The SEC Board had on Monday night asked her to proceed on leave to enable it conduct an unfettered investigation into the allegations against her.
As part of the resolution, the Board appointed the most senior member, the Executive Commissioner (Operations), Ms. Daisy Ekineh, to take over as acting DG and Chief Executive.
The SEC board also dissolved an interim council constituted by Oteh.
But Oteh ignored the resolution and reported for work at her office in Abuja on Tuesday.
But she met the locks of the door to her office changed.
She was said to have immediately protested to superior authorities about the way she was being treated by the board.
Oteh has been embroiled in a feud with members of the board in the last few months.
This was evident in the way senior officials of the commission said she did not carry them along in some of the decisions taken by her during a hearing by a House of Representatives ad hoc committee.
The Board, which has Udoma Udo Udoma as Chairman, has eight others as executive and non-executive members, including Daisy Ekineh, as Executive Commissioner (Operations); Lawal Stores, as Executive Commissioner (Finance & Accounts); Charles A. Udora as Executive Commissioner (Legal & Enforcement).
The non-executive Commissioners include Yahaya Ali and Ronke Fatade as well as Daniel Kifasi representing the Federal Ministry of Finance and Christopher Chukwu, representing the Central Bank of Nigeria.