19 June 2012

Nigeria: Dangote to Resume As NSE President Today

Photo: This Day
Alhaji Aliko Dangote, business mogul and richest man in Africa.

Lagos — Following the Court of Appeal ruling, last weekend, upholding Alhaji Aliko Dangote as President of Nigerian Stock Exchange, NSE, he is expected to resume duty today.

With the 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.

Announcing Dangote's election, the then Director-General of the NSE, Prof. Ndi Okereke-Onyiuke, had said Dangote was elected based on a unanimous acclamation by the council members immediately after the conclusion of its 48th Annual General Meeting, AGM.

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.

Meanwhile, shareholders have vowed to challenge the court of appeal ruling upholding Dangote as President of the NSE.

National Coordinator, Independent Shareholders Association of Nigerian (ISAN), Sir Sunny Nwosu, who spoke on behalf of the plaintiff (shareholders), said: "We are yet to get the written document of the judgment from the court and our lawyers are there in the court waiting for it. As soon as we get it, we will challenge the ruling in the Supreme Court. So he is not expected to assume office as President when a formal statement has not been issued. Definitely, when we get the document we will appeal it in the highest court."

Meanwhile, the NSE, yesterday, denied knowledge of a court judgment returning Dangote as President of the Exchange.

Senior Manager, Corporate Affairs of the NSE, Mr. Wole Tokede, said: "I am not aware of the judgment or the proposed intention of Dangote to resume as President of the NSE. I just read it in a newspaper."

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