Friday, 12 October 2012
House to house check in zaria city.... Islamic groups raises concern
NAtional assembly fires back at the presidency
Senate President David Mark and Speaker Aminu Tambuwal came under fire from the Presidency yesterday over their comments on Wednesday in which they criticised President Jonathan for poor budget implementation. Presidential assistant Doyin Okupe said the National Assembly leaders were merely grandstanding and were deliberately trying to discredit the Jonathan administration.
At the budget event on Wednesday, Mark told the President not to expect the lawmakers to “robotically pass budget estimates as presented,” while Tambuwal said the 2012 budget implementation had not been impressive.
But at a news conference in Abuja yesterday, Okupe, who is Jonathan’s senior special assistant on public affairs, said Mark and Tambuwal’s statements were unnecessary.
“What was clearly a masterly presentation of a commendable development agenda…was nearly marred by some unnecessary scathing remarks by the leadership of the National Assembly,” Okupe said.
“Let me state emphatically that the president and his administration do not expect and has never ever conceived the idea that in a healthy democracy, the National Assembly would just rubber stamp whatever is presented.
“It is quite clear that this is not a high handed administration and is not dogmatic in any way. In a healthy democracy there is exchange of ideas and deliberations over various national issues until reasonable agreements are made.”
Okupe also criticised Mark for saying that the budget figures were “mere estimates”.
“The budget represents the mission, intention and the definitive steps that the government intends to take over the next twelve months and we felt that referring to it as mere estimates demeans the quality of the document itself,” Okupe said.
In his statement on Wednesday, Tambuwal had said reports from House of Representatives committees that monitored 2012 budget implementation showed that the execution level and the funds releases were poor.
“This statement cannot be wholesomely acceptable if you look at the background and how they hurriedly packaged the oversight visit. In one week, the assembly had gone round the whole country and quickly completed oversight function and come to that conclusion,” Okupe said.
He added that the claim of poor budget execution was a deliberate attempt by the National Assembly to discredit the Jonathan administration, arguing that the late passage of the budget should have been considered.
“This budget became law at the end of 2012 so it has just been implemented for the past five months only. A budget is expected to last for 12 months but because of the late passage, it was only implemented for five months,” he said.
Okupe said it was “dictatorial and authoritarian” for the House of Representatives to have raised the oil price benchmark proposed by the President in the budget from $75 to $80 per barrel.
He said in the interest of the Nigerian people, the National Assembly and the executive must find a common ground rather than resorting to what he called grandstanding.
Mark to Okupe: Know your limits
Late last night, Mark and Tambuwal responded to what they called Okupe’s disrespectful remarks against the National Assembly and its leaders.
A statement by Mark’s spokesman Kola Ologbondiyan said, “It is instructive to first state that Senator Mark and Mr. President are on the same page in the onerous task of ensuring the actualisation of the transformation agenda of this administration.
“There was nothing derisive in the welcome address of the president of the senate at the budget presentation. We challenge Dr. Okukpe to revisit the speech and discover his misadventure.
“It is therefore strange that Dr. Okupe would meddlesomely attempt to create unnecessary disaffection between the legislature and the executive.
“It is common knowledge that budgets are estimates of revenues and expenditures of the Federation for the next financial year. Section 81 of the1999 Constitution (as amended) is very explicit. The position of the Senate which was expressed by the President of the Senate is that in line with constitutional provisions, the legislature has a right of appropriation.
“Dr. Okupe as a public affairs manager has a responsibility to make friends and create a harmonious working relationship between the executive and other arms of government. His job is not to make enemies and create unfavorable atmosphere for Mr. President.
Tambuwal: Okupe is ignorant
In a statement by his spokesman Imam Imam, Tambuwal said the “remarks of the two leaders where in conformity with the provisions of the 1999 Constitution of the Federal Republic of Nigeria (as amended) and that all statements by the two leaders were backed by facts and figures from field studies by the legislators and expert advises.
“It is apparent that Okupe is dabbling into areas where he is totally ignorant about. The uncouth manner in which he replied elected representatives showed his apparent lack of respect to the legislature as an institution. The entire remarks he made gave him out as an overzealous official doing a hatchet job in order to be relevant in the scheme of things.
“The Speaker and the House of Representatives will always stand by the tenets of good governance and true representation at all times.”
