What is wrong with Nigerians, why don't we ask questions ? must we swallow everything hook line and sinker.

The receipt is from a business lunch which the DG had with a sister regulatory agency from another country, and it was billed to her room since she was still at the hotel at that time.
We all know the reps are some of the most corrupt, malicious and venal people to walk the surface of this earth, doesn't it seem plausible that anybody they are trying to destroy must have constituted a stumbling block to some of their sinister plans??

this is the SEC's official press statement and i would take it a million times over what the lying, thieving reps have to say.

FRIVOLOUS ALLEGATIONS AGAINST THE SECURITIES AND EXCHANGE COMMISSION (SEC) & MS ARUNMA OTEH, D-G, SEC
On Tuesday, 13th March 2012, the House of Representatives Committee on Capital Markets and other Institutions commenced a public hearing “to identify the manifest causes of the markets’ near collapse with a view to finding lasting solutions.”
In our belief that such a step aligned with the expectations of most Nigerians, many of whom suffered losses as the equity market plummeted from a capitalization of N12.6 trillion at its peak in March 2008 to N3.99 trillion at its lowest in February 2009, we prepared and presented a submission on the first day of the hearing. (Read here).
We outlined the causes of the market downturn in Nigeria, what steps we have since taken to salvage the market from further decline and what further steps we plan to take to fully restore investor confidence.
Since Ms. Oteh assumed office as SEC DG on 7th January, 2010 she has led a reform programme to restore market integrity and revive investors’ confidence.
These reforms included charging over 260 individuals and entities before the Investment and Securities Tribunal for market abuses that led to the downturn, and seeking orders of disgorgement and restitution of investors.
Based on evidence of financial mismanagement and corporate governance lapses, the SEC in 2010 also replaced the leadership of the Nigerian Stock Exchange (NSE).
As a result, equity market capitalization now stands at N6.6 trillion.
There are also new products, new listing requirements, greater capacity among operators and regulators and a drastic reduction in market infraction among others.
Aware of the sensitivity of the capital market to information, we have generally exercised restraint despite the use of some media publications by some vested interests to tarnish the reputation of the DG and the SEC
These facts are provided to avoid creating room for persons pursuing personal vendetta to damage the reputation of our Director General, to diminish the authority of the apex regulator to fight market infraction and to undermine the integrity of our market.
The DG SEC recognizes the need to follow due process, probity and fairness, given her vigorous war against white-collar crime and other capital market improprieties.
The SEC therefore welcomes investigations by relevant authorities into its operations, actions and processes, as well as requests for information by members of the public.

At the public hearing, several frivolous and false allegations were made against the SEC and the person of Ms Oteh, Director General of the SEC. This release presents the facts as follows:
a. Did Ms Oteh consume a meal of N850,000 or did the SEC pay a meal bill of N850,000 for the DG SEC?
b. Did SEC DG stay at a hotel prior to getting her rented accommodation
c. Did the SEC procure official accommodation for Ms Oteh?
d. Did the SEC purchase four cars for the DG SEC, Ms Oteh?
e. Did SEC or the DG SEC compromise her regulatory function by engaging Access Bank staff?

Did Ms Oteh consume a meal of N850,000 or did the SEC pay a bill of N850,000 for the DG SEC?
Answer: No, Ms Oteh has never consumed a meal worth N850,000 nor has she ever submitted such a bill to the SEC.
The bill referred to at the public hearing related to Ms Oteh’s hotel expenses during her stay at the Hilton following her assumption of duty.
We have reviewed her hotel expenses during her stay, and the highest charge for food was N83,400 on March 24, 2010.
This bill was in respect of an official dinner hosted by the SEC with a group of international capital market experts who were visiting Nigeria to provide technical assistance to SEC Nigeria.
The bill for the official dinner was charged to her room, and therefore the SEC’s account.
This was a single incident, and was not a personal affair. Hilton’s billing records can corroborate this.

Did SEC DG stay at a hotel prior to getting her rented accommodation?
Answer: Yes, and this was in line with the terms and conditions of her employment verbally communicated to her on January 7, 2010 and confirmed in writing on January 11, 2010.
At the time of Ms Oteh’s assumption of duty as SEC DG, she had no home in Abuja.
The official policy of the SEC is to provide official accommodation for the DG. Pending the provision of such residential facility, the DG is lodged in a hotel.
Ms Oteh however voluntarily left the hotel before an official residence could be provided, unhappy with the lack of privacy at a hotel accommodation and for security reasons.

