Members of the 19-man team aimed at building Abia into a self-sustaining economic hub include Ms. Arunma Oteh, Khaleefa Sanusi II, and Bolaji Balogun, as co-chairmen.

Other members are Victor Onyenkpa, Ifueko Omoigui Okauru, Chidi Ajaegbu, Uche Orji, Mrs. Ndidi Nwuneli, Mr. Chika Nwobi, Dr. Olugbenga Adesida, Prof. Ndubuisi Ekekwe, Mazi Clement Owunna, Dr. Uzodinma Iweala, Mrs. Ezinwa Okoroafor, George Agu, and Mazi Uzo Nwankwo, Chinedu Azodoh, while also making the list are Dr. Ngozi Okonjo-Iweala and Dr. Benedict Oramah as honorary advisors.

The governor said the five members, drawn from the State Executive Council, will represent the government on the Advisory Council.

They include the Governor; Attorney-General and  Commissioner for Justice, Ikechukwu Uwanna; Commissioner for Budget and Planning, Kingsley Anosike;  Commissioner for Finance, Michael Akpara; and  Commissioner for Trade, Commerce and Industry, Dr. Chimezie Ukaegbu.

Otti said the economy of the state had suffered neglect and became fragile due to untold economic sabotage over the years, stating that “as a new government, a new dawn is before us.

“As a government, we do not know it all and that is why we are seeking guidance from those who know,” assuring them that the council will work with the state government to see how to impact long-term economic prospects in the state and to turn the state into a robust major player in world economic dawn.”

Otti said, “This day marks the beginning of a new era, and we shall never look back. Our programmes are already repositioning and rebuilding Abia State as the economic pride of Nigeria. Therefore, it is essential to ensure that its economic development strategy is founded not only on a thorough understanding of the local economic environment but also on the dynamics of the emerging forces now shaping the future of the global economy.

“The newly appointed members bring a wealth of experience and expertise in various sectors, enhancing the diversity and dynamism of the Abia State Global Economic Advisory Council. Their collective knowledge will play a pivotal role in shaping policies that drive innovation, attract investments, form solid partnerships, and ensure the overall economic resilience of our great state.”.

The council will be managed by the Principal Secretary to the Governor/Chief Strategy Officer, Mr. Chinenye Mba-Uzoukwu, and the Technical Assistant to the Governor, Mr. Charles Egonye, who will both be supported by Mrs. Victoria Onwubiko and Ms Amaka Okonkwo from the private sector.

The Abia State Global Economic Advisory Council serves as a key advisory body, offering strategic insights and recommendations to guide the state’s economic and investment policies.

The Advisers will collaborate closely with the relevant state commissioners to address the unique challenges and opportunities that lie ahead, ensuring that the state remains at the forefront of innovation and economic development within the region and globally.

In her overview of the council, a co-chair, Oteh said Otti gathered them “not only to give advice but also to hold him accountable on the global business” and expressed her hope that Otti will be open and take the council’s advice.

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Dr. Adesola Adeduntan, the Bank’s Managing Director, stated this on the sidelines of the second anniversary of FirstGem, a female focused product in Lagos. “At FirstBank, our purpose is to put our customers and stakeholders at the heart of our business. For over 124 years of our existence, we have focused on providing excellent financial services to meet the needs of our esteemed customers.

“We continue to improve on our products and also create new ones that suit their specific financial needs. The reason why we have been successful is our ability to invent and reinvent ourselves. You can only be successful like that when you put your customer at the centre piece of all your actions. That is the secret of our success. In designing our FirstGem product, we are very clear on the space we want to occupy,” he said.

Adeduntan further said that FirstGem had been designed on the path of what was discovered two, three years ago to fill the gap in ensuring women achieve active participation in economic development. He noted that FirstGem is not just a product but a complete lifestyle support designed solely for women.

Also speaking, Dr. Doyin Salami, Lagos Business School, urged investors in the Nigerian stock market not to panic about the forthcoming elections, assuring them the market would rebound after the general elections.

Salami said that Nigerians should stop dwelling on uncertainties surrounding 2019 elections, noting that election would come and go.