Tuesday, 20 March 2012
Nine year old girl explains how she was rape by her teacher!
A nine-year-old pupil of Sunshine Nursery and Primary School, Ile-Ife, Osun State, (name withheld) has narrated before a High Court sitting in Ife how she was allegedly raped by her teacher, Mr. Francis Ijiwande.
At the hearing on Friday, the pupil alleged that Ijiwande had forceful carnal knowledge of her in 2010.
The pupil told the court that the teacher accosted her when she was urinating behind her classroom and subsequently raped her on the school premises – after the school hours.
But the teacher restated his innocence before the court, stressing that he did not commit the crime.
The pupil told the Justice O Siyanbola-led court that, “Mr. Ijiwande was my teacher in primary four. I was in primary five when he raped me. When I was urinating behind the classroom, I saw uncle (Ijiwande) standing at my front.
“As I was urinating, uncle pushed me down. He removed my pant and threw it away. I shouted for help but no one came to my rescue. Uncle removed his trousers and boxer. He then lay on me and removed his private part and put it inside my private part.
“I felt the pains in my thigh and back when uncle was on me. Uncle did not stay long on me. I also felt the pains after uncle stood up. I managed to stand up and stay with my younger brothers, who were waiting for my father at the front of my school.”
When asked if she told her parents her ordeal, the victim replied, “I did not tell my parents because Uncle Ijiwande threatened to kill me. I only complained of back and thigh pains. My parents gave me Paracetamol, (a pain reliever), but the pains persisted.”
She explained that her mother discovered the fate that had befallen her four days later when the pains did not subside, adding that she was subsequently taken to a hospital.
The victim said, “My mother called me in the evening and ordered me to remove my pant. She discovered something like mucus and clotted blood at my private part. My mother shouted and she started crying. My father woke and we all prayed together and we went to sleep.
“The day, my parents took me to a hospital. A doctor conducted a test on me. We later went to a police station where I made statement on what Uncle Ijiwande did to me and he was arrested.
“Two policemen followed me to where uncle raped me. My parents and Aunty Bisi, the proprietress of the school, also followed us. Aunty Bisi called me aside and told me not to mention uncle Ijiwande’s name again. She told me the police would kill him and that I would not see him again.”
Testifying before the court, a Professor of Gynecology, Orji Okechukwu, who conducted a test on the victim, confirmed that the pupil was actually raped.
Okechukwu accused the police of lack of diligent prosecution, saying they failed to conduct a test on the girl and the accused when the matter was reported.
The gynaecologist said he refused to release the result of the test he conducted on the victim and the specimen he took, alleging that the police thereafter began to threaten him.
However, the prosecuting counsel, Mr. Moses Faremi, prayed the court to adjourn the case for further hearing, saying he was not healthy.
Justice Siyanbola granted Faremi’s prayer and adjourned the matter till April 18, 2012, for further hearing.
At the hearing on Friday, the pupil alleged that Ijiwande had forceful carnal knowledge of her in 2010.
The pupil told the court that the teacher accosted her when she was urinating behind her classroom and subsequently raped her on the school premises – after the school hours.
But the teacher restated his innocence before the court, stressing that he did not commit the crime.
The pupil told the Justice O Siyanbola-led court that, “Mr. Ijiwande was my teacher in primary four. I was in primary five when he raped me. When I was urinating behind the classroom, I saw uncle (Ijiwande) standing at my front.
“As I was urinating, uncle pushed me down. He removed my pant and threw it away. I shouted for help but no one came to my rescue. Uncle removed his trousers and boxer. He then lay on me and removed his private part and put it inside my private part.
“I felt the pains in my thigh and back when uncle was on me. Uncle did not stay long on me. I also felt the pains after uncle stood up. I managed to stand up and stay with my younger brothers, who were waiting for my father at the front of my school.”
When asked if she told her parents her ordeal, the victim replied, “I did not tell my parents because Uncle Ijiwande threatened to kill me. I only complained of back and thigh pains. My parents gave me Paracetamol, (a pain reliever), but the pains persisted.”
She explained that her mother discovered the fate that had befallen her four days later when the pains did not subside, adding that she was subsequently taken to a hospital.
The victim said, “My mother called me in the evening and ordered me to remove my pant. She discovered something like mucus and clotted blood at my private part. My mother shouted and she started crying. My father woke and we all prayed together and we went to sleep.
