The battle of supremacy between the House of Representatives and the Securities and Exchange Commission (SEC), backed by the Federal Government took a dramatic turn on Thursday, 20 December when the budget for the Commission was excluded from the 2013 appropriation bill approved by the House.
The House had in July this year adopted the report of its adhoc committee on the “near collapse” of the Nigerian capital market chaired by Rep. Ibrahim Tukur El-Sudi (PDP, Taraba) which called for the sacking of Ms. Arunma Oteh, the Director General of the commission over gross misconduct.
However, Oteh, who was earlier sent on compulsory leave by the government, was recalled back to her post in the wake of the consideration of the capital market probe report in July.
On resumption from its two months annual recess, the House passed another resolution mandating the President to sack Oteh within 14 days.
“This means that the commission will not be able to pay salaries and embark on some expenditure as from January next year if Oteh remains the DG,” said House Chief Whip Rep. Ishaka Mohammed Bawa (PDP, Taraba).