Speaking on the topic “New frontiers for businesses in 2019”: Salami said that Nigerians should tap into sectors with huge activities instead of dwelling on 2019 elections.

“Election is coming and it comes with uncertainties, there are over a 150 million Nigerians and I’m sure that their lives will continue after the election.

“I’m optimistic of where we are, election will come and go and we hope we don’t fight aftermath of the election. Whoever wins will manage the economy,”
Salami said. He further opined that the stock market which had gone down presently by about 15 percent would rebound after the elections.

Salami added that Treasury Bills would offer higher returns next year, noting that people with risk averse could invest in it. Salami said that Nigerians should look inwards and tap into opportunities provided by the fast moving sectors with huge activities. According to him, the sectors are agriculture, manufacturing, telecommunications and ICT, healthcare and oil and gas.

Salami said that experience and knowledge would help entrepreneurs to identity new frontiers for business in 2019. He noted that many businesses collapsed because of lack of understanding and wrong pricing.

Also speaking, Ms Arunma Oteh, World Bank Vice President and Treasurer, identified Nigeria’s greatest challenge as extreme poverty, inequality, climate change, anti globalisation and high population, among others.

Oteh said that Nigeria would not achieve sustainable growth without tackling these challenges with strong sense of urgency. She said that one way to tackle these problems was to broaden economic participation by closing the gender gap.

Oteh said that globally, countries were losing $160 trillion in wealth because of differences in lifetime earnings between women and men. She said that “this amounts to an average of $23,620 for each person in the 141 countries studied by the World Bank Group”.

Oteh noted that women were important for economic development and were the economic power house for society today.

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The former president said in his book, My Transition Hours, that the clueless tag given to his government was an attempt to denigrate his person and that of those who served under him, stressing that no government in Nigeria’s history has had the opportunity of having such array of person working in one government like he did.

He said it is on record that several of his ministers and others he appointed into different positions are currently occupying plum positions across the globe, warning that people should stop digging holes for others to fall into.

He wrote: “Recall that the opposition and their sympathisers and campaigners, both local and international, with their malicious propaganda, tore our economy to shreds, threatened our stability and existence as a nation and intimidated our citizens, all in the bid to take over power.

“Nevertheless, we conducted ourselves in a manner that allowed a peaceful transfer of power from a ruling party to an opposition party, for the first time since Independence in 1960.

“Rather than forge a coalition and build on the momentum we had gathered when they eventually took office, they went on a persecution spree and vengeance mission.

“That the country slipped into recession soon after we left office was a self-inflicted injury caused by misplaced priorities. The narrative of inheriting empty treasury is a blatant lie.

“Also, the excuse of the collapse of world crude prices does not hold water. This is because the Fourth Republic took off in 1999 with crude oil selling for less than $20 per barrel and a Gross Domestic Product (GDP) growth at 0.58 per cent, according to National Bureau of Statistics (NBS) figures. Yet, the economy maintained a steady growth from that year, peaking at 15.33 per cent in 2002 when the average crude oil price was about $25.

“It is also instructive that the oil and gas sector constitute about 11 per cent of our GDP. There had to be a wider causative factor than just the fall in world crude prices.

“It also amounts to standing facts on their heads to continuously claim that recession was caused by so-called mindless looting. The truth is that the opposition, in a bid to undo our government, became its own undoing when it got to power, because of the burden of justifying deliberate misrepresentations.

“There is wisdom in the saying that if you win a prize and get the crown, don’t go around destroying the person who previously held that prize; it will lose its value. Even after winning the election and forming the government at the centre, the blame game continued.

“When two brothers fight to death, it is the neighbour that inherits their father’s wealth. And we have seen neigbouring nations like the Republic of Benin and Ghana reaping from the capital flight out of Nigeria.

“Despite Nigeria’s attainment of Independence from Britain ahead of most other African countries, we have been increasingly conditioned to seek succour in the blame game. It is time for Nigeria to take responsibility. As Gen. Murtala Mohammed said while addressing the Organisation of African Unity (OAU), now African Union (AU) in 1976 that ‘Africa has come of age’.

