If heaven knows no rage like a woman scorned, members of the House of
Representatives’ ad-hoc Committee probing the near collapse of the
Nigerian Capital Market, saw first hand last week, the rage that can be
displayed by big ladies who chose to go after one another’s jugular.
This was no ordinary rage.
As she did during the very first hearing of the probe panel where she failed to respond to questions regarding what some described as ostentatious living at the expense of government, but instead discloed that committee members had demanded bribe from her, last Monday, Madam Arunma Oteh, Director General, DG, Securities and Exchange Commission, SEC, shocked members of the probe panel when she made startling revelations of how the immediate past leadership of the Nigeria Stock Exchange, NSE, which Director General was Prof. Ndi Okereke-Onyuike, mis-classified expenditure, lavished millions of naira on the purchase of a yacht, bought Rolex wrist watches for tens of millions of naira as gifts for awards of long service to NSE board members and staff, among others.
The revelations were mouth watering and those who had already taken keen interests in the probe wanted to know what Onyuike’s response would be. Mind you, the successor to Onyuike, Onyeama, was also on hand to make a presentation but never really dwelt on the tenure of his predecessor. Now, why Oteh made it her responsibility – even bounding duty – to go after Onyuike may yet be unknown.
But when Onyuike stormed the panel the following day with her massive frame to not only deny the allegations but level her own, members watched in amazement and amusement because she made her presentation like an anchor on one of the Comedy Central series.
In fact the on-going probe took another dimension last Wednesday when executive commissioners of SEC, gave their DG a raw deal.
In what could be described as a unanimous verdict against Oteh, the commissioners of the Exchange told the ad-hoc committee of the House of Representatives that the management of SEC operated like a one-man show.
The commissioners disagreed on a number of issues.
They alleged that the DG’s administrative style had eroded confidence in the commission and caused the regulatory agency to remain unproductive. The former DG of the Nigeria Stock Exchange, NSE, Prof. Ndi Okereke-Onyuike, had on Tuesday, alleged that Oteh used unidentified policemen to burgle her office in August last year.
She said all the documents pertaining to the roadmap pursuant to making the Nigerian stock market ranked as one of the best in the world were all carted away.
She told the bewildered panelists that as a “Prof my presentation would have taken the form of a booklet but here I am with a mere 13 page paper. ”All the same”, she said, “I know that I do have a retentive memory”. This was followed by a resounding applause from the audience.
Oteh, who arrived the venue on Wednesday at about 9.45am, was made to
tender an unreserved apology for her failure to appear on Tuesday.
Before the commencement of proceedings, she apologized to the committee
for her failure to appear the previous day. She explained that the
action was as a result of her meeting with the National Economic
Management Team chaired by President Goodluck Jonathan. She came along
with her management team, a team that nailed her.
The DG’s appearance was sequel to the threat by the committee on Tuesday to arrest her if she failed to come in person on Wednesday to clear the air on some knotty issues.
The first indication that all was not well and would not be well between Oteh and members of the executive management started when the latter group denied knowledge of the processes that led to the engagement of two staff of ACCESS Bank Plc on secondment by the SEC boss.
They claimed that Oteh did not carry them along in taking the decision. Their claim was contrary to an earlier statement by the DG that the issue was discussed and agreed upon by the executive management.
Prior to that, the Director, Human Resources, Useni Dauda, had told the panel that due process was not followed in the recruitment of some contract staff. He said the staff were brought by Oteh upon assumption of office and were yet to get the endorsement of the executive committee. He also refused to deny the allegation that the contract of the staff was renewed despite the advice of the audit department to the contrary.
Oteh defended her action saying that steps were being taken to ratify the appointment of the staff. She declined response to the question on why she renewed the appointment of the staff inspite of the advice to the contrary.
In a similar fashion the Executive Management also disagreed with the SEC boss on the road map document currently being implemented in the capital market. Oteh had told the panel that the document which captured how the capital market in Nigeria would be raised to a world class standard had the input of stakeholders and the management.
But in their reaction the SEC commissioners, five in number said the document was neither discussed at the management meeting nor given to them individually for their input. The Commissioner in charge of Legal Services, Mr. Charles Udora, caused an uproar when he shouted that nobody had ever approached him over the document. “I do not know anything about the document. Nobody sought my input or attention on the roadmap”, he stated.
