Herman Hembe Vs Ms Oruoma Oteh

What was supposed to be an urbane investigation into the comatose and prostrate state of the capital market, quickly degenerated into a vicious lunge for the jugular by the protagonists, much to the consternation of Nigerians! In the ensuing melee, as it were, the salient issue of the declining fortunes of the capital markets has […]

What was supposed to be an urbane investigation into the comatose and prostrate state of the capital market, quickly degenerated into a vicious lunge for the jugular by the protagonists, much to the consternation of Nigerians! In the ensuing melee, as it were, the salient issue of the declining fortunes of the capital markets has been buried deep in the untidy mudslinging that has been going on since the committee commenced sitting.  I know a few wise heads that have refused, no, resisted every ploy to be lured  into having anything to do with the capital market, dismissing it as sheer Kalokalo, otherwise called gambling which their religious persuasion frown at, preferring instead to put their money in the safety of property investment.

There are  others too, and I know they will not mind me saying so, who are literally gnashing their teeth and tearing their hairs out on account of the monumental loss they have suffered at the capital market. Otherwise sensible, hardworking and honest folks, they got sold on the idea that putting money on the capital market could put an end to their money worries, sadly when the wool was pulled off everyone’s eyes to see what was really going on at the market, they were devastated. So much so, that the experience has altered the psychology of many of them. Needless to say that far from being relieved of their money worries; they have been plunged deeper into insolvency and indebtedness.

Certainly therefore, this latter group and even to the former group whose skepticism, by hindsight, has made them to look  far-sighted, would want to know why all the promises made to them about building castles if they invested in the capital market has gone up in smoke, and an opportunity for this has been scuttled by the committee derailing into personal vendetta and stuffy grandstanding. I guess we would have to wait until the promised ad hoc committee take over before we know the sort of hurricane that blew the capital market so much off course.

Even so, the side show Nigerians are being treated to in the duel between Ms Orunma Oteh’s capital market and Herman Hembe’s oversight committee, when pared of its veneer of hilarity, once again depicts the seediness that surrounds the manner serious official business is undertaken. Germane issues of public interest, in this case an investigation into a subsector of importance to the economy upon which many Nigerians depend for their livelihood has been stalled by a shabby display of egocentric attitude that has become so ingrained in the way public officers do things.

The decision by the committee chairman, Herman Hembe to step down was appropriate, he should now take steps to show proof why the allegations against him should be taken as he has noted, as mere figment of his detractor’s imagination, that indeed they contain no iota of truth.  Until he does that sufficiently he would not deserve to go back to the exalted seat of the committee chair.

It is surprising that Ms Orouma Oteh is still sitting pretty as the DG at the Securities and Exchange Commission (SEC), with so much besmirching of her integrity, on account of the allegation that she attempted to bribe Herman Hembe and his committee with the dizzying amount of money that has been quoted in public; and her competence which according to her detractors is exemplified by the astronomical freefall of the value of shares in the past two years. Ms Oruoma Oteh should consider stepping aside to concentrate on the onerous task of clearing her name, integrity, and competence. Probity and accountability demand that individuals privileged to be in high positions in this period of moral and ethical turpitude make haste to disabuse the minds of the rest of us that they indeed have the character and competence to retain such positions after they have been called into question.

It is even more so with institutions like the Security and Exchange Commission (SEC) that need to be in the hands of people that can command the confidence of foreign investors with the much needed fund to use in lifting up the economy. Honourable Herman Hembe has called on the Economic and Financial Crime Commission (EFCC) and Independent Corrupt Practices and other related Offences Commission (ICPC) to commence investigation into the issue and that he is ready to submit himself to questioning. The EFCC and ICPC should take up the gauntlet, this time around it will not be a case of evidence not being available, since the two protagonists should be ready to tender documents to support their claims. The nation is waiting with bated breath.

An Emir points out the way

A fortnight ago, the Emir of Hadeija, Alhaji AbdulQadir Maje and Amirul hajj of Jigawa State government for the 2011 Hajj operation was reported to have returned seventeen million (17m) naira to the state government while presenting his report of 2011 operation. Along with the report, he tendered tellers of the amount which he had sent to the coffers of the Jigawa State Government for all to see.  An Emir being a traditional leader is the custodian of the culture of his people which also makes him the embodiment of all virtues upon which the wellbeing of the society depends. They must at all times hold themselves to the highest standards of ethics and morality which they embody and must never be wanting in their deeds, attitude and behavior. In short they remain forever examples for the rest of society to emulate.

Now, in this age of catch -as -catch –can where societal mores have been turned on their heads, it is gratifying that such an ennobling behavior as demonstrated by the Emir can still be found. These days it is not usual to find such a handsome amount of money to be returned to the coffers of government as unspent money. In fact in government circles the opposite is normally the case, as year endings witness feverish award of dubious contracts just so to deplete the allocated funds.  The Emirs gesture is a way to eschew greed and avarice. Thus it is deserving of national award.  Well done Sir.