Nigeria’s SEC Head Oteh Sent on Compulsory Leave by Board

Arunma Oteh, director-general of Nigeria’s Securities and Exchange Commission, was sent on “compulsory leave” to enable an independent investigation of allegations of mismanagement, the market regulator said.

The decision followed an audit of spending to mark 50 years of the capital market and a recommendation to the board “that the key actors in the management of the funds should be asked to step aside to allow an unhindered investigation,” Edosa Kennedy Aigbekaen, the secretary to the commission, said today in an e- mailed statement.

Oteh didn’t immediately respond to an e-mailed request for comment.

A former vice president at the African Development Bank, Oteh took over in January 2010 as head of the market regulator in sub-Saharan Africa’s second-biggest economy following a stock market crash in the wake of the global financial crisis. Oteh initiated a reform process she said was aimed at ending abuses including price manipulation and weak corporate governance.

To contact the reporters on this story: Emele Onu in Lagos at eonu1@bloomberg.net; Vincent Nwanma in Lagos at vnwanma@bloomberg.net

To contact the editor responsible for this story: Dulue Mbachu at dmbachu@bloomberg.net

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