The five commissioners equally denied being involved in the organisation and celebration of the Project 50, a golden jubilee celebration to mark 50 years of the existence of SEC. One after the other they described as untrue earlier claim by Oteh that the celebration, which was chaired by her, had the support and participation of the management and staff of the commission.
Daisy Ekinah, a commissioner in charge of operations who had served the commission for 30years, however shot a salvo, when she alleged that outside a presentation she wrote for her on the roadmap to becoming a world class Capital Market, that Ms. Oteh read at NESG programme, she never had any link with the project.
Also, Mr. Udora claimed ignorance but indicted the Assets Management Company of Nigeria, AMCON, over sale of Intercontinental Bank and clearance of Union Bank, Plc, to have a co-investor.
The panel had grilled Oteh over donations by the Central Bank of Nigeria, CBN, and some private organisations for the celebration, a claim the SEC boss denied. Hon Bimbo Daramola, ACN Ekiti, who anchored the question and answer session, however, insisted that all the necessary documents pertaining to the involvement of all the organisations’ donations must be tendered before the committee by Oteh.
Stressing further, on the mistrust and infighting in the commission Ekina and Udora said that the staff was disenchanted with the goings-on in the organisation. Udora said the loss of trust in the leadership of SEC has resulted in the staff exhibiting indifference on matters concerning the commission.
He said “Our staff is no longer killing themselves for the organisation because they feel they are not recognised”.
Although he said that there was nothing wrong in engaging contract staff by the commission, he, however, maintained that efforts are not being made by the current leadership to properly guide the staff in manner that they would be beneficial to the organisation.
Udora’s short address elicited applause. Ekina also spoke in similar manner. She said that staff morale in the commission was low due to the seeming whimsical treatment they get from the leadership. She said “What I can confirm is that the morale is low, there is mistrust among the staff”.
Last Monday, Madam Oteh had shocked members of the probe panel when she made startling revelations of how the immediate past leadership of the Nigeria Stock Exchange, NSE, which Director General was Prof. Ndi Okereke-Onyuike, mis-classified expenditure, lavished millions of naira on the purchase of a yacht, bought Rolex wrist watches for tens of millions of naira as gifts for awards of long service to NSE, among others. But Onyuike stormed the panel the following day to deny the allegations but instead leveled her own, which were even more startling.
But after the session, the badly dazed Oteh refused to join issues with members of the executive management. Instead she insisted that she was focused on the transformation of the capital market. Well, some focus; some transformation. The hearing continues.
All members of my NSE board were bigger than me, but not in size — Okereke-Onyuike
I ate private money, not public funds
Former Director General of Nigeria Stock Exchange, NSE, Prof. Ndi Okereke-Onyuike, last Tuesday at the on-going Public Hearing on the near collapse of the Capital Market stunned the audience when she declared that the money she spent was the money of a private concern.
In her words: “It was our money I ate not public money, it was the money of a private concern so what is wrong with that. I was not seen on the street of New York but on a trading floor in a stock market where I was invited home to help develop the stock market in Nigeria”. Mean Madam, this was a reference to Oteh.
Others go to Harvard to learn but I go there to teach
Apparently referring to her female counterpart in the SEC, Onyuike set the hall reeling with laughter when she said her mission to Harvard University is to go and teach not to learn. Here in Nigeria when I go to Nsukka I equally go and teach, others go there to learn.
“I go to these places to teach free of charge and no strings attached”, she thundered, her massive frame giving effect to her every word.
Onyuike had appealed to the committee members that because her office was burgled and her documents carted away, her presentation which would have been in a booklet form and “not these pieces of paper”, did not betray any emotions.
“It is unfortunate that I have to write all these from my head because I do have a retentive memory”, Onyuike explained.
All members of my NSE board were bigger than me, but not in size
Standing at almost 1.89m, Onyuike continued with her rib cracking jokes when she said all members of her board at the NSE were financial big wigs like Alhaji Aliko Dangote, Oba Otudeko, Mr. Femi Otedola and a host of others.
But before the audience could begin to think of the stupenduous wealth of those she mention, Onyuike quickly added, for obvious effect, that “they are big men but not bigger than me in size. Look at the board today who are the big men there now.”
