It also asked the Economic and Financial Crimes Commission to investigate former director general of the Nigerian Stock Exchange Ndi Okereke-Onyiuke over similar allegations of fraud and misconduct.
The ad hoc committee took over the probe after the Herman Hembe-led standing committee on capital market was disbanded in the wake of corruption allegations against Hembe.
Details of the committee report were not made public yesterday but Daily Trust obtained a copy of the document.
On Oteh, the report asked the Head of Service of the Federation to determine if Oteh committed certain listed offenses and report to the House within 30 days.
The offences include if she “illegally stayed in Transcorp Hotel Abuja beyond the period she was entitled to, contravened the monetisation policy of the Federal government by approving the commission’s fund N62 million for 5 bedroom apartment; if it was proper for Ms Oteh as SEC DG to solicit for and obtain donations from companies she regulate for ‘Project 50’.”
Other allegation against her are: “Purchase of three Hilux vehicles at the cost of N32 million without due processes, withdrawal of N200 million from the commission’s fund without approval from the board” and running SEC “without input from other commissioners and management.”
The report said, “Ms. Oteh flies first class when traveling abroad contrary to government directives that government appointees to fly business class when traveling on official assignment.”
It also found that Oteh embarked on illegal recruitment of ad hoc and support staff including hiring of two staff of Access Bank as advisers on technological issues. “Findings revealed that contrary to Ms. Oteh’s submission, the Access Bank staff were involved in manipulating the merger and acquisition of failed banks to favour Access Bank, a case of Intercontinental Bank which was acquired by Access Bank is a pointer in this arrangement,” it said.
On Okereke-Onyiuke, the committee asked the EFCC to within 60 days investigate “the yacht bought for N37 million which was purported to have been presented as a gift by Professor Ndi Okereke during its 2008 Long Service Award; the outstanding 92 Rolex watches or its monetary equivalent of N99.5 million being the balance of 165 Rolex watches for presentation to awardees at the LSA awards, the N1.7 billion 2008 operational surplus between the former DG and her council members in 2009 contrary to the provision of CAMA and all operational surplus monies from 2005 to 2008 shared between the former DG and her council members.”
On nationalisation of Afribank, Spring Bank and Bank PHB by the Central Bank of Nigeria and the Asset Management Corporation of Nigeria (AMCON), the report said, “The committee notes that though the actions of the CBN to take over the failed banks and later sell them to AMCON may have been in good faith, the processes or procedures adopted left much to be desired. The act exacerbated investors lack of confidence in the market.”
It recommended sanctions against CBN governor Sanusi and all government officials involved in the nationalisation of the three banks which it said breached the law. It said the officials should be sanctioned in accordance with civil service rules and regulations.
The committee urged the Federal Government to make special budgetary grant of N100 billion to the SEC for payment to shareholders of the three nationalised banks.
It also asked EFCC to investigate “all processes leading to the sale of Afribank, Bank PHB and Spring Bank and the circumstances under which they were sold. Ascertain the correctness of the exercise, apportion blame where necessary and prosecute those indicted within 60 days.”
Other recommendations are that the EFCC should investigate the activities of all former SEC DGs and commissioners from 2005 to December 2009 and “prosecute anyone found culpable in any wrong dealings in the market and report back to the House within 90 days.”
The two former DGs who served within the period in question are Suleiman Ndanusa and Musa Alfaki.
Also, the EFCC has been asked to undertake a comprehensive audit of all stock broking firms, registrars and issuing houses to ascertain real owners. “Any council member or SEC official found remotely or indirectly connected in any operating firm should be dismissed from the commission or council within 30 days,” the report added.
The committee recommended a capital base of N500 million for stock broking firms.
It asked SEC to conclude the demutualisation of the NSE within 90 days and establish securities exchange and commodities markets in all the six geo-political zones, as well as open the Abuja commodities market and stock exchange.
The House is expected to debate the committee’s recommendations at a date yet to be fixed
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