Court of Appeal returns Dangote as President of Stock Exchange Reviewed by Momizat on . Africa’s richest man, Alhaji Aliko Dangote, will on Tuesday return back to the office of the President of the Nigerian Stock Exchange (NSE), following last Frid Africa’s richest man, Alhaji Aliko Dangote, will on Tuesday return back to the office of the President of the Nigerian Stock Exchange (NSE), following last Frid Rating:
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Court of Appeal returns Dangote as President of Stock Exchange

Africa’s richest man, Alhaji Aliko Dangote, will on Tuesday return back to the office of the President of the Nigerian Stock Exchange (NSE), following last Friday’s ruling by the Court of Appeal in Lagos upholding his three appeals against cases that led to the nullification of his election as president of the exchange in March 2010.

Dangote was elected the 17th president of the NSE in August 2009 based on a unanimous acclamation by the council members immediately after the conclusion of its 48th Annual General Meeting.

However, his election was nullified by the Federal High Court in Lagos in March 2010 following the application made to the court by some shareholders of African Petroleum Plc (now Forte Oil Plc), who had sued him, Nova Finance and Securities Limited, NSE and others, over alleged manipulation of AP shares.

But the business mogul challenged the suit and filed appeals which were upheld by the Appeal Court presided over by Justice Helen Ogunwumiju last Friday.

Delivering judgement on the appeal filed against the August 4, 2009 order, the court set aside the judgement of Justice Mohamad Liman, saying a ‘status order’ is like an injunction and the conditions for granting an injunction must exist.

The court emphasised that there was no identifiable reason or urgency to warrant the order of status quo to be made.

The second ruling was on the challenge to the Justice Lambo Akanbi ruling of March 12, 2010 nullifying the election. The court relied on its earlier judgement to set aside the order on the grounds that since the status quo order allegedly breached should not have been made, there was no question of it being breached.

The third judgement was on the appeal challenging the contempt proceedings and the bench warrant issued against Dangote on July 22, 2010. The whole proceeding was also set aside as having been conducted in error on the grounds that the very order leading to the contempt proceeding was invalid.

Reacting to the judgement, Dangote in an interview stated 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, to 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.

He added that a new council for the stock exchange with him as its president would be reconstituted next week and that the slots allotted to stockbroker members on the council would be increased from four to six.

Alhaji Dangote, will now be taking 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.

 

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  • Adekunle Daoud

    I am not sure the presidency of NSE be run to Mr Aliko Dangote, it seems a sentiment and worshipping of money from some of the corrupt people in the the process for him to have won the case in the Appeal Court. Not until the Nigerian Judiciary willingly promise to play by the rule of law, no true judgement will be witnessed in Nigeria especially those that have to do with elite and the rich businessmen in Africa. My point of argument is that Mr. Aliko Dangote is so busy with his own private business empire that his ability to engage in tactical and skilful commitment as the president of that NSE will never be efficient enough to meet the expectation required of a state like Nigeria whose position in African economy is very crucial and tactically demanding. I am very sure he would like to work on the service of an assistance or a special hired lieutenant  or subordinate who will do things for him as if he does it himself in the presidency office of NSE. I am very optimistic that Nigeria will become great again but not until our policy-makers are ready to live a life of sincerity and clean commitment. Money is not everything if we want our new generation to read and inherit good things about our legacy. Many of our functionaries have had untimely death and their children inherited a lot of money but because those children have not been well trained or some are still under training have not attained the stage or age of reinvesting the money wisely, their home turned to spot of sadness. Why? it was blood money , it was the money meant for poor, suffering Nigerians wandering the streets for daily food. Put sentiment aside, be accountable and transparent so that your life after death would be a commendable one.i am not particularly accusing anyone but what the authority of USA Human rights reported of Nigerian authority is a credible series of data anyone in the world will keep in mind and that will even force them to think twice not only about any Nigeria out there but also about our nation at large

  • Gbolahan_p

    Dangote being there now will at least remove the overbearing nature of SEC and make it more independent and be able to take decisions on its own;  but what will improve the market is when listed companies become more transparent in their dealings and compiled to be more open to elect credible people to their board.  The market will improve when quarterly result are announced on time, and dividend yield of listed stocks especially and EPS start to improve.  I lay more emphasis on dividend yield as that is what makes most schrewed investors to buy a stock or not.

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