“I add that Nigeria has come of age. We either live up to that or we don’t. I am convinced that we can, and we should. We must as a nation always strive to improve the quality of life of our citizens and make developmental plans that will focus on the younger generation. That way, Nigeria will not be a liability to the rest of the world. Our population will be an albatross to us and our allies if we do not take the necessary step to tum it into a great opportunity.

“The sundry accusations by the new administration would appear to have baited the media. Media trials are entertaining, but have little or no effect in fighting corruption and improving the economy. Since I left office, rather than improve on our TI (Transparency International) corruption perception record, the situation has worsened with the nation going 12 places backward, becoming number 148 according to the latest CPI ranking for 2017, from 136 in 2014 when I was president.

“It was bad enough that Boko Haram insurgents continue killing people and ruining businesses, but what is worse is when politicians downgrade the economy by demarketing the country internationally.

“You should never try to slander your political opponents by destroying your country’s economy. Capital flight intensified and companies started laying off staff. In all these, I hope a lesson would be learnt.

“If you embark on digging a hole for your enemy, you better make it shallow, because you might end up in the hole yourself. How do you attract investors you already repelled through your utterances? Investors are an ultra-sensitive lot. Money runs away from unstable societies.

“Most painful have been the attacks on my ministers, aides and associates and even members of my family. There is an attempt to erase our legacy from history.

“The good thing is that the unending barrage of attacks, deliberate misinformation and programmed media smear campaigns have failed to sway the opinion of those with a clear view of our beliefs, efforts and achievements.

“There are millions of Nigerians and others around the world who are still impressed with our modest achievements in consolidating democracy and growing the nation’s economy.

“They will continue to serve as my strength and encouragement. Sometimes, I laugh when certain propagandists attempt to stand logic on its head by maligning my administration as one bereft of ideas and ‘clueless’.

“In assessing my administration, it is best to focus on facts. I cannot assess myself. I leave that to history. But I can assess my cabinet and I make bold to say that never in the history of Nigeria, till date, has the nation had such a star-studded cabinet, full of achievers and people who got to the top of their chosen fields by merit.

“Just consider that my minister of State for Health, Dr. Muhammed Ali Pate, is now a professor at America’s Duke University, as well as a Senior Adviser to the Bill and Melinda Gates Foundation based in Washington DC. My minister of Agriculture, Dr. Akinwunmi Adesina, is now the President of the African Development Bank (AfDB).

“My Co-ordinating minister, Mrs. Ngozi Okonjo Iweala, is the chairperson of the Board of the Global Alliance for Vaccines and Immunization (GAVI) and the African Risk Capacity (ARC). She also sits on the board of Twitter and the Asian Infrastructure Investment Bank, just as she is a Senior Adviser at Lazard and a Director at Standard Chartered Plc in the United Kingdom, amongst others.

“My minister of Communication Technology, Dr. Omobola Johnson, is currently Chairperson of Custodian and Allied Insurance Limited as well as the Global Alliance for Affordable Internet.

“And it is not just members of my cabinet. Others who served with me in different capacities are also soaring on the world stage. A good example is Ms. Arunma Oteh, who I appointed the Director-General of the Securities and Exchange Commissnon (SEC).Under her steady and skillful direction, Nigeria’s equity market grew in metric proportions, and by the time I left office in 2015, the market had tripled in size to $150 billion in value. Two months after I left office, Ms. Oteh was appointed a Vice President and Treasurer at the World Bank.

“These are reputable individuals who served their country meritoriously and who, on the strength of their performance as ministers in my government, are now waxing stronger and valiantly on the world stage with only the sky as their limit.

“With such personalities on my cabinet, no one can factually say we were ‘clueless’ or inept. The evidence of performance is simply overwhelming. We gave Nigeria an impressive and steady GDP growth rate at 6.7 per cent per annum.

“We were officially cited as the third fastest growing economy in the world by CNN Money in 2014. We eradicated polio and guinea worm and became the first nation in the world to defeat the Ebola virus, such that the then richest man in the world, Bill Gates celebrated us for our prowess in the health sector. We reduced our food import bill by 36 per cent.

“I did the best that I could to preserve Nigeria’s unity and ensure a brighter future for all Nigerian children. This remains my driving force even now that I am out of office. I can hold my head high in my post-presidential life to say that under my watch, no Nigerian was witch-hunted because of his or her views and not one political assassination occurred under me.

