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Senate summons Oteh, NSE interim administrator over financial reports

By Peter Egwuatu
THE Senate Committee on Capital Market has summoned Director General of the Securities and Exchange Commission, SEC, Ms. Arunma Oteh and Interim Administrator of the Nigerian Stock Exchange, NSE, Mr. Emmanuel Ikazoboh to appear before it, Tuesday, to answer questions relating to activities of the Commission and NSE respectively.

Vanguard gathered, weekend, that the emergency summon of bosses of the two institutions by the Senate Committee was as a  result of the unsatisfactory defence of their performances at the public hearing held at the instance of the House of Representative Committee on Capital market last week.

It was also gathered that the inability of both SEC and NSE heads to provide the Senate with responses to certain enquiries regarding the sack of former Director General of the NSE, Professor Ndi Okereke and reports on financial statement were some of the reasons they were asked to appear before the Committee.

Meanwhile, SEC has denied the recall of Okereke-Onyiuke as erroneously published by some national dailies (Vanguard not included).

Commission’s finances

A statement made available to Vanguard by SEC said: “Attention of the Securities and Exchange Commission has been drawn to the erroneous publications in some national dailies with respect to the management of the finances of the Commission. Contrary to the erroneous publication, the Commission is recognized as one of the most financially disciplined public institutions in Nigeria.

“In addition to the external auditors of the Commission, the Office of the Auditor General of the Federation conducts routine audits of the accounts of the Commission. The National Assembly through its committees on capital market also carries out rigorous oversight of the Commission.”

The Management declared that no amount of intimidation or campaign of calumny would deter it or its director general from carrying out its statutory mandate under the Investments and Securities Act (ISA) 2007.

It added: “Section 27 of  the Investments and Securities Act (ISA) 2007, an Act of the National Assembly  mandates the Commission to submit its audited financial statements to the National Assembly and the Minister of Finance  no later than March 31 every year, in other words, three months after the end of its financial year.

“In addition, Section 26 of the Act requires  the Commission to forward an estimate of its income and expenditure for the succeeding year to the National Assembly and the Minister of Finance by September 30 of the current year.  The Commission has never failed to carry out these statutory duties and in fact audited financial statements for the 2009 financial year were duly submitted on March 31, 2010 while the estimated 2011 budget of the Commission was submitted to the National Assembly and the Minister of Finance on September 30, 2010. “


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