A Federal High Court sitting in Lagos, today (Friday) nullified the August 6, 2009 election of Alhaji Aliko Dangote as the President of the Nigerian Stock Exchange, NSE. Meanwhile, Dangote's counsel, has meanwhile said he will appeal against the ruling.
Trial judge in the matter, Justice Lambo Akanbi, ruling on an application by some shareholders of African Petroleum Plc, who had sought to set aside his (Dangote's) election as NSE president, on the ground that the said election was held in clear disregard to an order of court, after reviewing the facts of the matter, said "it is the case of the applicants that this court in the enroled order of 4/8/09 granted an interim order, when it ordered parties to maintain the status quo pending the hearing and determination of both the interlocutory application and the preliminary objection.
"NSE resisted this claim and submitted that the application for an interim order was refused by the court. I have quoted in extenso the proceedings of this court per, my noble brother Liman J, on August 4, 2009. From the extract of the proceedings quoted earlier in this ruling, I find nowhere therein where the court refused an application for an interim order. Rather, the court made it abundantly clear that the oral application of counsel for the applicants for an order to maintain status quo was granted", the court said.
Condemning the conduct of NSE and Security and Exchange Commission, SEC, the court said "the conduct of all officials of the NSE and SEC, who orgainised and/or participated in the purported election of Dangote is reprehensible and highly condemnable. They perhaps look at the court and think that it can only bark but cannot bit.
This court will make them see that our teeth are not only sharp, they can be poisonous when they chose to bite. The court will not allow them to treat the court orders as useless by refusing to obey them lest anarchy may set in and in a developing country like ours where people particularly the illiterates are literarily itching to take law into their hands, we will lapse into the dark ages and become once again the dark country which we were recently portrayed by the civilized committee of nations.
"The government should also look inward for a way to sanction, domestically, any government functionaries found in disobedience of court's order. This is the only way the "big boys" and those claiming to be close to power and who are laws unto themselves can be checkmated so that the genuine desire of the present administration to enthrone true and genuine democracy can be attained.
The integrity of the court is at stake here in this application. There is a direct affront on the authority of the court. The court must therefore rise to make the lawless elements in the 13th and 14th defendants see how sharper it is than a serpent tooth to have disobedient and lawless executives in government establishments.
"I will bite them with my sharp teeth by sustaining the application of learned counsel for the applicants with the following order, An order is hereby made nullifying, vacating and setting aside all steps taken by NSE in purporting to elect Dangote as the President of the Nigerian Stock Exchange, including but not limited to the entire purported election held on August 6, 2009 during the pendency of this suit and in disregard of the positive order of this court made on August 4, 2009â-', the court said.
The court had also said, "like every judicial official, I feel troubled and tremble each time I see any Chief Executive of a government agency or establishment and their minions spurn the treat the order of court with levity, leaving the impression that since the court have neither the police nor guns nor the army to enforce whatever orders they make, they should be treat such orders with impunity.
I see the act of the officials and executive, who operate NSE and SEC as a subtle strive and exploration by devious and dubious way to circumvent and render nugatory, the true intention of the order of the court to maintain status quo. Where, I ask, do we proceed from there, if the order of the court can be callously and ignomiously treated. The resultant effect is better imagines than said".
Earlier in the ruling, the court had said, "at page 2 of the enrolled order are two orders of this court granted in the terms following:- motion for interlocutory injunction are adjourned to August 11, 2009 for hearing and that parties are required to maintain status quo pending the hearing of the application. There is also apparently no dispute as to the order of the court for maintenance of status quo pending the determination of the applications before the court".
"Whereas the applicants contends that the status quo is a restraint order on the respondents to stop any action or the doing of anything in respect of the subject matter of the suit and the interlocutory application for injunction, NSE positioned that it is for the running of the statutory business of the Exchange as governed by both the law and the Memorandum and Articles of Association of the NSE.
In the interlocutory application for injunction against the respondents, the applicants prays for an order restraining the NSE and Securities and Exchange Commission, not only from continuing to retain and/of permit Dangote to continue to remain and/or occupy the office of the 1st Vice President, it also seeks an order of injunction restraining NSE and SEC from continuing to retain or permit Dangote as a member of the council pending the hearing and determination of their substantive suit.
"The NSE in paragraph 8 of the counter affidavit described the order of this court commanding parties to maintain status quo as purported order and further proceeded further in paragraph 10 to state that indeed, the election was held wherein Dangote was duly elected into the National Council of NSE. I find as a fact that the record of this court and affidavit evidence before me that there is indeed a positive order of this court made on August 4, 2009, commanding the parties to maintain status quo.
The status quo in this suit is clear and unambiguous. The act sought to be restrained include, the act of NSE and Securities and Exchange Commission permitting Dangote to continue to hold himself out as 1st Vice President and member of council the council of NSE.