“The momentum we built was a welcome development and a necessary boost which I recommend to other African nations as a means to help the continent expand capacity and reduce youth unemployment.

“These are some of the positive steps I took to guide Nigeria safely to land during the difficult times she found herself. Looking back, I can say that I have a sense of fulfilment. It is said that a good conscience suffers no accusations.

“I have served Nigeria with all my strength and God alone is the judge of the universe. I certainly hope that all those who cast aspersions at us can say the same about themselves because the end of a matter is better than its beginning. I had no enemies to fight; I have none still.

“It is obvious that the world is happy with President Paul Kagame of Rwanda. The country came out of genocide. President Kagame made propaganda his enemy and got to work. Although Rwanda experienced the worst genocide in Africa’s recent history, it is today the toast of the world.

“My hope is that African leaders must embrace the concept of democracy that delivers purposeful leadership, improves the lives of the people and envision a secure future for the nation. Africa is critical to global progress and for that reason I urge all African nations to work with fidelity and commitment for the greater good of the continent.

“Looking into the future, I see that our leaders can do a lot to eliminate ethnic sentiments in our societies, enthrone merit and build a system that gives citizens equal opportunities to excel.

“A country that cannot use its best brains will lag behind in the comity of nations. African leaders should remove key impediments limiting our growth. When we build capacity in the youth, it will unleash the creativity that would catalyse rapid development.

“Since after my handover, and as part of the dedication of the rest of my life to the cause of peace and good governance, God helping me, I have engaged myself in finding ways of advancing the course of democracy and good governance in Nigeria, Africa and the rest of the world, through my Foundation, the Goodluckjonathan Foundation (GJF). The GJF will partner with all men and organisations of goodwill across the globes who believe in the ideals to which we have committed ourselves.

“We will seek to prevent conflicts, create conducive environment for businesses to thrive, work to advance the frontiers of education and create employment for the youth as well as encourage them to be self-employed. Millions of our people need help. We need to develop home-grown talents. We must aid educationally-disadvantaged children. Nigeria must become the beacon of hope in Africa.

“I urge Nigerians and Africans to join me in the effort to create a fresh thinking and enlightenment of the people of this great country and our wonderful continent as we speak out against unrestrained and reckless craving for political office.

“We have to rebuild our nations but we must start by rebuilding ourselves. So, let us roll up our sleeves and go to work, actualising our dream, hopes and aspirations for a prosperous and peaceful Nigeria and Africa.”

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The President of the World Bank, Jim Young Kim, made the announcement in a statement on Friday, said that Oteh’s appointment takes effect from September 28, 2015.

The statement reads in full: “I am pleased to announce the appointment of Arunma Oteh as VP and Treasurer of the World Bank.

“Arunma, a Nigerian national, was most recently the Director General of the Securities and Exchange Commission of Nigeria.

“Appointed to a five-year term by the President of Nigeria in 2010, she led the transformation of the country’s capital markets industry into a major global presence.

“She was a member of the Board of the International Organization of Securities Commissions (IOSCO) and the Chairperson of the Africa Middle East Regional Committee of IOSCO.

“Prior to joining the Securities and Exchange Commission (SEC) of Nigeria, Arunma was Group Vice President, Corporate Services, at the African Development Bank Group (AfDB).

“In this role she oversaw a number of departments, including human resources, information and communications technology, and institutional procurement.

“From 2001 to 2006 she held the role of AfDB Group Treasurer, where she led AfDB’s fundraising and capital market activities across the world.

“Earlier roles at the AfDB, which she joined in 1992, included trading room management, investment portfolio coverage, and public sector lending.

“She also held other positions in capital markets and lending during the course of her career at the AfDB. Arunma began her career in 1985 at Centre Point, where she executed debt and equity offerings in the Nigerian capital markets.

“She earned her Bachelor of Science in Computer Science from the University of Nigeria and her Masters of Business Administration from Harvard University.

“As VP and Treasurer, Arunma will manage and lead a large and diverse team responsible for managing more than $150 billion in assets.

