The just-departed Managing Director of Nigeria’s Security and Exchange Commission (SEC), Arunma Oteh, revamped the country’s exchange regulatory body into a more reputable organisation both locally and internationally. But despite her supposed achievements, many staff of the organisation are seemingly happy to see her gone.

“Now SEC can breathe,” was the first comment on a news report by national daily, Thisday, about a massive shakeup being effected by the new acting MD, Mournir Gwarzo. The report portrays Gwarzo as echoing the sentiment of the above quoted comment; “Earlier on Tuesday, during a staff get- together party organised by the commission, Gwarzo had said a rebranding was necessary to redeem a decade of battered image due to abuse of rights of its officials,” Thisday wrote. The paper quoted Gwarzo as stressing that the fundamental human rights of staff of the commission had been violated in the past 15 years resulting in-house strife.

Some staff of the SEC I spoke with confirmed the sentiments of the new boss, and said Oteh’s removal was a breath of fresh air for the organization. So I quizzed many staff wanted away with the MD who, among several other achievements, helped build the reputation of the SEC so much so that it became 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).

Here are the reasons they gave me;

She Was Overbearing:

One member of staff, who works a floor below the MD’s office, told me her attitude of trying to be everywhere and in everyone’s face, puts much of her co-workers off. The staff also complained that she was disrespectful of her subordinates, averring the statement of the new boss. “Perhaps”, Oteh’s ex-subordinate explained, “the overriding nature of her point of view was just too sour for many people to be okay with, it made her come off as arrogant and bossy.”

Tensions between the former MD and her members of staff got to a climax in 2012 when she decided to re-deploy and shuffle staff members. Although she said her aim was to deepen the body’s oversight and regulatory functions in the capital market, many among the union leaders saw it as a ploy principally targeted at the anti-Oteh group; those who had resisted her reinstatement following her temporary suspension over an alleged fraud on SEC’s “Project 50’. The new boss has now vowed to respect the rights of the members of staff, albeit he also warned the staff unions not to abuse the rights accorded them.

Oteh was not thoroughbred SEC

Another member of staff explained that the difficult communication between the past MD and her staff could also be attributed to the fact that she did not climb through the ranks in the organization. Arunma worked for the African Development Bank from 1992 to 2006, and only returned to Nigeria to head the SEC in 2009 after her nomination by late President Musa Yar’Adua.“We were often not on the same page, some of the ideas she brought in was good but she did not understand us and did not listen enough”.

Gwarzo hammered the same sentiment in his speech quoted in Thisday’s publication; “I thank the union and I want to assure you that you should hold me accountable for your commitment to the commission, I am one of you, I know everybody by face, you know that I know the issues on ground, and you know that 10, 15 years ago things were not the way they supposed to be based on how we used to behave. So I want you all to go back to the good old days where there was respect for each other. We as executive management will continue to ensure that no stone is left unturned.”

Clear out of Oteh Loyalists

According to the Nigerian newspaper’s report, the disaffection with Oteh’s regime has inspired an immediate clearout of her ‘loyalists.’  The paper cites an inside source who said that everyone in the former DG’s office has been reposted, including the former special adviser on media to Oteh, Mr. Obi Adindu who is now the Divisional Head, Investor Education.

“Omotayo who worked in internal audit, a former DG loyalist has also been posted to the Lagos Zonal Office,” the source confided in THISDAY. “I can confirm to you that changes are being effected in the various departments. We heard that at least 69 people were moved today. As it is, it is most certain that some other top management staff will still be moved within the next few days.”

However, the pace of the clearout is also worrying to some, especially as Gwarzo’s appointment is only in acting capacity. “Is this really the right thing to do?” Another person, commenting the Thisday article, asked. “Why does he not start by settling down, articulating a strategy for the organisation and engaging staff and stakeholders, before this running riot? To imagine that this is all in an acting capacity, makes it more inappropriate for this level of redeployment, so soon.”

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