SEC boss, Arunma Oteh, spent N850,000 on food a day – Reps

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arunma oteh director general of the securities

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.

Source: Premium Times

5 COMMENTS

  1. How can u blame her,does she not have precedence in her oga who will be spending almost a billion naira on feeding for 2012 and over N300M for dinner set.Every oppourtunity by govt.officials to grab our common resources is always utilised to the fullest.Corruption is so endemic in this damned nation that policians,Civil servants and headship of private sector are richer than entire local govt.of a state as an individual.RIP Nigeria!

  2. Do these greedy lots ever realised that there is death that is the ultimate end of everybody when all this unnecesary accumulation of wealth will come to naught.If u have several billions as a person including multi-billion properties all over the world,it will one day turn to another persons even ur sworn enemy will share from it after ur demise,then u will realise that all this is vanity upon vanity,if those thieves lk u who have died cld come back,they wld have let u know that u are only doing urself.

  3. these lash on her are only coming after madam s.e.c. made it known to naija that d committee was demanding millons from her/ 30million in 8months for hotel bill amounts to 125000/day if we are looking at 1month=30days.whats d fuss about it a regular 5 star hotel room on d island @ 70k 2 bottles of moet @ 42k each all = 154k/day am not talkig about a suite of course thats what she ought 2 go 4.my crew on d island are doing an average of $3855 a day

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