Nigeria's SEC announces exit of Director General Arunma Oteh

Arunma Oteh, former Director General of Nigeria’s Securities and Exchange Commission (SEC)

Nigeria’s Securities and Exchange Commission (SEC) on Sunday announced the exit of Arunma Oteh as the SEC’s Director General.

The SEC made the disclosure in a statement issued by its management and made available to the News Agency of Nigeria (NAN) in Lagos.

The statement 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,” the statement said.

Some of Arunma Oteh’s accomplishments, according to the statement, include restoration of investor confidence through strong enforcement actions and improvement of rules and regulations; as well as investor education.

The Iron Lady of Nigeria’s Capital Market: Arunma Oteh

The statement said that, under Oteh’s leadership, the SEC had established the National Investor Protection Fund and had strengthened the SEC’s Administrative Proceedings Committee (APC), in order to deepen and broaden the Nigerian capital market.

“The market witnessed significant product innovation, improved listing rules, landmark bond market reforms, widening 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 Nigerian Stock Exchange (NSE) listing rules, the statement said, led to landmark transactions in the dual listing of SEPLAT Petroleum on the Nigerian Stock Exchange (NSE) and the London Stock Exchange (LSE) in April 2014, as well as the development of the NSE’s alternative securities market.

The statement said that Oteh would be remembered for rescuing the Nigerian capital market from the effects of sharp practices and the global financial crisis, soon after she assumed office in January 2010.

Arunma Oteh was appointed by Nigeria’s late President Umaru Musa Yar’Adua in 2009 but commenced work in January 2010.

Source: SEC announces exit of Oteh as Director-General – Nigeria Business News – Nigeria Business News.

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