Oteh blames Okereke-Onyiuke for Nigerian Capital Market Crash

In what look like an expository lecture,the DG SEC,Ms.Arunma Oteh maintained that the market succumbed to a combination of ailments - sensational lifestyle and financial recklessness, among others.She openly blamed the former DG SEC,Mrs Ndi Okereke-Onyiuke for the ailing stock market. She released mind blowing figures of unaccounted monies spent during Okereke-Onyiuke's tenure.In her words;

“There were incidents of financial skimming, misappropriation, false accounting, misrepresentation and questionable transactions against the former NSE DG.
“For instance, the NSE bought a yacht for N37million and wrote down the book value within one year by recognising it in the books as a gift presented during its 2008 Long Service Award (LSA), yet there are no records of the beneficiary.
“The Exchange also spent N186million on 165 Rolex wrist watches as gifts for awardees out of which only 73 were actually presented to the awardees. The outstanding 92 Rolex watches valued at N99.5million remain unaccounted for.
“This happened in previous years. Other notable fraudulent transactions include the reclassification of the sum of N1.3billion originally expended on business travels. Of this sum, N953million was reclassified under “Software Upgrade” and subsequently expended as against being capitalised. There were other cases of such unethical accounting practices.

culled from THE NATION.

Comments

The Empowered woman

I think being a woman,I mean a real woman is one of the hardest things ever!. You won't agree with this only if you are not a woman,but if you are a woman,then congratulations to you.You are a mysterious being but then again this congratulation goes to the 'real woman'. The real woman is that person that makes everything difficult seem easy.She is a hard worker,faithful friend and partner,a good manager,a home maker,a lover,a confidant,a mother,a sister,a daughter,a visioneer...Someone,may say,"Yea, ok...I'm not a mother or I'm single and so does that make me not a real woman?Of course not!. Age,class,status,beauty or achievements do not define a real woman,but character does. I can't but wonder at the stories we hear these days about women.I marvel at the rate of evil perpetuated by women in our society.Prostitution is old wives tale but when women are involved in armed robbery,kidnappings,terrorism,gang rape,adultery,fraud to mention a few,then by a...

The Career Woman

I stumbled upon this beautiful article on IFP while researching on other stuff and thought to share it. It's a 4 minutes read. I totally agree with it. Gender equality seems to be the one issue that isn't going away. Many of us like to believe sexism is something that only plagued the workplaces of yesteryear, but unfortunately it still exists. Don't believe us? Well, in 2016 just 57% of the world's working-age women were in employment, compared to 70% of their male counterparts. And even the females who were in work were struggling to catch up with the men. Women with full-time jobs still earn only about 77% of their male counterparts' earnings. Of course, the issue is complex and many expect that because most countries have made it illegal to pay women less than men, that gender inequality has fixed itself. However, problems surrounding unconscious bias , parental leave, and outdated stereotypes about gender roles persist in the workplace. But what are th...

Domestic Voilence in Nigeria heightens in the face of economic hardship-majority of victims are women!

A recent Public Opinion poll conducted by NOIPolls Limited in partnership with Project Alert on domestic violence has revealed an increasing prevalence of domestic violence across Nigeria in recent times as reported by about 8 in 10 (78 percent) respondents. This prevalence is highest in the South-West geo-political zone (86 percent) and lowest in the South-South zone (70 percent). More findings revealed that 54 percent of Nigerians have suffered a form of domestic violence or know someone that has experienced domestic violence in their homes with majority of the victims being women as stated by 75 percent of respondents. Just this week, a man in Aba Abia state allegedly beat his wife into coma for lying to him that she has not been paid her salary after commissioner for finance Obinna Oriaku mis-informed the Abia public on radio that civil servants salary arrears have been paid.

The Woman's Place

Search This Blog