“The day, my parents took me to a hospital. A doctor conducted a test on me. We later went to a police station where I made statement on what Uncle Ijiwande did to me and he was arrested.
“Two policemen followed me to where uncle raped me. My parents and Aunty Bisi, the proprietress of the school, also followed us. Aunty Bisi called me aside and told me not to mention uncle Ijiwande’s name again. She told me the police would kill him and that I would not see him again.”
Testifying before the court, a Professor of Gynecology, Orji Okechukwu, who conducted a test on the victim, confirmed that the pupil was actually raped.
Okechukwu accused the police of lack of diligent prosecution, saying they failed to conduct a test on the girl and the accused when the matter was reported.
The gynaecologist said he refused to release the result of the test he conducted on the victim and the specimen he took, alleging that the police thereafter began to threaten him.
However, the prosecuting counsel, Mr. Moses Faremi, prayed the court to adjourn the case for further hearing, saying he was not healthy.
Justice Siyanbola granted Faremi’s prayer and adjourned the matter till April 18, 2012, for further hearing.
EFCC arrests Ondo oil commission boss ...after six-hour hunt
The EFCC team who came in 2 vehicles - a blue Nissan bus and a white Hilux van - with registration numbers BJ 156 KWL and AA 938 LAM respectively, were on a manhunt for Mr. Debo and searched for about 6 hours before they were able to apprehend him in a bush beside his compound at Alagbaka extension in Akure, the state capital.
The EFCC was said to have visited the the state based on a petition written from the some persons within the state over misappropriation of funds allocated to the commission running to billions of naira, meant for the development of oil producing areas of the state.
As at the time of filing this report, the EFCC officials, who came from Abuja were still searching his personal house.
The EFCC was said to have visited the the state based on a petition written from the some persons within the state over misappropriation of funds allocated to the commission running to billions of naira, meant for the development of oil producing areas of the state.
As at the time of filing this report, the EFCC officials, who came from Abuja were still searching his personal house.
police college attacked in jos as two police men died
The News Agency of Nigeria (NAN) learnt that the attackers fired several shots at the officers who were manning the entrance of the school.
The injured policemen, Sgt. Bitrus Oloji, and a corporal, who was identified as Japheth, were taken to Bingham University Teaching Hospital (BUTH), Jos, sources said.
NAN learnt that one of the victims was in a more critical condition, having been shot in the head.
A police officer, who pleaded anonymity, told NAN that the attackers took the policemen by surprise by launching the attack from two angles.
"It is by sheer providence that the two policemen were not killed in view of the heavy shooting carried out by the attackers who first destroyed the security lights at the gates before unleashing a heavy attack on the guards,’’ the officer said.
He said that the shootings went on for "almost one hour’’.
When contacted, Mr. Mulero Ayinde, the College Public Relations Officer, confirmed the incident but added that no life was lost.
"For now, that is all I can tell you. We’ll speak after we have gathered more details,’’ Ayinde said.
A relation of Oloji’s, Miss Murna Basu, however, told NAN that the incident happened not long after she brought food for him at the gate.
"I brought food for my brother just when NTA began the 9.00 pm Network news and left but around 10.00 p.m. I heard gunshots.
``I suspected something terrible must have happened when I called his line without any response even when it was ringing,`` Basu said.
NAN reports that the college is among areas identified as targets of attacks by Boko Haram, the sect believed to be responsible for a terrorist attacks in various parts of the country.
In a text message sent to some Jos residents early in the month, the college was listed among targets that included, COCIN Headquarters Church, Police Command, ECWA Headquarters, Theological College of Northern Nigeria, among others.
COCIN was hit a week after, while St Finbar’s Catholic Church was bombed two weeks after.
________________________________________
The injured policemen, Sgt. Bitrus Oloji, and a corporal, who was identified as Japheth, were taken to Bingham University Teaching Hospital (BUTH), Jos, sources said.
NAN learnt that one of the victims was in a more critical condition, having been shot in the head.
A police officer, who pleaded anonymity, told NAN that the attackers took the policemen by surprise by launching the attack from two angles.
"It is by sheer providence that the two policemen were not killed in view of the heavy shooting carried out by the attackers who first destroyed the security lights at the gates before unleashing a heavy attack on the guards,’’ the officer said.
He said that the shootings went on for "almost one hour’’.
