A passionate and purpose driven woman, she actively led the articulation and implementation of reform measures aimed at transforming the Nigerian capital market for good. Oteh began work at the peak of the capital market crash in 2007, and afterwards participated in the promotion of SEC as a reputable supervisory authority.
“She was in a hurry to see Nigeria achieve a world class capital market that will drive development and make Nigeria one of the most attractive investment destination,” it said.
Oteh’s various achievements according to
SEC have contributed immensely to the growth and development of The Securities and Exchange Commission, she will indeed be missed. Here are five reasons why.
The restoration of Investor Confidence
Oteh was able to accomplish this by strongly enforcing activities, upgrading rules and regulations, and investor education. Innovative wits include partnership with Nollywood (The Nigerian film industry) to produce movies, an annual integrity award to encourage integrity and capital market knowledge. SEC established the National Investor Protection Fund and fortified its Administrative Proceedings Committee.
Deepening and expanding the market
During her term, The market saw noteworthy product innovation, improved listing rules, landmark bond market reforms. This brought it closer to the same level with the equities market, making it attractive enough for Triple A issuers such as African Development Bank (AfDB) and International Finance Corporation (IFC) to issue bonds, introduction of Exchange Traded Funds (ETFs). It further widened participation in the markets through licensing and coming – on – stream of other capital trade points like Financial Market Dealers Quotation (FMDQ) and National Association of Securities Dealers (NASD) that have expanded market admittance.
Zero level tolerance for rule infractions
A firm believer in what is right, she strived to ensure that the markets integrity was restored. The SEC therefore considerably enforced machinery in order to respond to this new emphasis. Additionally, an 18-man Nigeria Police Force team was arrayed as a resident enforcement team at the SEC to handle enforcement matters swiftly and on time. This was a first-time record in the history of the top regulator.
Transparency
As Director General of the SEC, she strengthened disclosure requirements and led the implementation of international financial reporting values for listed companies. The SEC founded an Annual SEC Journalists’ Academy, a skills upgrading workshop to strengthen transparency and accountability in the markets through value-added professional journalistic coverage.
Expansion of market capacity
Capacity building within the SEC took exceptional heights projected to strengthen the entire capital market by enhancing personnel and technological capacities at the SEC Nigeria through re-training of human capital. The SEC then released a new code of corporate governance for the Nigerian markets which would improve the standards in line with global best practice.
Oteh left SEC after she finished her five-year tenure, leaving behind a strong market organisation and a reliable regulatory body for the capital market.
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