18 July 2012

Nigeria: FG Exonerates, Recalls Oteh

The suspended Director General of the Securities and Exchange Commission (SEC), Ms. Arunma Oteh was Wednesday given a clean slate and reinstated to her position by the Federal Government.

Her exoneration from allegations of fraud was not however hitch free as she was slammed with the charge of administrative lapses on which she was cautioned.

Oteh bounced back to her coveted position after the SEC Board engaged the Price Water Coopers Limited, a renown audit firm, which investigated the allegations against her and reported that she did not commit any fraud or criminal breaches.

In a circular signed by the Secretary to the Government of the Federation, Sen. Anyim Pius Anyim, SGF.2/S.9/C.13/454 dated 17/ July, 2012, her recall follows the outcome of the findings of the external auditors.

The circular reads: "Please refer to the decision of the Board of Securities and Exchange Commission (SEC) to send you on compulsory leave in order to enable SEC's external auditors-the Price Water Coopers Limited (PWC), to examine the records of the Commission's transactions covering SEC project 50 which you supervised.

"I am to note that Government has studied the report submitted by the external auditors and you are neither indicted for fraud nor criminal breach in any form. However, some administrative lapses were reported, particularly, in cases where administrative procedures were not thoroughly observed.

"The purpose of this letter is to recall you from your leave and to caution that you must henceforth endeavour to diligently observe all extant rules and administrative procedures in the conduct of all official transactions."

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