Did the SEC procure official accommodation for Ms Oteh?
Answer: No, she lives in a rented accommodation procured in her personal capacity, on her account.
In accordance with its policy of providing official residential accommodation for its DG, the SEC began on January 7, 2010 to search for official residence for Ms Oteh.
This policy on official accommodation was communicated to Ms Oteh in writing upon assumption of duty.
The transaction referred to at the public hearing was in February 2011, in respect of rental property in Maitama, Abuja at N25 million per annum, actually lower than the going rate of similar property in the area. The transaction collapsed when the property owner required the SEC to pay as much as four years rent in advance.
The issue of high rents has been a source of concern and been the subject of a bill debated on the floor of the House of Representatives. (Read here)
All the negotiations for an official accommodation failed for reasons relating to high cost, availability, and frequently changing terms.
These transactions never materialized; the SEC NEVER leased any property for Ms Oteh.
The SEC was not successful in finding accommodation for the DG. In line with its policy, the Commission offered rental allowance to Ms Oteh in lieu of official accommodation.

Did the SEC purchase four cars for the DG, Ms Oteh at N42 million
Answer: No. She uses the two pool cars assigned to her, one in Lagos and one in Abuja.
Pool cars are official cars that belong to the Commission and used for the purposes of the Commission
Since the DG’s arrival, only two pool cars have been purchased by the SEC and assigned to the DG
The two pool cars were purchased to replace two old cars that were subject to frequent breakdowns.
The purchase of these cars followed due process and the provisions of the public procurement laws.

Did the SEC or DG SEC compromise her regulatory function by engaging Access Bank staff on secondment?
Answer: No. Laid down rules, procedures and processes have been strictly complied with by the SEC since January 2010 (including in the processing of any transaction involving Access Bank). The seconded Access Bank staff were: a project adviser and a communications assistant, and these two areas are not at the core of the SEC’s regulatory function.
Prior to Ms Oteh’s assumption of duty, two independent studies commissioned by the SEC’s Board indicated that there were human capacity gaps at the Commission.
One of the initiatives she took to quickly address the capacity issues was to reach out to development agencies, sister regulators and the private sector for assistance.
This way, the SEC received technical assistance from a multilateral development bank, a sister regulator and the private sector to revamp its sub-optimal ICT infrastructure, to complement the in-house ICT staff.
Equally, the IFC/ESMID provided a Resident Bond Adviser, for 18 months, to help develop the fixed income market.
In addition, the SEC requested and received pro bono secondment of two employees of Access Bank, one a project adviser (on facilities management), the other on brand communication support (communication assistant).
These Access Bank employees have no connection with the core regulatory functions of the Commission in any manner as would create a conflict of interest.
In fact, Access Bank has disclosed the details of the secondment in its 2010 annual report.
The fact that the SEC has bank accounts and investments with a number of banks has not undermined our capacity to regulate or approve transactions relating to them.
The Access Bank secondment in 2010 happened because recruiting full-time staff at the SEC, as in many government agencies, takes a long time. For instance, the SEC’s recent recruitment of 52 Young Professionals lasted one full year.
Note also that Access Bank is primarily regulated by the CBN.
The transaction involving Access Bank that has required the SEC’s approval was that bank’s recent acquisition of Intercontinental Bank.
Most significant securities transactions involving a bank, such as a merger or acquisition, involve shareholders, the Central Bank, the Ministry of Finance, various departments at the SEC and the Federal High Court.
For a merger, an acquisition or takeover, there are laid down procedures for the SEC’s approval.
The DG’s office receives all applications to the SEC, and in the case of a merger or acquisition, forwards it to the Executive Commissioner Operations (ECOP). The ECOP in turn forwards the application to the Director of the Securities and Investments Services (SIS) Division who then forwards the application to the Head, Mergers & Takeover department, the Head, Legal Division of SIS. The Director of SIS receives the analysis of the transaction from M&T and the legal opinion of the Legal Division, both of SIS. The Director SIS then makes a recommendation to the Executive Commissioner, Operations who in turn reviews and either endorses or disapproves the transaction and submits to the DG for final approval. The DG’s decision is based on the recommendations made and is communicated to the parties through the ECOP and Director SIS.
The Access Bank transaction was recommended for approval by all the departments and officers of the SEC who reviewed it.
The other stakeholders including the shareholders, the CBN, the Ministry of Finance and the Federal High Court also approved and endorsed the transaction.
On a review of the SEC’s records, we find that secondment is not a new practice and the public sector.
Indeed as far back as 1988, the DG SEC as a member of the Technical Committee on Privatization endorsed the involvement and appointment of private sector officials in the privatization process.

