The embattled Director-General, Securities and Exchange Commission (SEC), Ms Arunma Oteh, has petitioned President Goodluck Jonathan and the Ministry of Finance to reverse the order by the SEC Board asking her to proceed on compulsory leave.
Following her vow not to take the issue lying down, a close aide of Oteh said the decision sending her on compulsory leave was taken to ridicule her as well as pursue an agenda of tenure extension.
LEADERSHIP gathered that the decision of the Board might not be unconnected with a ploy by some executive commissioners to extend their tenure which is expected to terminate officially this Friday.
“She has made a presentation to the Presidency and the Ministry of Finance regarding her mandate to reform the capital market,” said her aide, who begged anonymity.
Describing the SEC Board directive as “Reform resistance”, our source said that the instrumentality of the Board has been hijacked by the few officers seeking to extend their tenure to the detriment of Oteh’s reform agenda.
The SEC Board had directed Oteh to proceed on compulsory leave to enable the commission investigate the sources and uses of funds for the Project 50 event.
The Board had said the decision was arrived at after consideration of the report of its Audit and Finance Committee which had been directed to investigate the sources and uses of funds for the Project 50 event.
Amongst its conclusions, the Committee recommended an independent audit of Project 50 and that the key actors in the management of the funds should be asked to step aside to allow an unhindered investigation.