-Pending court’s decision

 

By Yakubu Laah investadvocate

Aug 05, 2010 19:09 GMT

The suspended President of the Nigerian Stock Exchange (NSE), Alhaji Aliko Dangote has affirmed his commitment to the development of the capital market, while confirming he had earlier offered to temporarily step aside as the President of the Council pending the determination of the case in the Court.

In a letter signed by his Counsel, Rickey Tarfa, dated Monday, August 2, 2010 and addressed to the Director-General of the Securities and Exchange Commission (SEC), Dangote offered to temporarily step aside for the Council to revert to the status quo which is the position of things before the August 4, 2009 when the court made an order nullifying his election as President of Council of the NSE.

In a statement made available to investadvocate Thursday August 05 2010 Dangote affirmed “This is a demonstration of his respect for the rule of law and as a law abiding citizen.

“The order is however being challenged both at the Federal High court and at the Court of Appeal. Both the Federal High court and the Court of Appeal are presently on recess and will be resuming in the third quarter of September.

According to him: “In order to resolve the current impasse, we suggest that the council temporarily reverts to the status quo, which is the position of things before the August 4, 2009 order, so that the Council can continue to work unchallenged through its Committees”

By reverting to the status quo, Dangote will serve and function as the 1^st Vice President of the Nigerian Stock Exchange, pending the outcome of the suit.