromise her regulatory function by engaging Access Bank staff on secondment?
Answer: No. Laid down rules, procedures and processes have been strictly complied with by the SEC since January 2010 (including in the processing of any transaction involving Access Bank). The seconded Access Bank staff were: a project adviser and a communications assistant, and these two areas are not at the core of the SEC’s regulatory function.
Prior to Ms Oteh’s assumption of duty, two independent studies commissioned by the SEC’s Board indicated that there were human capacity gaps at the Commission.
One of the initiatives she took to quickly address the capacity issues was to reach out to development agencies, sister regulators and the private sector for assistance.
This way, the SEC received technical assistance from a multilateral development bank, a sister regulator and the private sector to revamp its sub-optimal ICT infrastructure, to complement the in-house ICT staff.
Equally, the IFC/ESMID provided a Resident Bond Adviser, for 18 months, to help develop the fixed income market.
In addition, the SEC requested and received pro bono secondment of two employees of Access Bank, one a project adviser (on facilities management), the other on brand communication support (communication assistant).
These Access Bank employees have no connection with the core regulatory functions of the Commission in any manner as would create a conflict of interest.
In fact, Access Bank has disclosed the details of the secondment in its 2010 annual report.
The fact that the SEC has bank accounts and investments with a number of banks has not undermined our capacity to regulate or approve transactions relating to them.
The Access Bank secondment in 2010 happened because recruiting full-time staff at the SEC, as in many government agencies, takes a long time. For instance, the SEC’s recent recruitment of 52 Young Professionals lasted one full year.
Note also that Access Bank is primarily regulated by the CBN.
The transaction involving Access Bank that has required the SEC’s approval was that bank’s recent acquisition of Intercontinental Bank.
Most significant securities transactions involving a bank, such as a merger or acquisition, involve shareholders, the Central Bank, the Ministry of Finance, various departments at the SEC and the Federal High Court.
For a merger, an acquisition or takeover, there are laid down procedures for the SEC’s approval.
The DG’s office receives all applications to the SEC, and in the case of a merger or acquisition, forwards it to the Executive Commissioner Operations (ECOP). The ECOP in turn forwards the application to the Director of the Securities and Investments Services (SIS) Division who then forwards the application to the Head, Mergers & Takeover department, the Head, Legal Division of SIS. The Director of SIS receives the analysis of the transaction from M&T and the legal opinion of the Legal Division, both of SIS. The Director SIS then makes a recommendation to the Executive Commissioner, Operations who in turn reviews and either endorses or disapproves the transaction and submits to the DG for final approval. The DG’s decision is based on the recommendations made and is communicated to the parties through the ECOP and Director SIS.
The Access Bank transaction was recommended for approval by all the departments and officers of the SEC who reviewed it.
The other stakeholders including the shareholders, the CBN, the Ministry of Finance and the Federal High Court also approved and endorsed the transaction.
On a review of the SEC’s records, we find that secondment is not a new practice and the public sector.
Indeed as far back as 1988, the DG SEC as a member of the Technical Committee on Privatization endorsed the involvement and appointment of private sector officials in the privatization process.

Obi Adindu
Securities and Exchange Commission
oadindu@sec.gov.ng

Okay, now I see!

I agree with the poster who counselled against derailing. Was this a dinner for guests of the commission as claimed? This bill would then be okay. Was it a regular thing? If not, nothing wrong with this. If Nigeria couldnt afford to put its officials in Transcorp Hilton, that should be spelt out. You cannot victimise someone for enjoying what she is entitled to. Was she promised hotel accommodation in a 5 star hotel. If yes, again, nothing to crucify her for. Having said that, the woman can be investigated for other things and there you may find real reason to send her to jail. Not these mundane issue of N85k for dinner of 6 adults at Transcorp. If we dont want it, we should make a law going forward that govt public officials cannot stay in more than 3 star hotels. Anyone who doesnt like it can reject any offer of appointment/employment etc.

Well as a dg oteh is entitled to a 5 star hotel services. Any thing to the contrary she would be tag stingy or cutting corners to put the rest in her pocket. 4 those critics they will do same cos that is the standard except otherwise spelt clearly