President Goodluck Jonathan may give in to pressure from
the National Assembly, which has pushed for the sack of the Director General,
Securities and Exchange Commission (SEC), Ms. Arunma Oteh, and the Chairman of
the Pension Task Team, Mr. Abdulrasheed Maina, THISDAY has learnt.
It was gathered that the president is
considering removing the duo along with the Director General, Bureau of Public
Enterprises (BPE), Ms. Bolanle Onagoruwa, if he fails to convince the
leadership of the National Assembly to grant them a reprieve, as part of his
efforts to thaw the frosty relationship between the two arms of government.
considering removing the duo along with the Director General, Bureau of Public
Enterprises (BPE), Ms. Bolanle Onagoruwa, if he fails to convince the
leadership of the National Assembly to grant them a reprieve, as part of his
efforts to thaw the frosty relationship between the two arms of government.
The executive, it was gathered, had
made overtures to the leadership of the National Assembly, explaining why some
of its resolutions had not been implemented to the letter.
made overtures to the leadership of the National Assembly, explaining why some
of its resolutions had not been implemented to the letter.
At a meeting last Tuesday between
Jonathan and the leadership of the legislature, the president had yielded to
their demand to reconsider the currency restructuring exercise and introduction
of N5,000 note planned by the Central Bank of Nigeria (CBN).
Jonathan and the leadership of the legislature, the president had yielded to
their demand to reconsider the currency restructuring exercise and introduction
of N5,000 note planned by the Central Bank of Nigeria (CBN).
The lawmakers, however, were said to
have accused the president of dithering on the implementation of notable
resolutions, including those calling for the sack of Oteh, Maina and Onagoruwa.
have accused the president of dithering on the implementation of notable
resolutions, including those calling for the sack of Oteh, Maina and Onagoruwa.
Of the trio, it was gathered that the
National Assembly remains uncompromising on Oteh’s removal.
National Assembly remains uncompromising on Oteh’s removal.
The demand for Oteh’s sack formed an
integral part of the recommendation of the House of Representative’s ad hoc
committee, which investigated the near collapse of the capital market. Last
March, Oteh was involved in an ill-tempered spat with the standing committee of
the House on Capital Market and Institutions, which was investigating the
remote and immediate causes of the collapse of the capital market between 2008
and 2012.
integral part of the recommendation of the House of Representative’s ad hoc
committee, which investigated the near collapse of the capital market. Last
March, Oteh was involved in an ill-tempered spat with the standing committee of
the House on Capital Market and Institutions, which was investigating the
remote and immediate causes of the collapse of the capital market between 2008
and 2012.
The House, which had recommended her
removal before it went on recess in July, renewed its clamour for her sack on
Tuesday after it resumed from recess, stressing that it was not prepared to
back down on its earlier resolution on the matter.
removal before it went on recess in July, renewed its clamour for her sack on
Tuesday after it resumed from recess, stressing that it was not prepared to
back down on its earlier resolution on the matter.
The House had passed a resolution on
July 19 requesting Jonathan to remove Oteh from office for allegedly being
unqualified by law to occupy the position, for being incompetent, and her
inability to manage the organisation effectively.
July 19 requesting Jonathan to remove Oteh from office for allegedly being
unqualified by law to occupy the position, for being incompetent, and her
inability to manage the organisation effectively.
In renewing its resolution last week,
it warned that it should henceforth cease to accord any recognition to Oteh or
deal with her as the SEC director general.
it warned that it should henceforth cease to accord any recognition to Oteh or
deal with her as the SEC director general.
It also directed its Committee on
Legislative Compliance to monitor developments on the issue and to brief the
House on the level of compliance with the resolution within the next 14 days.
Legislative Compliance to monitor developments on the issue and to brief the
House on the level of compliance with the resolution within the next 14 days.
The House expressed dismay that the
executive ignored the earlier resolution even when it was duly conveyed by the
Clerk of the National Assembly on July 30.
executive ignored the earlier resolution even when it was duly conveyed by the
Clerk of the National Assembly on July 30.
“The House is worried that the
president recalled Ms. Arunma Oteh from suspension immediately the report of
the ad hoc committee which indicted her was made public in flagrant contempt of
the House of Representatives and the feelings of the Nigerian people and
investors who lost money in the capital market.
president recalled Ms. Arunma Oteh from suspension immediately the report of
the ad hoc committee which indicted her was made public in flagrant contempt of
the House of Representatives and the feelings of the Nigerian people and
investors who lost money in the capital market.
“We are further worried that the
staff of Securities and Exchange Commission protested the recall of Ms. Oteh
and even the letter by the Secretary to the Government of the Federation
recalling her cautioned her against flouting extant rules and administrative
procedures in the conduct of all official transactions,” said the lawmaker
last week.
staff of Securities and Exchange Commission protested the recall of Ms. Oteh
and even the letter by the Secretary to the Government of the Federation
recalling her cautioned her against flouting extant rules and administrative
procedures in the conduct of all official transactions,” said the lawmaker
last week.
The Senate, in adopting
recommendations of its Joint Committee that investigated the Police Pension
Fund, had urged the Federal Government to arrest and prosecute Maina and others
for their alleged involvement in the misappropriation of N273.9 billion pension
funds.
recommendations of its Joint Committee that investigated the Police Pension
Fund, had urged the Federal Government to arrest and prosecute Maina and others
for their alleged involvement in the misappropriation of N273.9 billion pension
funds.
The task team was also directed to
transfer an estimated N27.7 billion of unspent pension funds to the Federation
Account through the Office of the Accountant General of the Federation.
transfer an estimated N27.7 billion of unspent pension funds to the Federation
Account through the Office of the Accountant General of the Federation.
The Senate also ordered Maina and his
team to refund another N15 billion, which they allegedly diverted into personal
pockets.
team to refund another N15 billion, which they allegedly diverted into personal
pockets.
It urged the Economic and Financial
Crimes Commission (EFCC) to further investigate the transfer of N4.6 billion
from the United Bank of Africa Plc to Union Bank Plc and the transfer of another
N7.6 billion from Zenith Bank Plc to Union Bank by the pension task team.
Crimes Commission (EFCC) to further investigate the transfer of N4.6 billion
from the United Bank of Africa Plc to Union Bank Plc and the transfer of another
N7.6 billion from Zenith Bank Plc to Union Bank by the pension task team.
The resolution followed the
consideration of the report submitted by the Senate Joint Committee on
Establishment and Public Service, States and Local Government. The joint committee
was led by Senator Aloysius Etuk.
consideration of the report submitted by the Senate Joint Committee on
Establishment and Public Service, States and Local Government. The joint committee
was led by Senator Aloysius Etuk.
The Senate, which also adopted the
report of its ad hoc committee that probed the privatisation programme from
1999 to 2012, demanded Onagoruwa’s sack for her alleged gross incompetence and
illegal sale of the Federal Government’s residual shares in Eleme
Petrochemicals Company.
report of its ad hoc committee that probed the privatisation programme from
1999 to 2012, demanded Onagoruwa’s sack for her alleged gross incompetence and
illegal sale of the Federal Government’s residual shares in Eleme
Petrochemicals Company.
Credit: Thisday
