The Securities and Exchange Commission, SEC, on Sunday have announced the exit of Ms. Arunma Oteh as its Director-General.
In a statement issued by its management, the Commission said 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,” the commission 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 and the promotion of good corporate governance.
“As far back as 2011, under Oteh’s leadership, the SEC published a new code of corporate governance for the Nigerian markets which was aimed at standards improvement in line with international best practice. In addition to a significant improvement in corporate governance, the code is now mandatory. SEC’s role in revamping corporate governance at Ecobank Transnational Incorporated (ETI) was globally recognized,” SEC said.
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.
Ms. Oteh was appointed by late President Umaru Musa Yar’Adua in 2009 but resumed in January 2010. She had a running battle with the House of Representatives as lawmakers called for her removal after she accused the leadership of a committee of demanding bribe from her commission.
The Securities and Exchange Commission (SEC) was established in 1979 as the apex regulator of the Nigerian capital market whose activities are currently governed by the Investments and Securities Act (ISA) 2007.
Its mandate includes protecting investors, ensuring orderly and equitable dealings in securities, developing the market and shielding it from all forms of abuses.