“Her top priorities will be to: (i) maintain the World Bank’s global reputation as a prudent and innovative borrower, investor and risk manager; (ii) manage an extensive client advisory, transaction and asset management business for the Bank; (iii) engage, in her capacity as one of the World Bank’s key representatives, with outside stakeholders including global private sector financial institutions, the financial media and the sovereign debt and reserve managers in client countries, as well as ratings agencies.

Others include to collaborate extensively with the Finance Partners throughout the WBG, including with IFC and MIGA, expanding shared approaches, in particular around innovative financing for development and for key new projects.

“Ms. Oteh was selected to this position through an international competitive search. Her appointment is effective on September 28, 2015.”

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The event themed ‘Becoming Financially Fearless’ was organised to advance the Nigerian woman’s financial confidence as well as secure their financial future.

Nimi Akinkugbe, CEO, Bestman Games Limited, Funmi Oyetunji, CEO, Abitos Financial Services Limited, Arese Ugwu, Head of Wealth Management at Partnership Investment Plc, and Tonye Cole, Co-Founder and Group Executive Director, Sahara Group were among the speakers at the event, expounding on a varying range of topics from financial management to risk taking in an uncertain economy.

Arunma Oteh, former Director General, Securities and Exchange Commission, SEC, who chaired the event emphasized the need to become financially fearless, achieve business success and leave a legacy.

She advised the audience to read voraciously and widely, value investing more than spending and embrace mentorship.

FirstBank’s support for the event is one of the Bank’s many interventions to promote women inclusion and participation in the polity through financial awareness and empowerment.

Similar initiatives supported by the Bank recently include the Inspire for Women Conference, Women in Management, Business and Public Service (WimBiz) Conference, Women of West Africa Excellence in Entrepreneurship (WOWe) Conference, and the SME Workshops for women led SMEs anchored by the FirstBank Sustainability Centre in Lagos Business School, among several other women empowerment programmes.

According to the Group Head, Marketing & Corporate Communications, FirstBank, Folake Ani-Mumuney, the Bank is committed to initiatives that would encourage women’s participation and contribution to the growth and development of the economy.

“We would continuously engage with initiatives that will inspire, mentor and raise a new generation of entrepreneurial women,” she stated.

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Oteh who announced this at a formal handover ceremony in the Commission’s headquarters in Abuja on Monday, described her five year tenure at the Commission as absolutely outstanding attributing it to the co-operation she received from every member of staff.

“When I joined SEC in January 2010, I was absolutely certain about why the SEC was important and what it’s role and what the agenda was. I was able to articulate it in one phrase “building a world class market.

“To have a vision and have everyone being able to connect and align around it for me whether it is capital market operators, whether its shareholders and other stakeholders for me, it is something that I find very rewarding.

“But I don’t think it would have been possible without each and every one of you accepting the challenge to try something in a different way or to do something in a way that you are not quite sure what will happen,” she said.

Oteh said that what the commission has been able to achieve in summary is to lay a foundation for the nation to see a capital market that will help tackle its infrastructure challenges, that will help people who are setting up businesses, who own businesses raise millions of naira in capital.

“Our aim is to build a meritocracy so that it is the good things that get funded, not necessarily the things that have connections so that we can also tackle some of what we are seeing in our world today, whether it is security challenges we face or the security challenges that everybody faces.

“My view is that one of the things that will address it is if people can feel that they are included, that they have economic access that they can create wealth, that the income inequalities that we see around us can be addressed. And I believe that the capital market is the answer and what we have done in the last five years is to lay a foundation; there is still a lot of work to be done” Oteh said.

She therefore appealed to staff to continue to work hard and support the leadership to ensure that the brand that has been built is not taken away.

The Acting DG, Gwarzo was born 50 years ago in Kano and attended Bayero University, Kano and graduated with a Bachelors Degree in Economics in 1987. 

In 1991, he proceeded to the University of Birmingham in the United Kingdom where he obtained a Post Graduate Degree in Development Finance. 

Gwarzo is an Associate Member of the Chartered Institute of Stock Brokers, in 2005 became a Fellow of the Institute and has acted in Nigerian Capital Market as an operator and a regulator.  

