The senate has confirmed the appointment of Arunma Oteh as the Director General of the Securities and Exchange Commission (SEC). Also confirmed on Thursday was the appointment of Ahmed Remi Makele as an Executive Commissioner (Legal & Compliance).
Both were nominated by President Umaru Yar’Adua in July this year and their names were forwarded to the senate for confirmation in accordance with the provisions of the Investment and Securities Act 2007.
Following the confirmation, Ms. Oteh will take over from Daisy Ikineh, who has been acting as the commission’s Director General since Musa Alfaki resigned from the position in April this year after he was allegedly implicated in the poor handling of the AP share manipulation saga.
During the screening exercise that preceded her confirmation, senators praised Ms Oteh’s resume. She was described as a “round peg in a round hole”.
“I think that for once we have made a choice based on qualification and not political inclinations,” Victor Ndoma-Egba (PDP Cross River State) said.
The new SEC bosses
Ms Oteh, 41, has over 16 years of capital market experience and is currently the Vice-President (Corporate Services) of the African Development Bank Group (ADB).
Before becoming the vice president of the ADB, she was the Bank’s Group Treasurer for 5 years (2001-2006) with overall responsibility for the Bank’s fund raising and investments in major international capital markets. She has worked variously in ADB as Division Manager Investments and Trading Room from 1997 to 2001, and Senior Investment Officer/Senior Capital Markets Officer from 1993 to 1997. Cumulatively, she has worked with ADB for over 16 years.
Before joining the ADB, the new SEC chief worked in corporate finance, consulting, teaching and research for several institutions, including the Harvard Institute for International Development, USA, and Centre Point Investments Limited Lagos, Nigeria.
She is on the board of a number of organisations, including the advisory board of the African Investor, as well as the International Financing Facility of Immunization (IFFIm), a charity organization.
Ms Oteh has an MBA from Harvard University, USA, and a First Class Honours Bachelor of Science Degree in Computer Science from the University of Nigeria, Nsukka. She has received both a Harvard Fellowship Award and a National Merit Award.
Mr. Makele is presently the Associate Director, Legal Risk & Compliance of DTZ Group Holdings Plc, an international corporate finance and investment management company. He has also previously served as the Senior Manager, Regulation & Compliance at Royal Bank of Canada/Dexia Group – one of the World’s top 10 global custodians.
He has worked with other major UK legal and financial companies, as well as the UK Personal Investment Authority (now Financial Services Authority).
Mr. Makele has also consulted domestically for the Investment & Securities Tribunal (IST) and published papers on a number of domestic financial issues.
He is from Kogi State and has a Masters degree in Public International Law from University of Cambridge and BA Honours in Law from University of Sussex, United Kingdom.
He also has a diploma in Regulation and Compliance from the UK Securities & Investment institute and is a Solicitor of the Supreme Court of England and Wales.
Comments