Employee Class Action Suit Filed Against NSE



Proshare NI can confirm this morning that a class action lawsuit, for and on behalf of the recently sacked members of staff of the Nigerian Stock Exchange (NSE) was filed on Friday by the law firm of Messrs Festus Keyamo & Co., who have filed concluding papers this morning.


We recall that on August 26, 2010 the Interim Administration appointed by the Securities and Exchange Commission (SEC) undertook what it termed a rightsizing operation where ninety-five (95) members of staff were affected.


In a telephone conversation with insiders on the development, it would appear that the class action is challenging the decision on the grounds that the law, as intended, does not permit the SEC to appoint an Interim Administrator over the affairs of the NSE and as such all actions taken by the interim administration is null and void.


We equally understand that a public briefing will be held on Wednesday, September 22, 2010 by the firm of Messrs Festus Keyamo & Co. to provide more insight on this and other issues contained in the suit.  


We understand that this suit is separate and distinct from that earlier filed by Prof. Ndi Okereke-Onyuike to enforce here fundamental rights and challenge her removal, as disclosed at the public hearing held at the National Assembly in August 2010.


Source: Proshare



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