This is evident from the calibre of institutions he has served in during his working career that spans a period of 25 years.

The institutions include Ministry of Trade Kano State, the Nigerian Stock Exchange, Century Merchant Bank Limited, Empire Securities Limited, The Securities and Exchange Commission, Federal Mortgage Bank of Nigeria and MTL Global Investment Limited.

Gwarzo has been a participant at several courses both home and abroad some of which are: The Securities Market Regulation which is the leading training program in securities regulation in the world by the U.S. Securities and Exchange Commission, Development of Bonds Markets in Johannesburg, South Africa, Assets Backed Securities and Mortgage Securitization in Singapore, Operational and Credit Risk Management in Dubai, and Advanced Management Programs (AMPS) at INSEAD (The Premier Management Institute in Europe), Paris as well as at SAID Business School Templeton College, University of Oxford, UK.

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President Goodluck Jonathan rejected a request for the extension of tenure and approved the appointment of a Commissioner in the Commission, Mounir Gwarzo, as acting Director-General.

Inside source claimed that the President rejected a memo from the Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, seeking a second term for Oteh.

The memo was said to be based on the Secretary to the Government of the Federation SGF) Anyim Pius Anyim’s recommendation.

Though originally favoured to grab the second term because of her closeness to both the President and Finance Minister, sources claimed that an evaluation showed that her performance was “neither sterling nor spectacular.”

The government reportedly found that the stock market has not recovered from the 2008 financial crisis, besides, Oteh may have been sacrificed to resolve the lingering “Executive-National Assembly face-off” over her tenure.

“Despite intense lobbying by some government officials and business players, the President stood his ground that Ms. Oteh should not come back.

“Jonathan rejected a memo from the Minister of Finance, Dr. Ngozi Okonjo-Iweala seeking the retention of Ms. Oteh. The Minister based the case for Oteh on a strong recommendation by the SGF, Anyim Pius Anyim.

“To some extent, the SGF misled the Minister because the indices did not add up for Oteh as to earn a renewal of tenure. There was no convincing statistics to prove that Oteh has led the stock market to a leap recovery.

“No one could explain why the Office of the SGF which suspended her while in office will be the one championing her retention. I think there was a tribal connotation to it.

“The evaluation of her tenure indicated an average performance because she was rated as ‘neither sterling nor spectacular. The President chose to look beyond ethnic sentiments and stood on the side of truth and the public yearning for a change in SEC.

“Stakeholders in the Stock Exchange Market, workers and others alike wanted a fresh breath of air in SEC. You will recall that at the peak of SEC crisis in 2012, Ms. Oteh’s commissioners even disowned her.

However, in a statement announcing Oteh’s exit on Sunday, the Commission said Oteh would be remembered for her passion, purpose, articulation and implementation of reform measures driven by the vision to transform the Nigerian capital market into world class.

“She was in a hurry to see Nigeria achieve a world class capital market that will drive development and make Nigeria one of the most attractive investment destination,” it said.

Some of her accomplishments, according to the statement, include restoration of investor confidence through strong enforcement actions and improvement of rules and regulations and investor education.

It said that SEC established the National Investor Protection Fund and strengthened its Administrative Proceedings Committee to deepen and broaden the market.

The statement said that “The market witnessed significant product innovation, improved listing rules, landmark bond market reforms widening of participation in the markets through licensing and coming on stream of other capital trade points.

“Under her leadership, the SEC also championed reforms at the Nigeria Stock Exchange that witnessed a more robust output and delivery in its operator/oversight role.”

The initiative to revamp NSE listing rules, it said, led to landmark transactions in dual listing of SEPLAT Petroleum on the NSE and the London Stock Exchange in April 2014, as well as the development of an alternative securities market.

It said Oteh would certainly be remembered for rescuing the capital market from the doldrums in which it was mired as a result of sharp practices that were rife and the global financial crisis soon after she assumed office in January 2010.

Oteh was appointed by the late President Umaru Musa Yar’Adua in 2009 but resumed in January 2010.

However, sources close to the Commission told our correspondent that the Oteh’s decision to quit became absolutely necessary following her failure to secure the support of the Presidency through a powerful lobby group advocating an extension of her terms.

