Ndi Okereke-Onyiuke sacked in NSE Shakeup

The statutory ten years tenure of Prof. Ndi Okereke-Onyiuke as the Director-general of Nigerian Stock Exchange (NSE) came to an abrupt end yesterday when she was sacked by the nation's capital market ombudsman, the Security and Exchange Commission (SEC).

Her removal on Wednesday has been fallout of the altercation and supremacy battle between her and a business mogul, Alhaji Aliko Dangote, over the control of the exchange.

SEC, in a statement signed by its Assistant Director/Head Media, Lanre Oloyi announcing the removal of Okereke-Onyiuke, added that Dangote should cease to act as the President of the Exchange.

Mr. Oloyi, in the statement, said the decision was taken in response to "the developments in the Nigeria Stock Exchange, particularly with respect to inadequate oversight of the Exchange, ongoing litigation, allegations of financial mismanagement, governance challenges, and the inordinate delays in the implementation of the succession plan for the Exchange."

Mr. Dangote had on Tuesday accused the Director-General of mismanaging N11 billion which led operators in the capital market to protest her continued stay in office.

In a petition to the Director General of the Securities and Exchange Commission, Arunma Oteh, Mr Dangote had urged the regulatory authority to investigate irregularities in the accounts and finances of the NSE.

Because of the crisis between the duo, market capitalization dipped on Tuesday by N53 billion, thereby bringing the total loss in investors' wealth, since the issue of mismanagement allegation broke out in the market last Friday, to N119 billion.

Mr. Oloyi said that "given the gravity of the allegations around financial mismanagement of the Exchange, the Commission has also directed the conduct of an independent investigation into the allegations."

According to the statement, the affairs of the Exchange will be managed by an interim administrator appointed by the Commission pending the selection of a new Director General.

The new interim administration is expected to be announced today, August 5, 2010 by the SEC.

Prof. Okereke-Onyiuke joined the NSE in 1983 as Director of Research after returning to Nigeria from the United States, and had been the Director-General and Chief Executive Officer of the Exchange since January 2000.

This is a good development,the demand for this was long overdue.it does not matter much whether it is political inclined,it is good and dued.