Custom Search


20.3.12

Chairman House committee on capital market steps down Over Bribery Allegations

The chairman,  House of Representatives committee on Capital Market and other Financial Institution, Honourable Herman Hembe has stepped down as the chairman of the committee probing the activities of the Nigeria Stock Exchange and the Security and Exchange Commission (SEC).
This is following allegations by the Director-general (DG) of SEC, Dr Oteh Arunma that Mr. Hembe demanded a bribe of N39 million from SEC for the ongoing probe.

She also accused Mr Hembe of demanding N5million from the commission to enable him travel to the Dominican Republic to attend an Emerging market conference without embarking on the journey.

The DG made these accusations in response to the claims by the Committee that she has mismanaged the affairs of the commission and the committee was out to tarnish her intergrity.

She questioned the credibility of the Chairman of the committee  in conducting the probe, considering her allegations.

In his response, Mr Hembe noted all the allegations listed by the SEC and subjected himself and the committee to another probe which he ordered the Economic and Financial Crimes Commission (EFCC) to take up.

Mr. Hembe has however stepped down as the chairman of the committee.

Mr. Hembe says he took no bribe but ” worked hard to avoid the offer of such” from SEC DG.
Culled from Channelstv