Arunma Oteh
Encyclopedia
Arunma Oteh became Director General of the Securities and Exchange Commission
(SEC) in Nigeria
in January 2010. In this position she is responsible for regulation of Nigeria's capital markets, including the Nigerian Stock Exchange.
She is from Abia State
.
She studied at the University of Nigeria in Nsukka
, Nigeria, earning a first class honors degree in Computer Science.
She went on to the Harvard Business School
where she obtained a Masters Degree in Business Administration.
She co-edited the book, African Voices African Visions.
and Centre Point Investments Limited of Nigeria in corporate finance, consulting, teaching and research.
She joined the African Development Bank
(ADB) in 1992.
She was a Senior Investment Officer/Senior Capital Markets Officer from 1993 to 1997, then Division Manager Investments and Trading Room from 1997 to 2001 when she was appointed the Bank's Group Treasurer responsible for fund raising and investments in major international capital markets.
Oteh was appointed Vice-President for Corporate Management at the ADB in March 2006, responsible for Language Services, General Services and Procurement, Human Resources, and Information Management and Methods.
Oteh was nominated Director-General and Executive Commissioner (Legal & Compliance) of the Securities & Exchange Commission by
President Umaru Yar'Adua in July 2009, subject to Senate confirmation.
Arunma Oteh became Director General of the SEC in January 2010.
In a June 2010 interview with the BBC
Oteh listed "wash sales, market rigging, pumping and dumping shares" as some of the abuses in Nigeria's capital market. She said the SEC expected to charge about 200 individuals and entities in civil or criminal cases.
She faced resistance from the powerful Nigerian rent-seeking elite, but expressed confidence due to the backing she had received from President Goodluck Jonathan
.
In August 2010 Oteh dismissed Okereke-Onyiuke from the stock exchange.
Securities and Exchange Commission (Nigeria)
The Securities and Exchange Commission is the main regulatory institution of the Nigerian capital market.It is supervised by the Federal Ministry of Finance....
(SEC) in Nigeria
Nigeria
Nigeria , officially the Federal Republic of Nigeria, is a federal constitutional republic comprising 36 states and its Federal Capital Territory, Abuja. The country is located in West Africa and shares land borders with the Republic of Benin in the west, Chad and Cameroon in the east, and Niger in...
in January 2010. In this position she is responsible for regulation of Nigeria's capital markets, including the Nigerian Stock Exchange.
Background
Arunma Oteh is of Nigerian/British nationality.She is from Abia State
Abia State
Abia State is a state in southeastern Nigeria. The capital is Umuahia, although the major commercial city is Aba, formerly a British colonial government outpost. The state was created in 1991 from part of Imo State and its citizens are predominantly Igbo people...
.
She studied at the University of Nigeria in Nsukka
Nsukka
Nsukka is a town and Local Government Area in South-East Nigeria in Enugu State. Other towns that share common border with Nsukka, such as Enugu Ezike, Orba and Obollo-Afor , Ede-Oballa, Uzo Uwani and Mkpologwu, now also claim the name Nsukka, hence they all collectively fall into the political...
, Nigeria, earning a first class honors degree in Computer Science.
She went on to the Harvard Business School
Harvard Business School
Harvard Business School is the graduate business school of Harvard University in Boston, Massachusetts, United States and is widely recognized as one of the top business schools in the world. The school offers the world's largest full-time MBA program, doctoral programs, and many executive...
where she obtained a Masters Degree in Business Administration.
She co-edited the book, African Voices African Visions.
Early career
Oteh worked for various institutions including the Harvard Institute for International DevelopmentHarvard Institute for International Development
The Harvard Institute for International Development was a think-tank dedicated to helping nations join the global economy, operating between 1974 and 2000...
and Centre Point Investments Limited of Nigeria in corporate finance, consulting, teaching and research.
She joined the African Development Bank
African Development Bank
The African Development Bank Group is a development bank established in 1964 with the intention of promoting economic and social development in Africa...
(ADB) in 1992.
She was a Senior Investment Officer/Senior Capital Markets Officer from 1993 to 1997, then Division Manager Investments and Trading Room from 1997 to 2001 when she was appointed the Bank's Group Treasurer responsible for fund raising and investments in major international capital markets.
Oteh was appointed Vice-President for Corporate Management at the ADB in March 2006, responsible for Language Services, General Services and Procurement, Human Resources, and Information Management and Methods.
SEC Director General
The SEC Director General Musa Al-Faki resigned in April 2009 amid criticism of the SEC role in a share-manipulation scandal involving African Petroleum stock.Oteh was nominated Director-General and Executive Commissioner (Legal & Compliance) of the Securities & Exchange Commission by
President Umaru Yar'Adua in July 2009, subject to Senate confirmation.
Arunma Oteh became Director General of the SEC in January 2010.
In a June 2010 interview with the BBC
BBC
The British Broadcasting Corporation is a British public service broadcaster. Its headquarters is at Broadcasting House in the City of Westminster, London. It is the largest broadcaster in the world, with about 23,000 staff...
Oteh listed "wash sales, market rigging, pumping and dumping shares" as some of the abuses in Nigeria's capital market. She said the SEC expected to charge about 200 individuals and entities in civil or criminal cases.
She faced resistance from the powerful Nigerian rent-seeking elite, but expressed confidence due to the backing she had received from President Goodluck Jonathan
Goodluck Jonathan
Goodluck Ebele Azikiwe Jonathan, GCFR, BNER, GCON is the 14th Head of State and current President of Nigeria.He was Governor of Bayelsa State from 9 December 2005 to 28 May 2007, and was sworn in as Vice President of the Federal Republic of Nigeria on 29 May 2007. Jonathan is a member of the...
.
In August 2010 Oteh dismissed Okereke-Onyiuke from the stock exchange.