Nigeria Content Online

The
Attorney General of the Federation and Minister of Justice, Mohamed
Adoke, has asked Arunma Oteh, the director general, Securities and
Exchange Commission, to comment on allegations of abuse of office in
the recent sack of the former director general of the Nigerian Stock
Exchange.

Paul
Erokoro, counsel to Ndi Okereke-Onyuike, the former Exchange’s director
general, had in a petition dated November 8, to Mr. Adoke, alleged
abuse of office by the commission and the Nigeria Police, as due
process was not followed in the sack of his client.

The
minister responded in a November 11 letter, signed by P.T. Akper, his
special assistant, demanding explanation from Ms. Oteh. Lately, there
has been summons by the House of Representatives and Senate over Mrs.
Okereke-Onyuike’s sack.

Mr.
Erokoro claimed in his petition that the commission showed bias in its
action by denying his client fair hearing before being relieved of her
position. He said that despite the acceptance of a written notice last
June 16 to the Exchange’s council about her intention to commence her
terminal leave from September 1 and voluntarily retire from service
with effect from December 15, the commission later sent a letter to
Mrs. Okereke-Onyiuke about a complaint by another member against the
Exchange management.

He
said contrary to normal procedures, the regulator “acted with undue and
indecent haste”by not asking his client to respond in writing to the
allegations, adding that the period of notice for her to appear before
a commission the next day for hearing on the matter was ‘unreasonable”,
as council members were not given sufficient time to deliberate and
decide on the allegations.

Illegal action

Besides,
he said the securities commission flouted Section 262 of the Companies
and Allied Matters Act, as well as numerous provisions of the
Investments and Securities Act, as no administrative committee was set
up to examine the allegations and evidence of rebuttal.

“No
impropriety was alleged against our client personally in the reasons
advanced for her removal. The allegations were against management
generally. So, why was our client singled out? SEC abused its powers in
the way it acted. Its actions were contrary to its own statutes as well
as the constitution,” he argued.

Describing
Mrs. Okereke-Onyiuke’s sack as “a premeditated and orchestrated move by
SEC to rubbish the image of our client and deny her a dignified exit
from the Nigeria Stock Exchange,” Mr. Erokoro urged the minister to
intervene and ensure that the former Exchange’s boss is allowed to
retire properly with her full benefits.

Meanwhile, Lanre Oloyi, the commission’s spokesperson, said he is not aware of such a letter.