Herman Hembe, the chairman, House of Representatives committee on Capital Market and other Financial Institution has stepped down as the chairman of the committee investigating the activities of the Capital Market for lack of merit to probe as he was accused by the Director-General of the Securities and Exchange Commission, Ms. Arunma Oteh.
Oteh said that the chairman of the committee demanded a bribe of N44 million from the commission and had before then collected money from SEC to attend a capital market conference, but could not give account of what happened to the money.
Subsequently, an Ad Hoc committee for the probe of the Capital Market has been set up, with Ibrahim El-Sudi of Taraba State as Chairman.
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