Nominations are on the table for the leadership of Nigeria’s Securities and Exchange Commission (SEC) to supervise the turbulent capital market. These are subject to ratification by Nigeria’s Senate, in line with the Investment and Securities Act (2007).
Nigeria’s President Umaru Yar’ Adua nominated Ms Arunma Oteh for appointment as Director-General and Mr Ahmed Remi Makele as Executive Commissioner (Legal & Compliance). The nominations came in a statement last Thursday (16 July) from the Ministry of Finance, as reported in local press.
SEC has been under the leadership of an Acting DG, Daisy Ekineh, since Musa el-Faki resigned as DG in May 2009.,
Ms Oteh has over 16 years of capital markets experience and is presently the Vice-President (Corporate Services) of the African Development Bank Group (AfDB). She previously was AfDB’s Group Treasurer for five years (2001-2006) with overall responsibility for the Bank’s fund raising and investments in major international capital markets. She has worked in AfDB as Division Manager Investments and Trading Room (1997-2001), and Senior Investment Officer/Senior Capital Markets Officer (1993-1997).
Before joining AfDB, Ms Oteh 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 organizations, including the advisory board of the African Investor, as well as the International Financing Facility of Immunization (IFFIM) – a charity organization set up by governments to fast-track immunization.
Her qualifications are 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 a Harvard Fellowship Award and a National Merit Award. She is from Abia State.
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 previously served as the Senior Manager, Regulation and 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).
Makele has also consulted domestically for the Investment & Securities Tribunal (IST) and published papers on a number of domestic financial issues. He has a Masters degree in Public International Law from University of Cambridge, United Kingdom; BA Honours in Law from University of Sussex, UK; a Diploma in Regulation and Compliance from the UK Securities & Investment Institute. He is a Solicitor of the Supreme Court of England and Wales. He is from Kogi State.