The
House of Representatives has recommended the termination of appointment of
Director General of Security and Exchange Commission, SEC, Aarumah Oteh.
The recommendation, was the highpoint of debate on report of the HOuse Ad Hoc Committee on the near collapse of the Capital Market, said Oteh's appointment was in violation of the Investment and Security Act.
In the report, Governor of Central Bank, Sanusi Lamido was also cite for contempt of the House having refused to produce report of the Special Examination upon which the intervention in the eight bank in AUgust 2009 was based.
The House also faulted the CBN'action of disbursing Six Hundred and Twenty Billion Naira bail out funds and other intervention funds afterward.
Former governor of CBN, Charles Soludo, Ignatius Imala, former Director in CBN and Tunde Lemo, current Deputy Governor were recommended for further investigation for their roles in the Banking sector crisis.
The House also recommended that the Nationalization of Afribank, Spring bank and Bank PHB and their subsequent change of names is a violation of the Asset Management Corporation of Nigeria Act.
The recommendation, was the highpoint of debate on report of the HOuse Ad Hoc Committee on the near collapse of the Capital Market, said Oteh's appointment was in violation of the Investment and Security Act.
In the report, Governor of Central Bank, Sanusi Lamido was also cite for contempt of the House having refused to produce report of the Special Examination upon which the intervention in the eight bank in AUgust 2009 was based.
The House also faulted the CBN'action of disbursing Six Hundred and Twenty Billion Naira bail out funds and other intervention funds afterward.
Former governor of CBN, Charles Soludo, Ignatius Imala, former Director in CBN and Tunde Lemo, current Deputy Governor were recommended for further investigation for their roles in the Banking sector crisis.
The House also recommended that the Nationalization of Afribank, Spring bank and Bank PHB and their subsequent change of names is a violation of the Asset Management Corporation of Nigeria Act.
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