Purchase of 165 Rolex wrist watches
Okereka-Onyuike did not mince words on the alleged purchase of 165 wrist watches at N185million when she declared that they were used to honour staff who had worked for the Exchange for 48years. According to her, they were long service awards for staff who had served the commission since inception in 1960. She said some of the “staff like Chief Ogiri and others who had passed on got awards which members of their families collected on their behalf.
As she did during the very first hearing of the probe panel where she failed to respond to questions regarding what some described as ostentatious living at the expense of government, but instead discloed that committee members had demanded bribe from her, last Monday, Madam Arunma Oteh, Director General, DG, Securities and Exchange Commission, SEC, shocked members of the probe panel when she made startling revelations of how the immediate past leadership of the Nigeria Stock Exchange, NSE, which Director General was Prof. Ndi Okereke-Onyuike, mis-classified expenditure, lavished millions of naira on the purchase of a yacht, bought Rolex wrist watches for tens of millions of naira as gifts for awards of long service to NSE board members and staff, among others.
The revelations were mouth watering and those who had already taken keen interests in the probe wanted to know what Onyuike’s response would be. Mind you, the successor to Onyuike, Onyeama, was also on hand to make a presentation but never really dwelt on the tenure of his predecessor. Now, why Oteh made it her responsibility – even bounding duty – to go after Onyuike may yet be unknown.
But when Onyuike stormed the panel the following day with her massive frame to not only deny the allegations but level her own, members watched in amazement and amusement because she made her presentation like an anchor on one of the Comedy Central series.
In fact the on-going probe took another dimension last Wednesday when executive commissioners of SEC, gave their DG a raw deal.
In what could be described as a unanimous verdict against Oteh, the commissioners of the Exchange told the ad-hoc committee of the House of Representatives that the management of SEC operated like a one-man show.
The commissioners disagreed on a number of issues.
They alleged that the DG’s administrative style had eroded confidence in the commission and caused the regulatory agency to remain unproductive. The former DG of the Nigeria Stock Exchange, NSE, Prof. Ndi Okereke-Onyuike, had on Tuesday, alleged that Oteh used unidentified policemen to burgle her office in August last year.
She said all the documents pertaining to the roadmap pursuant to making the Nigerian stock market ranked as one of the best in the world were all carted away.
She told the bewildered panelists that as a “Prof my presentation would have taken the form of a booklet but here I am with a mere 13 page paper. ”All the same”, she said, “I know that I do have a retentive memory”. This was followed by a resounding applause from the audience.
Arunma Oteh Vs Ndi Okereke-Onyuike
The DG’s appearance was sequel to the threat by the committee on Tuesday to arrest her if she failed to come in person on Wednesday to clear the air on some knotty issues.
The first indication that all was not well and would not be well between Oteh and members of the executive management started when the latter group denied knowledge of the processes that led to the engagement of two staff of ACCESS Bank Plc on secondment by the SEC boss.
They claimed that Oteh did not carry them along in taking the decision. Their claim was contrary to an earlier statement by the DG that the issue was discussed and agreed upon by the executive management.
Prior to that, the Director, Human Resources, Useni Dauda, had told the panel that due process was not followed in the recruitment of some contract staff. He said the staff were brought by Oteh upon assumption of office and were yet to get the endorsement of the executive committee. He also refused to deny the allegation that the contract of the staff was renewed despite the advice of the audit department to the contrary.
Oteh defended her action saying that steps were being taken to ratify the appointment of the staff. She declined response to the question on why she renewed the appointment of the staff inspite of the advice to the contrary.
In a similar fashion the Executive Management also disagreed with the SEC boss on the road map document currently being implemented in the capital market. Oteh had told the panel that the document which captured how the capital market in Nigeria would be raised to a world class standard had the input of stakeholders and the management.
But in their reaction the SEC commissioners, five in number said the document was neither discussed at the management meeting nor given to them individually for their input. The Commissioner in charge of Legal Services, Mr. Charles Udora, caused an uproar when he shouted that nobody had ever approached him over the document. “I do not know anything about the document. Nobody sought my input or attention on the roadmap”, he stated.
The five commissioners equally denied being involved in the organisation and celebration of the Project 50, a golden jubilee celebration to mark 50 years of the existence of SEC. One after the other they described as untrue earlier claim by Oteh that the celebration, which was chaired by her, had the support and participation of the management and staff of the commission.
