Arunma Oteh quits as SEC Director-General





The Securities and Exchange
Commission (SEC) on Sunday announced the exit of Ms Arunma Oteh as the
commission’s Director-General.
The commission made the
disclosure in a statement issued by its management and and made
available to the News Agency of Nigeria (NAN) in Lagos.

It said that Oteh would be
remembered for her passion, purpose, articulation and implementation of
reform measures driven by the vision to transform the Nigerian capital
market into world class.
“She was in a hurry to see
Nigeria achieve a world class capital market that will drive development
and make Nigeria one of the most attractive investment destination,” it
said.
Some of her accomplishments,
according to the statement, include restoration of investor confidence
through strong enforcement actions and improvement of rules and
regulations and investor education.
It said that SEC established
the National Investor Protection Fund and strengthened its
Administrative Proceedings Committee (APC) to deepen and broaden the
market.
“The market witnessed
significant product innovation, improved listing rules, landmark bond
market reforms widening of participation in the markets through
licensing and coming on stream of other capital trade points.
“Under her leadership, the SEC
also championed reforms at the Nigeria Stock Exchange (NSE) that
witnessed a more robust output and delivery in its operator/oversight
role,” the statement said.
The initiative to revamp NSE
listing rules, it said, led to landmark transactions in dual listing of
SEPLAT Petroleum on the NSE and the London Stock Exchange in April 2014,
as well as the development of an alternative securities market.
It said she would certainly be
remembered for rescuing the capital market from the doldrums in which it
was mired as a result of sharp practices that were rife and the global
financial crisis soon after she assumed office in January 2010,” said
the statement.
Oteh was appointed by the late President Umaru Musa Yar’Adua in 2009 but resumed in January 2010.

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