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SEC clamps down on Nigerian Stock Exchange, sacks DG and ord

  1. Posted on Thursday 12 August 2010 - 18:59
    Tom Minney
    Image of Tom Minney
    The Securities and Exchange Commission (www.sec.gov.ng) has ordered the the Director-General of the Nigerian Stock Exchange (NSE www.nigerianstockexchange.com) on 4 August, to leave her post. Alhaji Aliko Dangote, one of Africa’s richest men, has been told to stop acting as NSE President. According to a report on www.africancapitalmarketsnews.com, the SEC appointed the interim manager, a former chief executive of audit firm Deloitte in West and Central Africa, Emmanuel Ikazaboh,
    Local media reported that Dangote accused Okereke-Onyuke of mismanaging the accounts of the NSE, which she has served for 27 years. Dangote is reported to have said that the exchange has been mismanaged to the tune of N9 billion ($60 million) and owes N900 million (US$6 million) to the accounts of its subsidiary, the Central Securities Clearing System.
    SEC Director-General Arunma Oteh took office at the start of 2010 and promised tougher regulation of Nigeria's capital markets.
    According to media, officials of SEC and the Economic and Financial Crimes Commission (EFCC), accompanied by armed police and plain-clothes security officer came to the NSE's Lagos trading floor to dismiss Okereke-Onyuke.

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