Aliko Dangote Reinstated as President of the Nigerian Stock Exchange

Alhaji Aliko Dangote, founder and President of Dangote Group is expected to resume duty today as President of the Nigerian Stock Exchange (NSE).

Following the Court of Appeal ruling, last weekend, upholding his reinstatement, Dangote is expected to take over from Mallam Ballama Manu, who has been the Interim President of the Council since August 5, 2010 when SEC intervened in the running of Exchange.

Prior to his election in 2009, Dangote was the Council’s first Vice-President. He joined the Council in February 2008 as the Chairman, Kaduna/Kano/Yola Zonal Council.

It would be recalled that Dangote was elected the 17th President of the NSE in August 2009.

However, Dangote’s election was nullified by the Federal High Court in Lagos in March 2010 following the application to the court by some shareholders of African Petroleum Plc (now Forte Oil Plc), who had sued him over alleged manipulation of AP shares. But Dangote challenged the suit and filed appeals which were upheld by the Appeal Court presided over by Justice Helen Ogunwumiju last Friday.

One of Dangote’s lawyers, Mrs. Folashade Sowemimo, said they had been vindicated by the rulings, adding that the rulings had reaffirmed her belief in the country’s judicial process.

“In 2010 when his election was nullified by the Federal High Court, we had said he would appeal and that Alhaji Aliko Dangote believes in the judicial system and he would eventually be vindicated. You can see that at the end of the day, we have been vindicated. I am happy with the judgement of the Court of Appeal. What has happened has simply reaffirmed my belief in the country’s judicial process,” she said.

Reacting to the judgement, Dangote said that he was very happy with the ruling, as it had vindicated his position all along that he should not have been removed as President of the Stock Exchange’s Council.

He said his first priority would be to continue with the reforms started by the present NSE Director-General, Oscar Onyema, improve governance and transparency, and restore confidence in the market.

“You know the Securities and Exchange Commission (SEC) had been running the NSE like it was an agency of government. But the stock exchange is a private exchange limited by guaranty. So, I will be meeting the SEC appointees on the council of the stock exchange on Tuesday and taking over that day,” he said.

Former Presidents of the Nigerian Stock Exchange include Dr. Bayo Kuku, Mr. Pascal Dozie, Mr. Goodie Ibru and Alhaji Abdul Rasaq.

Dangote is also one of the members of the Federal Government’s Economic Management Team and led the National Committee on Job Creation among several national appointments.

What do you think about his appointment and reinstatement as President of the Nigerian Stock Exchange?

Please share your thoughts.

News Source: Thisday



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