Obi Adindu
Securities and Exchange Commission
oadindu@sec.gov.ng

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 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.

http://www.channelstv.com/home/2012/03/20/chairman-house-committee-on-capital-market-steps-down/

PRETORIA, South Africa — South Africa has apologized for a mass deportation of Nigerians, saying officials at Johannesburg’s main airport did not properly check their health certificates.

At a news conference in Pretoria Thursday, deputy foreign minister Ibrahim Ibrahim said: “We wish to humbly apologize to them, and we have
Two diplomats from the Nigerian High Commission accompanied Ibrahim to the news conference, but refused to comment beyond a joint statement that described Bosom-for-tat deportations the two countries say should not affect their relations.

On March 2, South Africa deported 125 Nigerians who, according to airport health authorities, carried fraudulent yellow fever cards. Since then, authorities in Lagos have deported South Africans, raising health concerns.

http://www.washingtonpost.com/world/africa/south-africa-apologizes-over-nigerian-deportations-faults-airport-health-officials/2012/03/08/gIQAPNigyR_story.html

all of you unpatriotic lowlifes who think nigeria was wrong to retaliate and support the SA govt. read this and see wot south africans think of you.

http://www.sowetanlive.co.za/news/2012/03/08/stand-off-after-sa-deports-125-nigerians?filter=all_comments

nigeria is in the area of partial eclipse according to NASA

there would be a lunar eclipse today. visible in Nigeria at MOON RISE thats about 6:18pm

Are you ready for some good, old-fashioned observing fun? Although you might not want to get up early, it’s going to be worth your time. This Saturday, December 10, 2011, marks the last total lunar eclipse event for the western portion of the Americas until 2014. While a solar eclipse event has a very small footprint where it is visible, a lunar eclipse has a wide and wonderful path that encompasses a huge amount of viewers. “We’re all looking at this together,” says Sky & Telescope senior editor Alan MacRobert.

How much of the dawn lunar eclipse will be visible for you? For your location, this map tells what stage the eclipse will have progressed to by the time the Moon sets below your west-northwestern horizon. Credit: Sky & Telescope
If you live in the eastern portion of the Americas, sorry… You’ll miss out on this one. In the Central time zone, the Moon will be setting while it is partially eclipsed. However, beginning in a line that takes in Arizona and the Dakotas you’ll be treated to the beginning of the lunar eclipse, totality, and it will set as it is beginning to come out of eclipse. If you live in the western portion of the US or Canada? Lucky you! You’ll get to enjoy the Moon as it goes through the initial states of eclipse, see totality and even might catch the phases as it slips out of Earth’s shadow again – just as the Sun begins to rise. For Skywatchers in Hawaii, Australia, and East Asia, you’ll have it better. Seen from there, the whole eclipse happens high in a dark sky from start to finish. For Europe and Africa, the eclipsed Moon will be lower in the east during or after twilight on the evening of the 10th.

When exactly does the event begin? The lunar eclipse will be total from 6:05 to 6:57 a.m. Pacific Standard Time. The partial stage of the eclipse begins more than an hour earlier, at 4:45 a.m. PST. Be sure to watch the southern lunar edge, too. Because the Moon will be skimming by the southern edge of the Earth’s shadow, it will remain slightly brighter and add to the dimensional effect you’ll see. Enjoy the coppery colors from the refracted sunlight! The Moon won’t be black – but it will most certainly be a very photogenic experience.

