*Approval of payments beyond he approval limit/authority.

The Director General does no take into consideration the policy on approval limit and threshold issued by the Bureau of public procurement and thus, approved various expedition beyond her approval limit of N2.5million.
For example, she approved N7,384,006.25 in December, 2011 for media publicity support for the maiden Capital Market retreat in Uyo Akwa-Ibom State. (See anex 3A & 3B). She also approved N10,179,00 paid to Message Wise Limited without evidence of due process in awarding the contract for assisting the Security and Exchange Commission on a 3-day issuer/investor outreach programme in Port Harcourt, River State (see anex 4A & 4B).
The Director General also approved for herself a two rent of N66million for her Official residence at Maitaima District. The house for which the rent was approved was not known to anybody in the Commission and thus there was no prior inspection of the house before payment was made.
Subsequently, the Director General further directed that additional payment of 66million be made to make it four years rent for the unknown property. The attention of the Director General was drawn to the Federal Government Monetization policy urging her to return the initial payment of N66million to the Commission, but she did not take it kindly. This is a proof that the Director General whimsically take decisions that exposes the Commission to enormous financial implications without due process.


http://ediong..ch/2012/06/full-text-petition-that-cost-arumah.html