Daisy Ekinah, a commissioner in charge of operations who had served the commission for 30years, however shot a salvo, when she alleged that outside a presentation she wrote for her on the roadmap to becoming a world class Capital Market, that Ms. Oteh read at NESG programme, she never had any link with the project.
Also, Mr. Udora claimed ignorance but indicted the Assets Management Company of Nigeria, AMCON, over sale of Intercontinental Bank and clearance of Union Bank, Plc, to have a co-investor.
The panel had grilled Oteh over donations by the Central Bank of Nigeria, CBN, and some private organisations for the celebration, a claim the SEC boss denied. Hon Bimbo Daramola, ACN Ekiti, who anchored the question and answer session, however, insisted that all the necessary documents pertaining to the involvement of all the organisations’ donations must be tendered before the committee by Oteh.
Stressing further, on the mistrust and infighting in the commission Ekina and Udora said that the staff was disenchanted with the goings-on in the organisation. Udora said the loss of trust in the leadership of SEC has resulted in the staff exhibiting indifference on matters concerning the commission.
He said “Our staff is no longer killing themselves for the organisation because they feel they are not recognised”.
Although he said that there was nothing wrong in engaging contract staff by the commission, he, however, maintained that efforts are not being made by the current leadership to properly guide the staff in manner that they would be beneficial to the organisation.
Udora’s short address elicited applause. Ekina also spoke in similar manner. She said that staff morale in the commission was low due to the seeming whimsical treatment they get from the leadership. She said “What I can confirm is that the morale is low, there is mistrust among the staff”.
Last Monday, Madam Oteh had shocked members of the probe panel when she made startling revelations of how the immediate past leadership of the Nigeria Stock Exchange, NSE, which Director General was Prof. Ndi Okereke-Onyuike, mis-classified expenditure, lavished millions of naira on the purchase of a yacht, bought Rolex wrist watches for tens of millions of naira as gifts for awards of long service to NSE, among others. But Onyuike stormed the panel the following day to deny the allegations but instead leveled her own, which were even more startling.
But after the session, the badly dazed Oteh refused to join issues with members of the executive management. Instead she insisted that she was focused on the transformation of the capital market. Well, some focus; some transformation. The hearing continues.
All members of my NSE board were bigger than me, but not in size — Okereke-Onyuike
I ate private money, not public funds
Former Director General of Nigeria Stock Exchange, NSE, Prof. Ndi Okereke-Onyuike, last Tuesday at the on-going Public Hearing on the near collapse of the Capital Market stunned the audience when she declared that the money she spent was the money of a private concern.
In her words: “It was our money I ate not public money, it was the money of a private concern so what is wrong with that. I was not seen on the street of New York but on a trading floor in a stock market where I was invited home to help develop the stock market in Nigeria”. Mean Madam, this was a reference to Oteh.
Others go to Harvard to learn but I go there to teach
Apparently referring to her female counterpart in the SEC, Onyuike set the hall reeling with laughter when she said her mission to Harvard University is to go and teach not to learn. Here in Nigeria when I go to Nsukka I equally go and teach, others go there to learn.
“I go to these places to teach free of charge and no strings attached”, she thundered, her massive frame giving effect to her every word.
Onyuike had appealed to the committee members that because her office was burgled and her documents carted away, her presentation which would have been in a booklet form and “not these pieces of paper”, did not betray any emotions.
“It is unfortunate that I have to write all these from my head because I do have a retentive memory”, Onyuike explained.
All members of my NSE board were bigger than me, but not in size
Standing at almost 1.89m, Onyuike continued with her rib cracking jokes when she said all members of her board at the NSE were financial big wigs like Alhaji Aliko Dangote, Oba Otudeko, Mr. Femi Otedola and a host of others.
But before the audience could begin to think of the stupenduous wealth of those she mention, Onyuike quickly added, for obvious effect, that “they are big men but not bigger than me in size. Look at the board today who are the big men there now.”
Purchase of 165 Rolex wrist watches
Okereka-Onyuike did not mince words on the alleged purchase of 165 wrist watches at N185million when she declared that they were used to honour staff who had worked for the Exchange for 48years. According to her, they were long service awards for staff who had served the commission since inception in 1960. She said some of the “staff like Chief Ogiri and others who had passed on got awards which members of their families collected on their behalf.
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