The House of Representatives on Thursday asked the Federal Government to remove from office the Director-General of the Securities and Exchange Commission, Ms Arunma Oteh.
The lawmakers said this in their adoption of report of the House ad hoc committee which probed the near-collapse of the capital market.
The report was debated and adopted on Thursday, barely 24 hours after the Federal Government recalled Oteh from the suspension slammed on her on June 12 by the Board of the SEC which indicted her for mishandling the Project 50 of the commission.
The report, which also faulted Oteh’s appointment as DG on grounds of qualification, said that she lacked the competence to manage human and material resources.
Oteh was also found to have lied on oath before the panel on the ownership of nationalised banks as well as “regulatory failure in some of the recent mergers, acquisitions and approvals of transactions by SEC.”
The report in fact recommended her removal and prosecution.
But the government in a letter recalling her said Oteh was not indicted of fraud.
Some of the legislators had on Wednesday accused President Goodluck Jonathan of “shielding corruption” with the recall of Oteh while she was being investigated. They alleged that the action of the government was to pre-empt the House decision.
Spokesman for the House, Zakari Mohammed, had also said that the lawmakers would take a decision on the SEC DG, notwithstanding the government’s action.
Workers of SEC had also on Wednesday protested the recall of Oteh, arguing that her recall would erode confidence in the capital market.
But the Presidency said on Thursday that the government’s decision to bring back Oteh was independent of the House decision and that due process was followed in her recall.