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.

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