Nigeria’s Arunma Oteh Leaves as Head of SEC After Five Years

Arunma Oteh has left her position as head of the Nigerian Securities and Exchange Commission on January 7th after five years leading market regulation in Africa’s biggest economy.


Under Oteh, the capital market “witnessed significant product innovation, improved listing rules, landmark bond-market reforms, the introduction of exchange-traded funds and widening of participation in the markets,” the SEC said in a statement on its website.
“She was in a hurry to see Nigeria achieve a world-class capital market that would drive development,” the SEC said.

Meanwhile may have Oteh created enemies by firing Ndi Okereke-Onyiuke as head of Nigerian Stock Exchange, saying the action was needed to curb “poor corporate governance,” manipulation of the market and financial waste. She cited cases in which hundreds of Rolex watches were bought as gifts and 1.7 billion naira was shared among employees of the bourse.