The story of SEC DG N44million bribe

The accusation of Ms. Oteh excessive spending in millions has diverted attention in the house  of representatives committee on N44million naira bribery.

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It was a messy Thursday for the House of Representatives Committee on Capital Market and Other Institutions at the ongoing public hearing on the causes of the markets’ near collapse as the embattled Director-General of the Securities and Exchange Commission (SEC), Ms Arunma Oteh accused the chairman of the committee, Honourable Herman Hembe of demanding about N44 million from the commission.
 At the continued hearing of the investigative hearing, the SEC boss alleged that the committee demanded the sum of N39 million from the commission to organise the public hearing, adding that the committee’s clerk allegedly asked for N5 million from her on Tuesday. To this end, Ms Oteh said that with her submission she doubted the competence and impartiality of the chairman of the committee to head the probe, stressing that most of the questions being asked by the Hembe-led committee were frivolous.

 Following this allegations, the chairman of the committee said, “as the chairman of this committee, I will chair this committee to the end of this public hearing. I want to say firmly, in support of what you have said that the issues of bias or corruption the committee invited the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices Commission (ICPC). “Strong issues of corruption have been made against me. Strong issues of corruption have been made against the committee. So it is our hope that you (EFCC and ICPC) will investigate me deeply and investigate the committee too.

 I give the permission to that and that is my ruling,” he said. But this did not go down well with the commission’s boss who shouted “Honourable Chairman! I feel that this is a kangaroo court.” With these allegations, a member of the committee, Honourable Rasaq Bello Osagie said, “on both sides we must not get personal.

We are beginning to see revelation that people must be put in a place where they have core competence. Whatever we do here should be in the best interest of Nigeria or else this will be an effort in fruitility.” However, as the hearing continued, the committee chairman questioned Ms Oteh on the purchase of three Toyota Hilux pick-ups for over N32 million without the approval of the SEC tenders board as against the Public Procurement Act, an action he said carried five years jail term without an option of fine.

The committee also accused the SEC boss of paying N62 million for two years to rent a five-bedroom bungalow at Maitama, Abuja, as against the Federal Government’s monetisation policy. The allegations by both the committee and the SEC boss almost caused brickbat between the two parties, to the extent that the leadership of the House sent in two delegations made up of the House Committee chairman on Power, Honourable Patrick Ikhariale and the Deputy House Leader, Honourable Leo Ogor. Later, the Chief Whip of the House, Honourable Ishaku Bawa also came to observe the sitting, saying, “let us limit ourselves to facts and issues. Anything personal put it aside, all these issues will not derail the House from doing its work.”

 Extracted from Nigerian Tribune.