Goddy Egene
13 July 2009
Lagos — A first-class product of the University of Nigeria (UNN), Ms Arunma Oteh, is set to be named the new Director-General of the Securities and Exchange Commission (SEC) by President Umaru Musa Yar' Adua, THISDAY has learnt.
She is currently the Vice-President, African Development Bank (AfDB), where she was a colleague of the Minister of Finance, Dr. Mansur Muhtar.
The appointment, which barring any last-minute hitches should be announced this week, was based on the high recommendation of Muhtar, the newspaper also learnt.
She will replace the acting Director-General, Ms. Daisy Ekineh, who held fort following the sudden disengagement of Musa Al-Faki, before his five-year tenure expired in May.
A Presidency source said Oteh's nomination was borne out of "the need for an independent mind to effect the needed reforms in the capital market" in addition to her vast experience.
The Federal Government, the source said, wants to restructure SEC.
Oteh, 44, holds an MBA from Harvard Business School and a first class honours degree in Computer Science from the UNN.
Before joining AfDB in 1992, she worked for Centre-Point Investments Limited as an analyst. She joined the AfDB as a Senior Financial Analyst covering lending operations in West and North Africa and moved to the Treasury Department in 1993 where she held various positions in the Capital Markets and Investment Divisions.
Oteh was appointed Vice-President for Corporate Services of the African Development Bank Group in 2006.
As Treasurer, she was overseeing the activities of the Treasury Department including managing $ 8.5 billion liability portfolio, a $7.5 billion swap portfolio, and a multi-currency fixed income asset portfolio totalling $10.7 billion for the bank group.
She was also responsible for providing financial technical support in the origination of transactions and development of financial products for the group's clients.
She is the co-editor of the book, "African Voices, African Visions" with Olugbenga Adesida.
SEC, the apex regulatory institution of the Nigerian capital market, is supervised by the Federal Ministry of Finance.
Former DG of the commission, Al-Faki, who took over from Suleyman Ndanusa in October 2004, resigned unceremoniously on May 8, 2009.
His resignation followed allegations of manipulation of AP Plc shares. He cited family and personal reasons, but it was believed that he was a victim of power play between the gladiators in the AP saga.
Be the first to Write a Comment!
Copyright © 2009 This Day. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.
AllAfrica aggregates and indexes content from over 125 African news organizations, plus more than 200 other sources, who are responsible for their own reporting and views. Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica.