“That red light on the Moon during a lunar eclipse comes from all the sunrises and sunsets around the Earth at the time,” explains Sky & Telescope editor in chief Robert Naeye. “If you were an astronaut standing on the Moon and looking up, the whole picture would be clear. The Sun would be covered up by a dark Earth that was ringed all around with a thin, brilliant band of sunset- and sunrise-colored light — bright enough to dimly illuminate the lunar landscape around you.”

May clear skies be yours!

http://www.universetoday.com/91663/lunar-eclipse-saturday-december-10-2011/

http://www.calgaryherald.com/technology/Lunar+eclipse+visible+today/5841241/story.html

When the Nigerian flag was hoisted on the 1st of october 1960 no one foresaw the trials and tribultaions that befell her, and now half a century and a year forward this country continues to suffer, enveloped by hopelessness but at whose hands does she suffer at ? there is only one unfortunate but true answer. HER PEOPLE and by her people i mean YOU.

A country that yearns for love but recieves hatred & despise from her people, a myraid of emotions are expressed by Nigerians as we mark our 51st anniversary, it ranges from GRIEF, TO SARCASM TO INDIFFERENCE, this depicts an unpatriotic and selfish people who could not care less about the well beign of Nigeria, this selfishness bores through the heart and souls of the nigerian people unwilling to give up anything for her, citizens unworthy of occupying her territory.

Poverty, epilleptic power, corruption unemployment and of recent BOKO HARAM these are some of the world we use to define Nigeria, of course these are true but what are we doing about them, we are resting on our oars and watching our boat go over a waterfall to its cataclysmic doom.

We the people are the problem of Nigeria and yet we can be the solution.
IT IS TIME WE BRING THIS COUNTRY BACK FROM THE BRINK OF DEMISE
IT IS TIME FOR THE NIGERIAN SPRING, THE RE-AWAKENING OF OUR PEOPLE
IT IS OUR TIME

WARNING: PLS DO KEEP AWAY FROM ALL MAJOR PUBLIC BUILDINGS IN AND AROUND THE FCT
for the fear of BOKO HARAM is the begining of wisdom.
HAPPY INDEPENDECE ANNIVERSARY.

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Facebook and Twitter groups

This competition is the first of its kind ever to take place in Nigeria. It is a celebration of the total woman….the
true Nigerian woman…truly strong….truly feminine. It is one competition with three winners…no 2nd place!

1) Face of Sleek – Applauding authentic Nigerian beauty, good mannered, well spoken, eloquence and
poise. Whilst we honour all we will single one out. She will be the Sleek Ambassador. Her prizes will include a
brand new car and a Sponsored trip to the UK for the London Fashion Week. She will be styled for the year
with Sleek and S.Studio products. Quite frankly she will get the exposure of a life time.

2) S.Studio Woman – Applauding the working woman, it is open to any woman who works in the
corporate world or runs her own business. It is the ultimate tribute to the woman’s all important roles at work
and at home. Kudos to every woman who works and run a home as well. Whilst we honour all we will single
one out (with the most remarkable story for balancing work and home) she will represent all the remarkable
women out there. Her prizes include an exotic holiday for two to Seychelles as well as Sleek, Style Star and S.
Studio products for one year.

1) Style Star – Applauding the young academic. Sleek is looking for a student whose academic style shines
like a star. Someone who excels in the Sciences or in the Arts. She will represent all those out there who burn the
midnight lamp to ace their exams. We are honouring those who know that passing exams is still about what you
have in your brains. Kudos to all those who pass exams based on merit. Whilst we honour all, one will be selected
(with the most outstanding academic record based on mental capabilities). Sleek will give her a full scholarship in
any Nigerian University, an internship in the top organization for her chosen field and style her for one year with
Sleek, Style Star and S.studio products.

To participate all you need to do is to spend N5,000 buying a Sleek Makeover Voucher and you get a registration
form for free!!! The Sleek Makeover Voucher entitles you to a professional makeover at any Sleek Studio
Nationwide (Bridal, Daytime, Nighttime or Runway…your choice)
Sleek Makeover Vouchers can be bought at any Sleek Studio Nationwide or call 08029429215 and once payment is
made at Sleek Studio Zenith bank account number 1012704946, you will be registered online. Visit
www.sleeknigeria.com for full listing of Sleek Studios. Contestants are to follow instructions and register on Sleek
Facebook and Twitter groups

the federal republic of wazobia

they deleted about 4 zeros from their currency