SEC boss, Arunma Oteh suspended

Arunma Oteh, head of Nigeria’s stock exchange regulator has been suspended from her post, its board announced Tuesday, weeks after she publicly clashed with politicians over corruption allegations.Arunma Oteh, viewed by many as a reform-minded head of Nigeria’s Securities and Exchange Commission who worked to clean up stock market abuses, has been forced to go on leave while a probe into the regulator is conducted.

The investigation is to focus on a programme designed to commemorate 50 years of stock market regulation in Nigeria, sub-Saharan Africa’s second-largest economy and the continent’s biggest oil producer, its board said in a statement.

Oteh, who took over the post in January 2010 after working as a vice president at the African Development Bank, will be replaced by Daisy Ekineh, who has been the executive commissioner for operations.- PM News