"The 13th and 14th respondents inspite of that order and in flagrant and reckless disregard of same went ahead not only permitting Alhaji Dangote, as a member of the Council, but also putting him up to contest elections as National President of the council.
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The Federal High Court is the only remedy to straighten out the disgrace that the legal practioners had created in Nigeria. The 1999 Nigerian Constitution is laughable because all the interest groups claim that the Constitution is on their side..the sick president cannot be replaced. yet; it is the lawyers,and judges in Nigeria who had created the existing bottleneck.Why is the subject of Conflict of interest ignored by Aliko Dangote and most politicians in Nigeria. The Nigerian Courts can join the ranks of other high courts in the world by being the last arbiters of issues which can tear the fabrics of a society to pieces. Why should a political party decide that Goodluck Jonathan will not be the next President of Nigeria because the PDP will not nominate him because Jonathan is not from the North. Do you realize that Barak Obama would never be nominated or allowed to run for President in Nigeria if he was in the same position as Goodluck Jonathan. It is never too late to change..I pray that the courts in Nigeria should wake up and take the mantle to redirect Nigeria from creeping into a state of no return or what is known as a failed state.
I hope I am not mixing this up. Isn't Mr. Dangote the Nigerian who just made the Forbe's Magazine Billionaire List? Why is he being selected as the Chairman of the Nigerian Stock Exchange? Has the Nigerian regulatory agencies ever heard of "Insider Trading" possibilities? Aren't there other highly qualified Nigerians preferably from the academia with resumes of incorruptibility? It's like the Fox guarding the chicken coop, or better yet, like Mr. Bernard Madeoff appointed Chairman of the Federal Reserve Board, where he would definitely reserve something for himself. Or, by using the worst case scenario, it is like Mr. Obasanjo being the President of Nigeria, and at the same time the Minister of Petroleum. Can anyone imagine how many under-the-table illegal oil liftings that would never be recorded in the country's annals of legitimate crude oil sales, with many senior NNPC Officials paid off and forced to shot the hell up!!! By the way, this accusation is not only limited to Mr. Obasanjo, IBB and every other dictator who ruled by the gun should be vigorously investigated by the Nigerian government, if they have the spines to do so. But unfortunately, all these spineless politicians have been paid off, and are therefore, terribly compromised to a point that having any of them raise the issue would draw the ire of the kleptocratic cabals.
I do hope that Dr. Goodluck Jonathan would vigorously investigate, as he proposed, the clandestine sale of Nitel. I do remember how many a times, Indian Merchants in Nigeria had many Nitel Executives on their payroll, and would make monthly payments to their private overseas accounts, just so that could have free and unfettered access to making free international calls, wherein such charges were billed back to Nigeria. Some of them would run a tab of several hundreds of thousands of dollars monthly, only to deposit a measely amount of dollars to the accounts of these weaklings. That Nitel was not a profitable entity is no surprising to many of us who watched with disgust as our gullible Nigerian Communications Executives gradually sold their soul along with the country's wealth in an attempt to become friends with people who intentionally raped the country without even a simple kiss.
The good thing about Dr. Jonathan is that he comes from the area where Nigeria's wealth is largely generated, but successfully denied access to its use. He represents the section of the country that has legitimate concerns about the fate of our country, and therefore, he must not be seen to be overly sensitive yet, ensure that all forms of abuses to the nation's wealth are stopped forthwith. He must be seen to be incorruptible in all his deliberations, and must institute the doctrines of fairness in all his dealings with fellow Nigerians. He must not be seen to be over bearing yet, he must ensure that the vestiges of nepotism, tribalism, cronyism, and the various social ills which has come to define the Nigerian nation are made a thing of the past. Mediocrity must NOT become a substitute for meritocracy. In a truly Nigerian society, we should not be having splinter ideological groups like the Oduduwas, the Arewas, or the Ndigbos as groups responsible for exploiting our differences. His credo in office MUST be to treat all Nigerians of all walks of life.....fairly and without discrimination. Religiousity must not be used as a criterion to define who we are as a people. There should be no unfair advantages accorded anyone. But our resource base must be properly rewarded for the natural gift which nature accorded the particular area of derivation.
My argument against Mr. Dangota becoming the head of the Nigerian Stock Exchange is at the core of the moral indiscipline which has blindfolded our policy-makers. Their lack of spirited efforts to dig deep into finding a more qualified person to fill this position is very troubling. There are so many qualified Nigerians who could lead the Stock Exchange into greater heights if only the policy-makers are determined to make the best efforts possible by refusing to be bribed out of shape. It wouldn't take much to be principled by insisting that the interest of Nigeria must come first, and that ones conscience for what is good for the country must take precedence over selfish interests. We must not allow Nigeria to Fall Apart because we are not principled, or that we lack the moral fortitude to reject material comforts in the interest of the greater society. This is the time for all Nigerians and our leaders to stand up and be counted. This is the time to make a difference in our society.