Today, I awake to find the Securities and Exchange Commission (acting on a petition from stock brokers) asked the Council of the Nigerian Stock Exchange to sack Mrs. Ndi Okereke Onyiuke, Director-General of the Nigerian Stock Exchange. The SEC further asked all members of the Council, including the Council's President, Alhaji Aliko Dangote, to resign henceforth.
The SEC released a statement, a portion of which was quoted in this excellent article from Business Day:
“The affairs of the Exchange are (to be) managed by an Interim Administrator appointed by the Commission pending the selection of a new Director General”, the statement signed by Arunma Oteh, director general of SEC, stated [sic] “Given the gravity of the allegations around financial mismanagement of the Exchange, the Commission has also directed the conduct of an independent investigation into the allegations.”
Arunma Oteh, Director-General of the Securities and Exchange Commission at the 2006 World Economic Forum.
As alluded to in the statement, Mrs Onyiuke has been replaced on an interim basis by Emmanuel Ikhazobo, a former managing partner of Akintola Williams Deloitte, an auditing firm.
No word yet on Dangote's interim replacment; there will have to be an "election" (so to speak) of a new substantive NSE Council as well as Council President in the near term.
In other market-related news:
M.S.C. Aviomoh, the Executive Director of Femi Otedola's African Petroleum has contributed documents to a website created specifically to accuse Otedola of financially wrecking AP. Incidentally, he includes copies of documents he sent to Akintola Williams Deloitte, African Petroleum's auditor (and the former firm of the new interim NSE Director-General), complaining about the official Deloitte sent to audit AP's books.
Give it a couple of days, and Otedola (or a representative of his) will accuse Aviomoh of being on Dangote's payroll. Maybe he is. Maybe he isn't. Either way, his website is quite detailed, and raises quite a number of questions about AP and Otedola
And one more tid-bit:
Erastus Akingbola is back in Nigeria. He is the
former chief executive of Intercontinental Bank from 1989 until August last year when he was ousted by the Central Bank of Nigeria (CBN) over the huge non-performing loans of the bank and other alleged infractions
Akingbola went into exile when he was declared wanted by the Economic and Financial Crimes Commission, subsequent to being sacked from his CEO position by Sanusi Lamido Sanusi of the CBN. He returned from exile a couple of days ago (making our security agencies look ineffectual in the process), before surrendering himself to the EFCC today.
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