When contacted, Mr. Mulero Ayinde, the College Public Relations Officer, confirmed the incident but added that no life was lost.
"For now, that is all I can tell you. We’ll speak after we have gathered more details,’’ Ayinde said.
A relation of Oloji’s, Miss Murna Basu, however, told NAN that the incident happened not long after she brought food for him at the gate.
"I brought food for my brother just when NTA began the 9.00 pm Network news and left but around 10.00 p.m. I heard gunshots.
``I suspected something terrible must have happened when I called his line without any response even when it was ringing,`` Basu said.
NAN reports that the college is among areas identified as targets of attacks by Boko Haram, the sect believed to be responsible for a terrorist attacks in various parts of the country.
In a text message sent to some Jos residents early in the month, the college was listed among targets that included, COCIN Headquarters Church, Police Command, ECWA Headquarters, Theological College of Northern Nigeria, among others.
COCIN was hit a week after, while St Finbar’s Catholic Church was bombed two weeks after.
________________________________________
Oteh says, I didn’t spend N850,000 on hotel food – SEC DG and Explains secondment of Access Bank staff
The Director-General of the Securities and Exchange Commission, Ms. Arunma Oteh, has responded to allegations that she incurred huge bills during her eight-month stay at the Hilton Hotel in Abuja.
She also explained the controversial secondment of two officials of Access Bank Plc to work in her office.
Oteh became the DG of SEC on January 7, 2010.
The issues came to the fore during last week’s public hearing organised by the the House of Representatives Committee on Capital Markets and Other Institutions.
In a statement issued by her spokesperson, Mr. Obi Adindu, and posted on the commission’s website, Oteh said she never incurred an alleged N850,000 feeding bill on a single day during her stay at the hotel.
She stated that the highest feeding bill generated on a single day during her stay was N83,000.
She said this bill was in respect of an official dinner hosted by the commission on March 24, 2010 for a group of international capital market experts who were visiting Nigeria to provide technical assistance to SEC.
Oteh did not, however, address the allegation that she incurred a bill of N30 million during her eight-month stay at the hotel.
The statement explained that she stayed at the hotel for an unstated period of time and “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.”
The statement said her stay at the hotel 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.”
It said that prior to her stay at the hotel, Oteh had no home in Abuja.
It noted, “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.”
It also denied that SEC procured four cars for Oteh at N42 million, saying she had been using pool cars belonging to the commission for official duties.
“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.”
She also defended herself against allegations that she compromised her position by seconding two members of staff of Access bank Plc to her office.
“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,” the statement explained.
It added, “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.”
The statement said Oteh was willing to cooperate with relevant authorities in the investigation of its activities, processes and actions.
It also said the commission had refrained from responding to attacks in the media by ‘vested interests’ on the reputation of the DG and SEC.
It stated, “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 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.”
She also explained the controversial secondment of two officials of Access Bank Plc to work in her office.
Oteh became the DG of SEC on January 7, 2010.
The issues came to the fore during last week’s public hearing organised by the the House of Representatives Committee on Capital Markets and Other Institutions.
In a statement issued by her spokesperson, Mr. Obi Adindu, and posted on the commission’s website, Oteh said she never incurred an alleged N850,000 feeding bill on a single day during her stay at the hotel.
She stated that the highest feeding bill generated on a single day during her stay was N83,000.
She said this bill was in respect of an official dinner hosted by the commission on March 24, 2010 for a group of international capital market experts who were visiting Nigeria to provide technical assistance to SEC.
Oteh did not, however, address the allegation that she incurred a bill of N30 million during her eight-month stay at the hotel.
The statement explained that she stayed at the hotel for an unstated period of time and “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.”
The statement said her stay at the hotel 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.”
It said that prior to her stay at the hotel, Oteh had no home in Abuja.
It noted, “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.”
It also denied that SEC procured four cars for Oteh at N42 million, saying she had been using pool cars belonging to the commission for official duties.
“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.”
She also defended herself against allegations that she compromised her position by seconding two members of staff of Access bank Plc to her office.
“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,” the statement explained.
It added, “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.”
The statement said Oteh was willing to cooperate with relevant authorities in the investigation of its activities, processes and actions.
It also said the commission had refrained from responding to attacks in the media by ‘vested interests’ on the reputation of the DG and SEC.
It stated, “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 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.”
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