Nigeria suspends head of bourse regulator

AP News
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Posted: Jun 13, 2012 11:09 AM
Nigeria suspends head of bourse regulator

The regulator of Africa's second-largest bourse says its head is under investigation over a fund mismanagement allegation.

Yakubu Olaleye, a spokesman for Nigeria's Securities and Exchange Commission, told The Associated Press on Wednesday that the regulatory body's board of directors had sent its director general, Arunma Oteh, on "compulsory leave."

He said the leave will last until independent auditors finish investigating the source of funds for a Securities and Exchange Commission event held last year, and how those funds were spent.

Oteh could not immediately be reached for comment.

Oteh, who fired longtime bourse chief Ndi Okereke-Onyiuke months after assuming office in January 2010, is widely seen as a reformist.

Okereke-Onyiuke's dismissal came on the heels of a stock-market crash that saw share prices plummet 70 percent from a March 2008 high.