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It was gathered Monday that Oteh had been lobbying the presidency for an extension of her tenure despite stiff opposition from workers’ union.

The workers have threatened to go on strike should President Goodluck Jonathan extend her tenure, but the presidency is yet to make any pronouncement and no letter has been forwarded to her in that direction, according to a source.

A senior staff of the organisation said Oteh was yet to prepare a handing over note, adding that “she is bidding her time to see whether a tenure renewal letter could come from the presidency.”

Oteh and Amalgamated Union of Public Corporations, Civil Service Technical and Recreational Services Employee have been at loggerheads over her management style.

A top union official said Oteh would cease being the director general of SEC with effect from tomorrow because her five-year tenure would end on today.

Oteh’s appointment as SEC director general took effect from January 7, 2010. “The letter that brought her here is tenured and is not an open-ended appointment.

“We learnt she is desperately looking for a six-month extension but this not an issue. Look at the capital market capitalisation. From N13.9 trillion market capitalisation in January 2010 when she was appointed, it has crashed to N8.5 trillion and portfolio investors are withdrawing their funds because of lack of confidence in the market,” he said.

Oteh’s Media Adviser, Obi Adindu, had in an interview with a national newspaper, dismissed the union’s threat as “a mere ranting that is of no effect. As usual, I will tag this as irresponsible threat.

“They are in no position to determine who the DG of SEC is. That is the prerogative decision of President and Commander-in- Chief. The fantastic work the DG has done in the last five years is obvious for everyone to see,” he stated.

According to him, the DG, on assumption of office, has made training of staff a compulsory exercise as those from the assistant manager cadre are entitled to several local trainings and once-in-ayear foreign training.

He said should the workers go ahead with their threat to go on strike, the management would be left with the option but to invoke the no-work, no-pay rule.

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Employees of the commission, acting under the banner of the Amalgamated Union of Public Corporations, Civil Service, Technical and Recreational Employees, are threatening an indefinite strike should the forces pushing for tenure elongation for her, have their way.

Oteh, who is the fourth DG of SEC, assumed office in January 2010, having been Vice-President, Corporate Services of African Development Bank (ADB) and her five-year tenure will end on January 1, 2015.

Although the SEC DG optionally ought to go on a three-month exit leave, she chose to stay till the last minutes following assurances from some forces in the Presidency that her tenure might be extended or renewed by the President.

The development has made Oteh not to prepare her handover notes before the Christmas break as it is customary in the public service.

A top source in SEC said: “Five days to the end of the tenure of the DG of SEC, she has not unfolded her exit and transit succession plan to the management and staff.

“We learnt that some forces are pushing for either the extension or renewal of her tenure to complete her transformation agenda in the capital market.

“Those seeking the tenure extension/renewal also claimed that Oteh is the current chairperson of Africa Middle East Regional Committee (AMERC) of the International Organisation of Securities Commissions (IOSCO). They said she was re-elected in September 2014 for another two-year term and Nigeria ought not to lose such a position.

“Others claimed that being a First Class graduate of Computer Science, Oteh is a member of the nation’s Economic Management Team whose service is required at a critical economic crisis period Nigeria is undergoing.

“They also cited Section 5(1 and 2) of the Investments and Securities Act 2007 to buttress their point that Oteh can be granted second term in office.”

The section says: “The DG and the three full time commissioners shall be appointed by the President upon the recommendation of the minister and confirmation by the Senate.

“The DG shall hold office for a period of five years in the first instance and may be reappointed for a further period of five years and no more.”

But management staff and workers are opposed to any plan to extend Oteh’s tenure because of her alleged high-handedness; alleged one-man management style; face-off with the House of Representatives on some expenditures; low value the SEC had witnessed during her tenure; and irreconcilable differences with staff.

A union leader said that “We are tired of Oteh’s administration in SEC. The President should let her quit and bring a fresh hand. She has never enjoyed the confidence of her workers for five years. So, what is the rationale for retaining her?

“Instead, security agencies were used to hound staff making legitimate demands. Those arrested were Mohammed Salihu; Racheal Olenloa; John Briggs; Mamman Ali Abba; and Dickson Durugo.

