PRESS STATEMENT

The Board of the Securities and Exchange Commission (SEC) at its 66^th meeting held on June 11, 2012, has directed the Director-General, Ms. Arunma Oteh to proceed on compulsory leave to enable an independent investigation to be undertaken in respect of the Project 50 programme  which was carried out by the Commission in 2011.  The Executive Commissioner (Operations), Ms. Daisy Ekineh will act in her absence.

The decision of the Board was arrived at after consideration of the report of its Audit and Finance Committee which had been directed to investigate the sources and uses of funds for the Project 50 event.  Amongst its conclusions, the Committee recommended an independent audit of Project 50 and that the key actors in the management of the funds should be asked to step aside to allow an unhindered investigation.

The Board also considered issues regarding the Council of the Nigerian Stock Exchange and particularly the request of the Interim President of the Council that having stabilized the Exchange, they should be allowed to begin the process of disengagement.

After due consideration, the Board approved this request but directed that it should be effected in an orderly manner.  The Board also directed the Council to take steps to ensure that all legal issues affecting the effective functioning of the Council are addressed.  The Management of the Commission was also directed to work out the modalities for this disengagement with the Council.

The Board expressed its appreciation for the role of its nominees in stabilizing the Exchange and commended them for a job well done.

By Order of the Board

Edosa Kennedy Aigbekaen

Secretary to the Commission