Exclusive!! N44m Bribery Allegation: SEC Documents Expose Arunma Oteh As A Liar…Copies Of Documents Attached

Securities and Exchange Commission, SEC documents obtained by ireports-ng.com have shown that the SEC Director-General, Ms. Arunma Oteh may have succeeded in blackmailing the Chairman of the House Committee on Capital Market, Hon. Herman Hembe, with the allegation that the lawmaker demanded N44 million bribe from her. The documents have however shown that Oteh might have lied to save face as SEC internal memos and correspondence with the Hembe committee showed that it was actually SEC that initiated the move to bribe the committee with an offer to sponsor the public hearing with over N30 million.

Hembe had at the House plenary today offered to resign his chairmanship position while he defended his innocence over the allegation by Oteh and accused the SEC boss of actually offering to bribe the committee with an offer of N30 million. Hembe’s allegation on the floor of the House today was however confirmed by documents obtained from reliable sources in SEC today.

One of such is a March 1, 2012 memo,written by the Senior Supervisor (CA),in SEC, Hassan Mamman seeking the permission of the SEC DG, Ms. Arunma Oteh, to open discussion with the House Committee on how it could sponsor the public hearing following an invitation from the House Committee on Capital Market. The SEC internal memo entitled:“RE-PUBLIC HEARING ON THE NIGERIAN CAPITAL MARKET”, reads: “The Commission is in receipt of a letter of invitation from the leadership of the House of Representatives Committee on Capital Market inviting the Management of the Commission to a public hearing on the Nigerian Capital Market slated for March 13 – 30, 2012.

“Before then, a paid advertisement by the Committee was sighted in some National Dailies in which other stakeholders were also invited alongside the Commission to the three weeks events.

“In view of the Commission’s role as the apex regulator of the Nigerian Capital Market and in consideration of the existing cordial relationship cultivated over the years between it and the House of Representatives Committee on Capital Market, we find it appropriate for the Management to assist the Committee by co-sponsoring this three weeks long event.

“It is our considered opinion that doing this will be of immense benefit to the Nation Capital Market by further creating more conducive atmosphere to finding lasting solutions to the challenges facing the Nigerian Capital Market.

“If the above suggestion is acceptable to Management, the Committee may be approached on your directives, to find out the possible areas for the support.

“Submitted for your consideration and further directives.”

Following Arunma Oteh’s approval of the internal memo to offer the Committee some monetary sponsorship, another internal memo dated March 9th, 2012 signed by the same Senior Supervisor (CA) in SEC, Hassan Mamman and addressed to the DG of SEC,entitled:“RE-PUBLIC HEARING ON THE NIGERIAN CAPITAL MARKET”, reads:

“Please, recall that the Commission received a letter of invitation from the leadership of the House of Representatives Committee on Capital Market inviting the management of the Commission to a public hearing on the Nigerian Capital Market slated for March 13 – 30, 2012.

“The leadership of the Committee had also earlier advertised the hearing in some National dailies in which other stakeholders were also invited alongside the Commission to the three weeks long event.

“The department had suggested to the management the need to support this great effort of the National Assembly to finding a lasting solution to the challenges facing the Nigerian Capital Market.

“We were then mandated to approach the Committee with a view to finding out the areas where such support is required.
“The committee welcomed this development and accordingly forwarded a budget estimate for the public hearing (see attached).

“In view of the above and in pursuance of the Commission’s statutory responsibilities to the Nigerian Capital Market and in furtherance of our mutual relationship with the NASS as major stakeholders in the capital market, we hereby recommend the sponsorship of two items only from their budget as follows:
1. 1, (C) Live Coverage: N26, 203,800
2. 2, Secretariat needs: N4, 215,000
Total: N30, 418,800

“Submitted for Management’s consideration and approval the sum of N30, 418,800 only being part sponsorship of the upcoming public hearing by the House of Representatives Committee on Capital Market and institutions to identify the manifest causes of the near collapse of the Nigerian Capital Market.”

*Copies of the memos exposing Arunma Oteh are also attached.