“The face-off she had with the House of Representatives led to the unending cold war between the presidency and the National Assembly today. We don’t want such a DG again.

“You will recall that at a point, she was suspended by the Federal Government and later recalled. What the workers are saying is that the capital market will be better without her in SEC.”

Responding to a question, the union leader added: “We wanted to go on strike three months ago but we were prevailed upon to shelve it since Oteh’s tenure will end on January 1, 2015. Now, some forces are seeking the renewal or extension of her tenure. We cannot be deceived at all. Oteh must go.”

“The outgoing DG of SEC was suspended on June 12, 2012 but she was later recalled by the Federal Government via a letter from the Secretary to the Government of the Federation, Chief Anyim Pius Anyim.

The reinstatement followed an audit report on SEC by PricewaterhouseCoopers.

Her recall has however created a wedge between the Executive and the House of Representatives apart from protest by workers of SEC.

The recall however created a wedge between the presidency and the House of Representatives because Oteh was reinstated on the eve of the presentation of the report of the Ad Hoc Committee on Capital Market on the activities of SEC.

The crisis between the House and Oteh followed a public hearing into the activities of the capital market.

During the hearing, the then Chairman of the House Committee on Capital market and Other Institutions, Herman Hembe, had alleged that Oteh was not qualified to be DG of SEC.

He said the committee also discovered how Oteh allegedly spent N850, 000 on hotel accommodation in a day with N85, 000 to wit on a meal.

But Oteh took exception to allegations by Hembe that she is not qualified to be the DG of SEC; seconding of two Access Bank employees to SEC; and how she allegedly spent N850, 000 on hotel accommodation in a day with N85, 000 to wit on a meal.

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Other finalists of the most coveted award were South Africa’s Public Protector, Thuli Madonsela, Nigerian author, Chimamanda Ngozi Adichie, Director-General of the Securities and Exchange Commission, (SEC), Arunma Oteh and President of the African Development Bank, Donald Kaberuka.

In selecting Dangote, the panel of judges noted that “Aliko Dangote is a lion of Africa in terms of business. He is second to none when it comes to investing in Africa, not just Nigeria.

“He is also a capitalist with a big heart. He puts his money where his mouth is and his foundation is a step forward for a man who wants to make a difference on the continent,”

This was Dangote’s fourth nomination for the prestigious awards. Other past finalists include his Highness Dr. Sanusi Lamido Sanusi (2011), James Mwangi (2012) and Akinwumi Adesina (2013). Also feted during the event was Donald Kaberuka, president of the African Development Bank. Kaberuka, who received the lifetime achievement award.

Chairman, CMA Investment Holding, Rakesh Wahi, described Forbes as a brand, synonymous with entrepreneurship, inspiration, success, failure, getting up after failure and never giving up despite all the odds.

He said Forbes highlights journeys of hope; of trials and tribulations of people who despite all challenges have the courage and determination to see their dreams to fruition.

Commenting on the Forbes Person of the Year Award, he said: “This is our fourth Person of the Year Event. The mission of this event is to honor one exceptional leader from the African continent, who has made an impact not only on the industry he or she serves, but who also has touched the lives of people, and in doing so is a role model for future generations of business leaders. The person who we are about to honor today, personifies all the values of the Forbes brand”.

While giving his acceptance speech, Dangote said he considered it an honour to be nominated for the award and thanked the organisers for the priviledge of choosing him as the “Forbes Man of the Year”.

“My thanks also goes to my family for their unquantifiable support over the years; my diligent staff for their uncommon dedication to duty; my fellow Africans for believing in us; and my numerous friends across the globe, who have been a source of inspiration.

“I will also like to specially recognise and commend the other nominees for making it up to this stage. Their achievement is no mean feat, given the quality of the award”.

Revealing that Dangote Group is already in 16 African countries, he assured that the Group will continue to expand its footprints across the continent because “we believe that it is only Africans themselves that can develop Africa for the Africans”.

“Of course there are challenges, but which are not insurmountable as long as we stay united in our resolve to overcome them. If we all join hands together, we can emancipate Africa from poverty, ignorance and disease – the triple obstacles to our development as a people,” Dangote said.

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