-Okereke-Onyiuke to be investigated

By Peter OBIORA investadvocate

Aug 05, 2010 18:00 GMT

 

The Securities and Exchange Commission (SEC) has appointed Ballama Manu as the interim Head of Council of the Nigerian Stock Exchange (NSE) to replace Aliko Dangote as President of Council.

 

Arunma Oteh, Director General (DG) of the Commission confirmed this at a Press Conference today Thursday August 05 2010 at the Nation’s Stock Exchange in Lagos Nigeria.

 

“Given the critical period of transition that the Exchange is currently facing, the SEC has determined that it would be imprudent to leave the Council without a designated leader. Under the powers vested on the Commission by the ISA, we have appointed Mr. Ballama Manu as the Interim Head of the Council, to steer the Council and Exchange through this critical period of uncertainty on account of the pending litigation regarding the status of individuals and this crucial period of change at the helm of the Exchange” Oteh said.

 

This is coming on the heels of the removal of Aliko Dangote Business Mogul and former President of Council of the NSE Wednesday 04 August 2010 by SEC.

 

The DG affirmed that the Commission directed the Council Member elected as President of the Exchange and Council members also elected in defiance of the Court order should cease acting as the President and Members of Council respectively pending the outcome of the ongoing litigations.

 

Manu holds a First Class Honours BSC Accounting degree from Ahmadu Bello University, Zaria Nigeria as well as an MSC in Accounting and Finance from the well renowned London School of Economics, UK. He is currently the Chairman,CEO of Sicom Capital Services Limited; where he is involved in the execution of consulting mandates mainly in the area of project finance, banking and taxation.

 

He has also worked at top management level as Executive Director for Information and Technology Services Union Bank of Nigeria Plc, Executive Chairman of the Federal Inland Revenue Service and Executive Director (Operations) Nigerian Deposit Insurance Corporation (NDIC).

 

In the same vein, the SEC DG affirmed that the Commission would be launching an immediate investigation into the Exchange and its staff to examine the alleged corporate governance lapses and the allegations of financial irregularities and mismanagement

 

“The allegations purported   that the Exchange is insolvent and may soon face bankruptcy and it will not be able to meet its financial obligations. The SEC has been unable to determine the veracity of these allegations because the Exchange has not yet, as statutorily required, submitted its audited financial statements for the year 2009. A formal investigation will therefore serve to shed some light on the situation” Oteh said.