New DG for Nigeria’s Regulator

Another step has been taken towards the appointment of the new Director-General for Nigeria’s Securities and Exchange Commission. The Senate last week confirmed the appointment of Ms. Arunma Oteh, currently Vice President Corporate Management at the African Development Bank (AfDB – www.afdb.org) and focusing on the bank’s institutional development.

She has also been AfDB Treasurer (2001-6) and took overall responsibility for the Bank’s fund raising and investments in major international capital markets. Her previous job was Division Manager Investments and Trading Room (1997-2001) and Senior Investment Officer/Senior Capital Markets Officer (1993-7). She comes from Abia State.

The Senate Committee on Capital Market screened the recommendations of President Yar’Adua. The acting DG is Ms Daisy Ekineh.

Ms Oteh is reportedly of Nigerian/British nationality. Before joining AfDB in 1992, she worked in corporate finance, consulting, teaching and research for institutions such as Harvard Institute for International Development of USA and Centre Point Investments Ltd (Nigeria). Her qualifications include a Masters’ Degree in Business Administration from Harvard Business School and a 1st class BSc honours degree in Computer Science, from the University of Nigeria Nsukka. She has received a Harvard Fellowship Award and a National Merit Award.

She is on the Board of organizations including the Advisory Board of African investor and charity the International Financing Facility of Immunisation (IFFIM) set up by governments to fast-track immunization for achieving the Millennium Development Goals (MDGs).

It is not clear when she takes over the hot seat. Nigeria’s SEC is busy with investigations into capital market fraud and insider dealings as part of a grand clean up of the Nigerian financial sector. it does not have a website.

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